Small charities in listed buildings often underinsured, says insurer

Finance | 26 Nov 2009

Ecclesiastical Insurance has issued a warning to charities that operate out of listed buildings that they could be substanitally underinsured and therefore at serious financial risk in the event of a major buildings claim.

Research among 80 new charity customers that operate from listed buildings and joined Ecclesiastical during 2009 showed that on average, small charities were 22 per cent underinsured.

If the charity makes a claim and the insurer establishes that the policyholder is underinsured, the claim maybe reduced by the same percentage as the shortfall. In this case small charities could find themselves forced to pay nearly a quarter of the repair costs themselves, the insurer has warned.

Directory: Ecclesiastical Insurance Group

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