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Financial stability and ability to pay claims

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Within all lines of insurance, a provider’s services become redundant without the support of a financially stable and committed underwriter.

An underwriter in the insurance sector supplies the insurance provider with the financial capacity to pay claims. Insurance underwriters don’t interface directly with the consumer; that is the job of brokers or providers who traditionally manage the account and handle all areas of customer service. Most underwriters focus on a specific subset of the insurance world, whether it’s corporate liability, healthcare, car insurance or another.

Having a financially insecure underwriter can often leave providers without the funds to pay claims, forcing schools to try and recover their money from the Financial Services Compensation Scheme.

When searching for a provider make sure you ask...

Which insurer underwrites your policy?
Can you provide documentation to demonstrate their ability to pay claims?