Insurance brokers, especially those linked to international firms, have access to both the local and overseas market – particularly where specialist security is demanded, with industry knowhow and technical acumen that guarantee you or your business benefit from the most competitive terms available. Brokers seek the right combination of economic premium and scope of insurance protection to meet your specific needs. In today’s local insurance market scenario, with quite a maze of insurance agents and companies, one can easily appreciate that any organization or individual, needs the support of a professional insurance broker.
Few businesses, if any, can afford the time to tackle the design of customized insurance wordings, clauses and extensions, and these ‘fine-print details’ often make or break business’s trust in their insurance providers. With a broker you have the support of an expert, at no extra charge, checking that your policy agreement is sound, making you aware of all your obligations as a client and scrutinizing your policy to ensure it fully safeguards your interest.
The broker’s job does not stop here; you will be assisted should a claim be raised by a knowledgeable ally that represents you with the insurance principals, helping you receive the service you’re entitled for. Here parties will start looking into the terms, exceptions, conditions, limitations and extensions and interpret them according to their perspective of the situation. You will undoubtedly be in a more comfortable position knowing that an insurance expert is supporting you and handling and negotiating the claim on your behalf.
It helps knowing brokers must be protected themselves by insurance against the eventuality of having to pay compensation to their own client as a consequence of a professional error or omission. This is a measure which certainly reinforces the client’s peace-of-mind.
Working with a broker, offering standard services as mentioned above, does not incur you any extra costs on your insurance, so the price you pay for an insurance policy arranged through your broker is the same as if that policy is purchased directly from the insurer.
Choosing the right brokers for your personal or business needs is crucial. This is why at Mediterranean Insurance Brokers (MIB) we set up teams of insurance experts focusing separately on personal and business insurance needs. This is also why some of Malta’s largest corporations, companies and thousands of personal clients entrust their assets with MIB.