A client who recently had a claim declined due to non-payment of premiums, was compensated by his broker after the Financial Advisory and Intermediary Services ombud intervened.
A client who recently had a claim declined due to non-payment of premiums, was compensated by his broker after the Financial Advisory and Intermediary Services ombud intervened. In this case, the client’s car was involved in an accident on 23 June 2022. The claim was registered on 27 June, and the broker said it was then notified “for the first time” by the insurer that two payments had been missed, resulting in the claim being declined.
It turned out that the client had switched bank accounts and on 19 May he sent the broker a WhatsApp message asking the broker to update his bank details with the insurer. There were other instructions in the same message, which the broker acted on. However, the broker said he “did not see” the message about the change of banking details
Broker Client Insurance Claim Compensation Non-Payment Premiums Bank Details
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