Buildings Insurance

Insuring a Risk? Absolute Frankness Is the Best Policy!

Authored on June 26th, 2017

When you take out an insurance policy, it might seem tempting to minimise the risk insured against with a view to reducing the premium. However, one High Court case concerning a catastrophic property fire showed why absolute frankness is required.

The case concerned a five-storey mixed commercial and residential property that was so severely damaged by a fire that it had to be demolished. Its owners claimed a seven-figure sum from their insurers, but the latter refused to pay on the basis that various features of the property had been misrepresented to them.

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