Insurance Audit & Policy Review
Find The Gaps Before A Claim Does
Most businesses and housing societies renew the same policies year after year without checking whether they still fit. An insurance audit is a structured review of your existing programme: sums insured, policy wordings, deductibles, gaps, overlaps and premiums. MILES reads every document line by line, tests the values against your assets and contracts, and gives you a written report with clear recommendations. The review costs you nothing, and you decide what, if anything, to change at renewal.
What Our Review Checks
Under-Insurance Check
We test sums insured against reinstatement values and stock levels so the average clause does not cut your claim.
Cover Gaps
We list risks your business faces that no current policy answers, from flood and loss of profit to liability.
Wording Review
We flag restrictive exclusions, warranties and conditions that could lead an insurer to reduce or reject a claim.
Deductible Structure
We check whether your deductibles and excesses match your cash flow, or whether you are paying for cover you never use.
Premium Benchmarking
We compare your premium, rate and terms with what other insurers would realistically offer for the same risk.
Claims History Review
We study past claims and settlements to spot recurring losses, poor settlements and lessons for the next renewal.
What is an insurance audit?
An insurance audit is an independent review of the policies you already hold, to check that they would actually pay the losses you are worried about. It looks at sums insured, cover, wordings, deductibles and premiums together, and ends with a written report on what to fix.
It is one of the core services we offer under our insurance solutions. A policy can look fine on the schedule and still fail at claim time because of a low value, a missing extension or a single warranty that was never met. The audit is designed to find those problems while there is still time to correct them.
What the review covers
Under-insurance and the average clause
Most property policies in India, including fire insurance under the Standard Fire & Special Perils policy, carry an average clause. If the sum insured is lower than the true value at risk, the insurer pays only in proportion. Insure a building worth ₹10 crore for ₹6 crore and a ₹1 crore loss may be settled at around ₹60 lakh, before the deductible. We check building values on a reinstatement basis, plant and machinery against current replacement cost, and stocks against peak holdings rather than year-end figures.
Gaps in cover
We map what could realistically go wrong for your business and see which policy answers each risk. Common gaps include no loss-of-profit cover after a fire, earthquake or terrorism left out, stocks at third-party warehouses not declared, no liability cover for visitors, and no cover for goods in transit.
Overlaps and duplication
Groups that have grown by adding units or companies often buy the same cover twice, or insure the same asset under two policies. Overlaps waste premium and can create contribution disputes between insurers at claim time.
Wording issues
We read the actual policy wording, not just the schedule. We look for restrictive warranties, narrow definitions, conditions on storage or security, and endorsements that were requested but never issued.
Deductibles and premium
We test whether each deductible makes sense for your size and cash flow, and benchmark your rate and terms against what other insurers would realistically quote for a comparable risk.
Claims history
Past claims tell a story. We review what was claimed, what was paid, how long it took and why any amount was deducted. Recurring losses point to risk improvements; poor settlements often point to wording or valuation problems.
Who should get an audit
- Manufacturers and warehouse operators with large stocks or several locations.
- Housing societies and RWAs, where building values often lag years behind construction costs.
- Developers and contractors running several projects on different policies.
- Businesses that have expanded, bought new machinery, signed new leases or taken bank finance since the policies were first placed.
- Anyone who has recently had a claim reduced or rejected and wants to understand why.
The best time is two to three months before renewal, so changes can be negotiated properly rather than rushed.
How MILES helps
- Line-by-line reading: we review the schedule, full wording, endorsements and clauses for each policy, not a summary sheet.
- Valuation checks: we help you arrive at realistic reinstatement values and stock declarations, and recommend a valuation where one is needed.
- Market comparison: with placements across 16+ insurers, we can show you how the same risk would be priced and worded elsewhere.
- A written report: you receive a plain-language report that ranks each finding by urgency and cost, with a clear recommendation for each.
- Follow-through: if you choose to act, we can arrange the changes, from mid-term endorsements to a full remarketing at renewal, and support you on claims afterwards.
For property-heavy clients this is where our background as a property insurance specialist matters most. Our property insurance team handles 40+ claims a year and sees first-hand how valuations and wordings play out when a surveyor arrives.
What we need for the review
- Current policy schedules, wordings and all endorsements for every policy you want reviewed.
- The previous year’s policies, if cover or insurers changed at the last renewal.
- An asset list or fixed asset register, with building areas and construction type.
- Typical and peak stock values by location.
- A claims history for the last three to five years, with settlement letters if available.
- Any loan agreements, leases or contracts that require specific insurance.
There is no charge for the review and no obligation to move your business. The report is yours to use.
Cover, exclusions and premiums depend on the insurer’s policy wording and underwriting. MILES Insurance Brokers Pvt. Ltd. is an IRDAI-licensed direct broker (Life & General, Reg. No. 954); the insurance is issued by the insurer. Insurance is the subject matter of solicitation.