Insurance representation: What does a Letter of Authority mean?

Better the devil you know?

This adage suggests that dealing with a familiar person or service – even if not the best option – may feel easier than taking a chance on the unknown. While this can sometimes hold true, sticking with the status quo can also have negative consequences.

Are you settling for the familiar?

Many people shop around when making a purchase to ensure they get the best value for their money. However, when it comes to community scheme property insurance, clients often default to their existing provider without exploring alternatives.

Community scheme property insurance is complex, requiring a qualified financial advisor to guide trustees in selecting the best possible solution. But how can trustees be sure they have the right insurance – or the right advisor?

Trustees’ responsibility: Ask the right questions

As representatives of the community scheme, trustees should evaluate their insurance arrangements and ask themselves – and their managing agent – whether they are truly satisfied with their current insurance solution. If the answer is “no” or even “maybe,” it may be time to explore other options.

A simple way to compare your options

By submitting a completed letter of authority to Addsure, trustees or managing agents can allow Addsure – specialist community scheme insurance advisors – to review their existing insurance arrangements without severing any current relationships.

Once this review is complete, Addsure will source alternative specialist property insurance quotations and present trustees with a comprehensive proposal. Addsure ensures that each client receives such a proposal annually before their insurance renewal.

Making an informed decision

After reviewing Addsure’s proposal and advice, trustees can make an informed decision on whether to appoint Addsure as their official financial advisor. This can be done simply by signing a letter of appointment, unlocking full access to Addsure’s expert services.

Keep your options open

Don’t be afraid to explore alternative providers who may offer better solutions than your current insurer. Keeping your options open and comparing services ensures your community scheme gets the best possible insurance coverage and advice.