In this content collaboration with Aston Lark, we’re diving into the subject of underinsurance – and how to mitigate that risk.
What is underinsurance?
Ok, so your cricket club has an insurance policy that protects it against various risks. Underinsurance is if the club has valued its assets at less than they’d currently cost to replace/re-build.
It might make for a cheaper policy but there is a shortfall if, heaven forbid, calamity strikes and you need to make a claim.
Say your clubhouse is insured for £250,000 but as of today, it would actually cost £400,000 to replace.
Your insurance policy will only pay out £250,000 because that’s what you’ve said it’s worth. Your club would have a massive £150,000 it would have to raise.
Why is underinsurance so common?
One of the things that Aston Lark have noticed is just how much clubs need to increase their building sums insured, as a result of the huge increase in building costs over the last 18-24 months.
If you combine the increases in labour and materials, there has been a nearly 40% increase since 2020.
Incredibly, research done by Aston Lark’s commercial team has discovered that over 80% of their clients are underinsured. What’s more, it’s by a factor of over 50%!
That means your cricket club may need to increase the value of its cover significantly. Otherwise, you just don’t have the cover you think you do.
The risk is there for cricket clubs because they’re run by busy volunteers and understandably aren’t experts in insurance.
Aston Lark would rather you are insured for the correct amount than sell a policy that isn’t fully fit for purpose, in the event you need to make a claim.
According to Aston Lark’s cricket insurance expert Colin Mico: “Virtually every new case we look at is considerably underinsured, and even some of our existing clients who have diligently increased their sums insured by the rate of inflation every year, are looking at a 20-25% increase this year.”
Imagine what happens if cricket clubs have not revised their sums insured for the last three years?
How can you protect your club?
Don’t just renew automatically without looking at your policy closely. I know it’s a pain. I know it’ll take time you don’t have. But, it may save your cricket club tens or hundreds of thousands of pounds one day.
The Insurance Act 2015 puts the onus on the clubs to make a Fair Presentation of their risk including rebuilding costs, so if they under-insure then it is effectively their fault.
How can Aston Lark help?
Aston Lark give a benchmark figure when they are reviewing a club’s exposures so that cricket clubs can see how underinsured they may be.
They also offer a desktop valuation via Barrington Corp Harrington (BCH) for £99 plus VAT to give clubs the choice of an independent view (which is likely to be higher than Aston Lark’s benchmark).
So, when it comes to reviewing your cricket club insurance, whenever that is, bear in mind the advice above.
Better to be insured for the correct amount than be faced with an unexpected bill because of rising costs.
Need advice? Talk to Colin Mico
t: 0330 008 5672
For more information on Aston Lark and to request a callback, click here
An insurance broker for 40+ years, Colin is a qualified coach at Caterham Cricket Club, as well as advising the Surrey Cricket Foundation and county boards.
**This is a sponsored article for Aston Lark – if the mood takes you, click to read Cricket Yorkshire’s policy on sponsored content*
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