It is crucial that you understand your policy excess and how it can be applied in practice because excesses for mortgage brokers can be very high, with some starting at £5,000.
It can be complicated too but we can advise you.
Most excesses will apply to “each and every claimant”. If your excess, is £5,000 and it applies to each and every “claimant”, if you receive five simultaneous claims you may be facing a total policy excess of £25,000.
It’s important you check and audit your advisers and ensure no mistakes are being repeated.
