In: Accounting
a)If i am the underwriter and it comes to my consideration that the insured is working and providing catering business fromth home and the equivalent is not utilised for the private reason, at that point the fundamental idea of the insurance itself would change here.
This would be insuring of the business property or or business insurance and not a home insurance. Hence this would likewise add up to change in the level of the premium being processed by the insurance agency or the risk underwriters.
While insuring the business property ,the insurance agencies would think about the area and the presentation of your organisation and the further more the euipment or the assets held by you before fixing the insurance sum and premiun to be paid.
In any case,if there shouls arise an occurence of a home it would be unique and the standard set by organisation would likewise be a lot of basic and different the same as the perils that they would accomodate a business property
In the current case as a risk underwriter I would either request that my customer change the insurance policy into the business insurance or an in home business strategy which is in pattern today.
b) The proper steps to protect the insurer’s interest:
PRE CONTACT - All the proof should be analysed properly before adresssing the home owner.Connect with outsiders who may have involved as house visitors. Information can be gathered by auditing the case reports,conatcting the neighbours .
POST CONTACT- Post contact should be done by interviewing the home owner to get more data and record their statement onthe utilisation of the home
AUTHENTICATION-Based on the proof that have been accumulated by pre contacting abd post contacting,the agent may likewisefill in as a specialist observer in court to affirm against the claimant.