LONDON, June 20, 2018 /PRNewswire/ --
Recovering illegal secret commission paid on property insurance through insurance audit is a legal option that only few are aware of. A pioneer in the sector is M2 Recovery, that has assisted a portfolio of DIY retailers to recover over £1 million of commission payments from the appointed broker through an insurance audit. Secret commission, though widespread in the property sector, is an illegal practice and M2 Recovery is committed to highlighting this and achieving transparency and trust in the UK property insurance market.
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Secret commission - how does it work? By way of an example, consider the following situation. A property owner asks a managing agent to manage their property. The managing agent is then asked to arrange the insurance on behalf of the owner. By utilising the managing agent's preferred broker they inflate the insurance premium to an unreasonable level in order to receive a heft cut of the insurance commission.
Sadly, most of the property owners in the UK are unaware that they are paying 30% to 40% extra in insurance premium as 'secret commissions' to their appointed managing agents.
M2 Recovery, launched in 2016 by Neil Holloway, assists property owners with investigating and recovering secret insurance commission payments. The first step in the recovery process involves a comprehensive analysis of the premium being charged to the property owner. It helps M2 Recovery determine whether the rates could have been inflated to cover the cost of secret commission or not.
The second step involves investigating the transparency of the third party commission payment and making a formal request for the disclosure of the commissions. The final step is to calculate the amount to be recovered and initiate a process to recover the amount due. In some cases, previous 6 years' commission could be recovered.
Secret commission persists in the UK property insurance market because managing agents and insurance brokers benefit from it. Lack of awareness amongst UK property owners is one of the reasons this illegal practice exists.
Property owners can request for an initial audit to check whether they have been paying more premiums than they should. M2 Recovery can review your commission arrangements without commitment.
M2 Recovery can be reached at 02037578750 or through mail@m2recovery.com.
More information on secret commissions available at http://www.m2recovery.com
Media Contact:
Neil Holloway
+44-0203-757-8750
mail@m2recovery.com
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