An insurer assesses risk, sets policy terms and premiums, and considers claims made under the insurance contract.
An insurer is the company that provides an insurance contract and accepts the financial risk covered by it.
You pay the insurer an insurance premium. In return, it agrees to cover certain losses or costs if an insured event happens. The cover is subject to the terms, limits and exclusions set out in your insurance policy.
In the UK, firms carrying out insurance business must have the required regulatory authorisation. The Bank of England explains how insurers are authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
An insurer reviews information about the person, vehicle, property or other risk it has been asked to cover. This process is known as underwriting.
The insurer may use this information to decide:
The Association of British Insurers explains that insurance is designed to protect against specified risks. It does not cover every possible event or cost.
Underwriting rules vary between insurers. This means two insurers may offer different prices, terms or levels of cover for the same customer. An insurance quote is not a guarantee that cover will be available until the insurer has reviewed the full details.
An insurer provides the insurance contract and carries the financial risk. An insurance broker helps customers find and arrange cover from an insurer.
A broker may compare available options, explain key terms and arrange the policy. It may also help with policy changes or provide support during a claim.
MoneyHelper explains how insurance brokers work and how they can help customers find suitable cover.
Got You Covered is an insurance broker. We arrange car, van and home insurance through insurers and do not underwrite the policies ourselves. The insurer providing your cover will be named in your policy documents.
The insurer is responsible for providing the cover described in the policy. Its name should appear on documents such as your policy schedule, certificate of insurance or policy wording.
The broker, trading brand, policy administrator and insurer may be different companies. Check your documents so you know which company provides the insurance and who you should contact about your policy or claim.
You can use the FCA Firm Checker to check whether a financial services firm is authorised and what regulated services it has permission to provide.
The insurer, or a claims handler acting for it, will review the incident, the evidence and the policy terms.
A claim may be paid in full, paid in part or declined. The outcome will depend on the circumstances, the available evidence and what the policy covers. Limits, exclusions, excesses and policy conditions may affect the claim settlement.
MoneyHelper lists common reasons why an insurance claim may be rejected, including exclusions and inaccurate information.
You can ask the insurer to explain its decision if you disagree with the outcome. You should normally complain to the business first. You may then be able to contact the Financial Ombudsman Service, subject to its eligibility rules and time limits.
Before accepting a policy, check:
Price is important, but it should not be considered on its own. Cover, excesses and exclusions can vary between insurers and policies.
