LMi Mobile Apps is a suite of mobile tools that includes calculators, research tools and training materials, developed by the LMI Group for the benefit of insurance professionals.
The world’s first mobile under-insurance calculator, LMi Mobile Under-insurance Calculator, was the first release in this suite of mobile tools, and LMI Group is pleased to provide this app for your use, with our compliments.
While many Insureds believe they have no exposure until their Sum Insured or Limit of Liability is exhausted, this of course is not the case due to the Average or Co-insurance provision found in most property and business interruption policies. Under-insurance is a huge problem worldwide. Any saving in premium costs is far outweighed by the uninsured losses that have to be carried by a business, even after a partial loss.
This calculator has been designed to enable the insurance adviser to quickly demonstrate to their client the uninsured portion of a loss of any size. The system defaults to a Sum Insured or Limit of Liability of $1,000,000 with a Value at Risk of $2,000,000 and a loss of $250,000. All these figures, including the Co-insurance/Average percentage, can easily be changed by the adviser using this application.
The current release of the LMi Mobile App provides the LMi Mobile Under-insurance Calculator. The LMi Mobile Building Cost Calculator will be available in the next release of the LMi Mobile App.
To learn more, please visit www.LMIGroup.com
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