Navigating an insurance claim can be difficult and time-consuming, particularly when there is disagreement over the value of damaged property.

The claimant is responsible for providing evidence to support the value of their loss. Without the right documentation or industry knowledge, business owners may find themselves choosing between investing more time in the process or accepting an offer they believe does not reflect the true value of their property.

An experienced insurance broker can manage this process, gather supporting evidence and advocate for a fair outcome.

This recent claim demonstrates how MKP Insurance helped a client challenge an initial assessment and secure a better settlement.

The claim

A client’s truck and trailer were damaged when a gust of wind caused the trailer to overturn while tipping.

The truck was assessed as repairable, but the trailer was declared a total loss.

The initial offer

The insurer made a market-value offer for the trailer.

The client rejected the offer because they believed it did not account for significant improvements made to the trailer before the incident.

How MKP Insurance responded

MKP Insurance asked the client to provide invoices for the improvements and submitted the supporting documents to the insurer for review.

The insurer initially maintained that the trailer had been valued on its own merits and that the improvements did not add to its market value.

MKP Insurance then lodged a complaint based on the documented improvements. Following the complaint, the insurer increased its original offer by $5,000. The client still believed the revised amount did not reflect the trailer’s value and rejected it.

Our claims team requested the assessor’s report and the market-value research used to calculate the offer.

After reviewing the documents, we identified that the assessor had relied on incorrect trailer specifications and an inaccurate description of its pre-accident condition. In particular, the research did not account for the fact that the client’s trailer was three metres longer and included a drawbar.

We presented these discrepancies to the insurer and requested another review.

The result

Based on the additional evidence provided by MKP Insurance, the insurer agreed to increase its offer by $13,500.

The client accepted the revised settlement.

Support beyond arranging your policy

The value of an insurance broker becomes particularly clear when it is time to make a claim.

At MKP Insurance, our service does not end once a policy has been arranged. We help our clients understand the claims process, gather the right evidence and communicate with insurers throughout the assessment.

If you need help reviewing your business insurance requirements or managing a claim, contact the MKP Insurance team for a no-cost, no-obligation discussion.

Mark Thirgood
National Claims Manager

Mark Thirgood has more than 40 years of experience in the general insurance industry, including claims roles with insurance brokers, insurers and assessing companies.