For those of you who want to be insured and not just pay for the premiums…

1. The Institution of Insurance

Undoubtedly, the institution of insurance is the most certain means of protection and assurance for all of those that we are surrounded by and love, whether this is our loves ones, our company or our property. Every year, insurance companies pay millions of euros for indemnifications and provisions of benefits to their insurers. At the same time the institution of insurance positively contributes as a function of society and serves millions of persons and companies worldwide at the time when they need tangible support. However, nobody can be sure whether his or her insurance coverage is necessarily the correct one or at least the most appropriate. Unfortunately, there are a large number of currently insured that find themselves in a fait accompli situation, only realising at the last moment when they need the asset relief the most, that for a long period of time they were unnecessarily paying for the wrong type of insurance.

The troublesome situations mentioned above are increasing due to the difficulty and complexity of the insurance system. For this reason, various queries often arise not only to a simple buyer but also to one that is further informed. Therefore, an insurance cover can only be deemed appropriate if the real needs of the insured are covered, if it provides the correct terms and most importantly, if it can succeed in reducing or even preventing the dangers for which the Insurance was created.

2. Our Insurance needs change

We have all bought Insurance for various reasons, either to fulfil our specific needs, or to satisfy banks, friends or acquaintances and relatives. Has this insurance cover been the appropriate one? Has it included the appropriate terms and definitions according to the coverage we needed? Some of them were bound to have been appropriate whilst others may not have been the wisest choice. The quick pace of life, development and changing of the contemporary reality do not alleviate our worries as far as our insurance is concerned. Times, situations and our needs change faster than we realise, therefore, it is possible that our insurance will not respond to our contemporary insurance needs, resulting in the payment of obsolete contracts. We should start to wonder…..are we really insured?

3. The Insured should buy, not be sold to.

An additional factor that we should take into account for the sustainability of the insurance contracts in our possession, is the fact that they may have been signed under the pressure of Banks for various facilitations we required as either individuals or entrepreneurs. In the majority of these cases, due to pressure and without any possibilities of negotiating anything set on the table, various proposals have occurred which result in more economic benefits for the Banks rather than ourselves. As a result, in most cases, it produces high insurance premiums and few benefits. Especially if we bear in mind the way banking institutions have proved to have acted and made decisions, they may have invested our money into wrong investments with known catastrophic results. Taking this into account, we will soon realise that it is time to audit our insurance contracts.

4. Relatives and friends

Additionally, we should not leave out the social phenomenon that the insurance industry on our island faces. It is obvious therefore, that many of us have signed contracts through various acquaintances, relatives or friends who are insurers, people who in the majority of cases practice the insurer’s job as a second occupation without having the required training, qualifications or professionalism. The academic and professional education, are the necessary foundation that an insurer needs in order to respond with the appropriate professionalism in every case assigned to him and to provide the right guideline advice in the insurance decisions.
Let us insure anything valuable we have in life, in the most appropriate and safe way. Only then will we be sure, that we pay insurance premiums for the proper insurance without feeling that we are simply wasting our money.

5. Why Audit our insurance?

• Because it would be a shame, at the time when we will receive our pension to discover that due to wrong investments or inappropriateness of scheme our pension plan will not provide for our ‘retirement’.
• Because it will be too late, at the time of a fire to discover that our company’s insurance does not cover our loss of profit.
• Because it would be a shame at the time of an accident which permanently prevents us from working, to discover that the term ‘disability’ included in our insurance refers to any occupation apart from our own.
• Because in the case of premature death, we will disappoint our family, if they are paid a very small amount of money from our life insurance, due to inadequate secured funds.
• Because insurance is useful only in time of need. It would be really devastating for an insured person to discover that his contract, for which he had been continuously paying for, cannot offer the expected coverage.
• Because an insurance cover can only be as good as the information provided at the moment you signed it. In the case where false facts had been declared or if situations have changed since the time the contract was made, then it is very likely that a problem would occur at the moment of claiming.
• Because the fairer the terms are and the less the exceptions are, the better the insurance is.
• Because an insurance premium can differ to a great degree from one insurance to another.
• Because an insurance can offer some coverage, but it is very possible that another type of insurance from the same or a different Insurance Company, can offer more coverage with the same or even less insurance premiums.

