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Insurance VS Assurance.

Updated: Mar 7

Insurance:

Insurance is based on something that could potentially happen during a specific time period. It is renewed once it expires, and when making a claim, you are seeking compensation for a loss sustained. You can report multiple claims during each year.

Examples of insurance can be Public Liability or Property Insurance.


Assurance:

Assurance covers you based on something that is guaranteed to happen at some point. The policies tend to be active for longer periods of time, with some lasting until a claim is made. A claim provides you with monetary support, and once a claim is made, the policy ceases.

A common example of this is Life Insurance.


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Addingstone Insurance Solutions Ltd is authorised and regulated by the Financial Conduct Authority (FRN 490466). Company registered in England and Wales. Company Registration No. 06699312. Registered office: 7th Floor, Corn Exchange, Mark Lane, London, EC3R 7NE.

We are members of the Financial Ombudsman Service. If you cannot settle a complaint with us, eligible complainants may be entitled to refer it to the Financial Ombudsman Service for an independent assessment. The FOS Consumer Helpline is on 0800 023 4567 and their address is:

Financial Ombudsman Service, Exchange Tower, London E14 9SR. Website: www.financial-ombudsman.org.uk
 

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