public liability insurance

[baggins]

my husband, for the past two years has been totally overcharged for his public liability insurance. He is the sole owner of his own building business with himself being the only worker. When asked by the broker, who is supposed to get you the best quote, he told them that his was only a small business, with only himself workin in the business. When the renewal notice came, it was for around �700 and covered him for up 12 million public liability, but did not cover the tools in his van! He contacted another company, who stated he eas extremely over insured, and the quote from them to cover public liabilty and his tools on site is �150 - that is some difference!!! Is there any way he can be reimbursed for the previous insurances, as he was informed wrongly that he needed that amount of cover, when he clearly did not. any help would be appreciated

[Sammy Snake]

Well I would say that no he can't be reimbursed - he chose to accept the quote from whoever he took it out with.

Did he not think to phone around a few different companies / brokers in the first place?

[rugeleyboy]

ditto what sammy snake said?

i got my PLI for a lot less than the previous year aswell. its all down to experience isnt it i think?

[doughboi]

There isnt a way to be reimbursed, as the previous answerer(!) said - he should have alooked around.

12m PL is avery high amount of cover though - normally builders wouldnt need more than 5m - though if he is tendering for public works ie schools and hospitals the higher amount may be needed. The other reason for a cheaper quote is that rates change year on year, and different professions will get different rates. The policy you have been quoted sound slike a package from a big insurer liek Axa or NU, who offer good packages at a low cost. Make sure youre getting the right level of cover though, and the broker you approached has the correct details. �12M for �150 is very cheap!