6. What is the Insurance Audit service

The Insurance Audit service addresses people and companies that want to know that they are really insured and not just assume they are. Insurance Audit is serving only your best interest, and is done in order to answer all your questions about your insurance questions. Is all about offering a rigorous audit and independent evaluation of insurance contracts by answering the following queries:

7. Examples of various Real findings after an Insurance Αudit:
• A businessman and owner of shops that prepares and delivers food, paid for Indemnity Insurance which included food poisoning, the cover was limited to only food consumed in a restaurant (premises liability), whilst 90% of his occupation was delivering food to homes.
• A homeowner insured his home at its full replacement value and paid the relevant premium while his insurance provided indemnification after wear and tear of the home instead of replacement (new for old).
• A young accountant without any dependents had life insurance with double insurance value than the one in the disability insurance.
• A homeowner, with health insurance, had insurance coverage with the definition ‘per occurrence’.
• A metal constructions owner, who undertook manual labor, had accident insurance which stated his occupation as ‘Company Director’.
• A property owner had deeded the house to his daughter while he remained the insured.
• A business had employers’ liability insurance with definition of occupational diseases, only those mentioned in the “two columns of the Social Insurance Law(illnesses) 1980”
• A Company with various employees and subcontractors had employer’s liability insurance with a definition of the employees as ‘Employee in the Insured’s immediate service’.
• A homeowner had third party liability insurance for his vehicle with a cheap insurance company.
• An importer of goods, insured his goods (marine insurance), only ‘port to port’. In an accident, due to the overturning of the truck goods were destroyed while they were transported from the port to his warehouse.
• A businessman, who manufactures his products and imports others at the same time, thought that the product liability was covered by the public liability insurance.
• A businessman who installed air conditioners was called to indemnify the owner of a flat where his employee was installing a device because damage was caused after his employee through a cigarette. He was surprised when he received the claim.

7. Some of Insurance Audits check-list

1. Do your current insurance needs agree with the type of insurance you have chosen?
2. Are the covers in your insurance the right ones and do they have the appropriate terms?
3. Have the sums insured been calculated correctly?
4. Could you have another type of contract which would better serve your own insurance needs?
5. Do you need the specific contract? Is there a beneficial relationship between benefit and cost which justifies its existence?
6. Have you verified the appropriate terms in your insurance, such as the amounts to be deducted, terms and general conditions?
7. Are there any unusual exceptions that you should be aware of that may damage or even leave you exposed at any specific moment?
8. Are there any unfair clauses that should be excluded either because they are unnecessary or because they do not respond in your best interests?
9. Are there any strict guarantees, added from you Insurance Company, in order to shift more risk to you?
10. Are you sure that when you executed the contract, the proposal form was appropriately completed and the data given has not changed since, so if you need the assistance of the insurance you are not faced by the company regarding information on the contract that you had signed?

8. Insurance suggestions
1. Can the terms of your insurance improve? If yes, to which extend?
2. Are amendments allowed which will serve your own interests and not those of the Insurance Company?
3. Does your current insurance respond to your contemporary needs? Does it allow for any rearrangements or would it have to be terminated and be drawn up again?

9. Premium
1. Are you sure that the annual premium cost is within reasonable limits of the current market?
2. Is it possible to reduce the premium due to no claims or the annual total cost of your premium?
3. Is a premium return allowed in order to solve any mistakes or omissions made by your Insurance Company?
After studying the above mentioned findings you can modify, improve or even change your insurance before renewing it. Furthermore, it is up to you to assign us, setting the specifications of the contract based on your current needs so that you are able to ask for offers from various Insurance Companies.

10. How will you benefit from an Insurance Audit?

1. You ensure that you have signed the appropriate Insurance, one that in time of need will correspond to your needs.
2. You ensure that you are not paying more insurance premiums than needed.
3. You will be able to revise your insurance coverage and form an opinion about the insurance contract.

11. Advantages of an Insurance Audit
With the Insurance Audit service you will have an independent review of your insurance contracts before you even need them.
This service is offered by experienced and qualified insurance advisors with international academic and professional qualifications and many years of presence in the insurance field.
By reviewing your insurances you can feel safe and ensure that the insurance premiums you pay offer you the necessary insurance coverage so that you can enjoy the important moments in your life.

12. What is the cost of an Insurance Audit?
The cost of evaluating an insurance contract, Insurance Audit, is estimated as a fee for service and is relevant to the required working hours needed for a correct evaluation and check of the insurance.
The more information the customer provides, the less hours are needed for the evaluation.
Please do not hesitate to contact us for an offer of the cost of your Insurance Audit.

13. What is the procedure you follow

The procedure begins by submitting all the relevant insurance documents and according to the type of insurance contract it is possible that we may ask for further information from the insurance company. Then, through a private appointment with the insured or a visit to the insured’s property, (if we are dealing with a Property or Business Insurance), we will obtain the answers we need to various questions for evaluating the insurance. After a short waiting period, we send to the insured the written final results signed by a Chartered Insurer.

14. What types of insurance can the Insurance Audit apply to?
The Insurance Audit service can be applied to all types of insurance contracts, whether it is for individuals or companies. Specifically:
Property Insurance (of buildings, reserves, stock, home)
Liability Insurance (employer’s liability, public liability, professional indemnity, products liability, environmental liability, management, and internet liability)
Business Interruption and employee embezzlement insurance
Insurances for theft of property and money
Transit Insurance (by sea, air or land)
Life insurances (permanent, investment, και term insurance)
Health Insurance (individual or group insurance)
Employee benefit insurance plan (of life, health and accident)
Pension insurance (individual or group pension insurance)
Vehicle Insurance (individual and vehicle fleet)