Ask an Account Handler - your frequently asked questions, answered

Listed Under: Articles

Over the past 25 years advising our clients on their insurance policies, we’ve helped to answer a variety of questions. In that time, we’ve found that some seem to pop up more often than others.

In the edition of Ask an Account Handler, our Account Executive, Ryan Carter, fields some of your common queries.

What is the process when making a claim through Lumley?

Here at Lumley, we understand that no two claims are the same and as such, we don’t operate on the basis of needing to complete a form to register your claim. Simply contact your account handler and we’ll talk everything through with you first. We will liaise with your insurer’s claims team and any associated parties and make sure any necessary visits to determine the scope of the claim are arranged quickly and at a convenient time for you. We are happy to attend any visits, at your discretion, and mediate on proceedings to keep your interests the top priority.

From the simple to the very complex, we are on hand throughout to ensure you are kept updated and happy with how everything is progressing. The relationships we have established with our insurers mean we can escalate any issues accordingly to achieve the best result for you.

We request feedback from our clients after a claim is concluded and take all comments on board to ensure we can continue to offer the best service possible.

Throughout the life of your policy, we will give advice on various risk management exercises you can conduct to assist in expediting the process should a claim occur, or help minimise the risk of a claim happening at all.

Ryan Carter, Account Executive


Do I need to disclose business activity at my home?

All commercial activity at the home needs to be disclosed to the insurer so that they are aware of the potential risks attached to the activities taking place.

Some of the most common commercial enterprises we see are bed and breakfasts or AirBnB rentals. These all constitute commercial activity, and your standard household policy may not provide adequate cover. Depending on the number of visitors, the income and the guests’ access to your main home, you may need a more specialist policy which provides more suitable cover.

In the wake of the COVID-19 pandemic, we are seeing more businesses operating from home than ever before. Separate business insurance will be required for stock, employer’s liability (if staff are at the address) and liability to the public.

Events held within the grounds of the property also pose an increased liability risk whilst members of the public are on your premises.

In any of the above cases, a conversation with your account handler is required so your insurer can assess their potential exposure and the cover they are able to provide for you.

Ryan Carter, Account Executive


What are single article limits and why are these important?

Single article limits are used to express the maximum amount your insurer will pay for a single item within a total sum insured. Items that exceed the single article limit of your policy will need to be specifically noted on your schedule as individual pieces. This is so the insurer is aware of any higher value items within a fine art or jewellery collection. It is important to understand what makes up your collection, so appropriate risk management measures are put in place to safeguard those items. Larger items would also be subject to general maintenance and valuations periodically, usually every three to five years.

We recommend that values for all items of jewellery are reviewed regularly to ensure they are covered correctly. It is always worth speaking to your account handler to discuss how best to cover your jewellery.

Ryan Carter, Account Executive


What is a Long Term Agreement, and why is it beneficial?

A Long Term Agreement (or LTA) is an arrangement set out with your insurer that can offer you a sustainable footing in the insurance market over the following few years. Typically the agreement will involve reduced rate increases year on year in return for your loyalty in renewing your policy, subject to there being no significant changes to the insurance required in this time.

Ryan Carter, Account Executive


Will my insurer try to get out of paying my claim?

The insurers that we work with have written their policy wordings to allow for clients to make claims in the unfortunate event of an incident occurring. They are not in the business of the hidden conditions and fine print you may find with standard market policies. ‘All risks’ coverage is a term that is thrown around quite often in the high value insurance world, which essentially means that unless specifically excluded, all perils that you would expect to be covered are offered as standard.

The insurers on our panel aim to offer a ‘no quabble’ claims service that takes the stress of managing a claim away from you, allowing loss adjusters and the deployed contractors to resolve the claim on your behalf. You will also have your Lumley account handler on hand, who will be happy to participate and mediate the proceedings as much as you wish.

Ryan Carter, Account Executive