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Insights

Read Your Insurance Policy!

Disputes over what insurance policies do or do not cover are legion, and a recent survey carried out by the British Insurance Brokers' Association is a timely reminder of the risks of not knowing the scope and limitations of the insurance policies you buy.

The survey found that more than one in four directors of small and mid-sized firms say they never read the policy terms of the insurance policies they buy. One in 12 claim they do not even read the policy summary.

The survey also found similarly low levels of attention being given to car hire contract terms and even the terms under which bank accounts are operated.

Ignorance of the terms and conditions of your insurance policies can lead to a very expensive education. You should ensure that you read the relevant policy terms and, if you have any doubts about their meaning, take expert legal advice.

Although correct at the time of publication, the contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Please contact us for the latest legal position.