What should an insured do if they want to swap insurers?
If an Insured wants to change insurers then they need to notify their insurance broker of every conceivable circumstance before going off risk, with the original insurer. The insurance broker will need to inform the original insurer of any circumstances that might amount into a claim, before the policy expires. If this is not done, then when a claim occurs in the future from a circumstance not previously notified, the insured may ‘fall between stools’, with neither the previous nor the current insurer accepting liability for the claim. The prior insurer may deny the claim as the insured failed to notify the circumstance or claim during the period of insurance and the current insurer may argue that the claim arose from a ‘known circumstance’.
