The Devil is in the Detail

We were recently asked to provide a quotation on a complicated Property Owners case, in which two trustees had taken control of an estate following bereavement. 

There is nothing unusual about providing a property owners quotation following bereavement but in the will of the deceased a provision was made for a life tenant to stay in situ unless they decided to move on.

We provided a comprehensive insurance policy that met the needs and requirements of the trustees making sure the property was adequately covered in line with the terms stipulated in the will.  The policy was placed on cover immediately. 

The tenant in the property however sourced his own quotation. 

We were then asked to review the tenant’s quotation to see if we could match the premium.  On review of the other policy and after discussions with the insurer who had provided the alternative quotation, we were told that that the policy was issued on the incorrect basis, it was unsuitable and invalid.  It simply would not cover the trustees for the duties laid upon them in the will.  An attempt had been made to shoehorn the requirement on to a standard home insurance policy, issued with an incorrect policy title and incorrect details. 

If a claim had been forthcoming on this policy insurers would have been well within their rights to repudiate the claim as the policy would have been written on the incorrect basis. 

The moral of the story is to check your policy carefully and if in any doubt seek advice from your trusted broker, as the devil is most certainly in the detail.