If you have a question about your insurance policy then the best thing to do is call our office, a trained member of staff will happily go through your policy with you. Here are a few of the most common questions and there answers:
A. The best place to find the correct buildings sums insured is by checking your original survey report, if this is not available then your lender should be happy to provide you this information. There is a guide available at http://abi.bcis.co.uk
A. Market Value has many variables including location, local amenities, schools etc. Should the unfortunate happen then insurers will only pay to reinstate the buildings as per the construction and the location of it is not a factor in this. The same building in two separate parts of the country will cost the same to rebuild but may have a large difference in market value
A. Contact us immediately, underinsurance is a big problem and if you think you may be underinsured give us a call and we can discuss your requirements. The consequences or under insurance could lead to a claim being aggregated or even repudiated all together!
A. Contact our office immediately so we can discuss this with your insurers, they may choose to apply an additional excess until alarm is reinstated or may remove theft/malicious damage cover altogether.
A. This is not allowed, we are required to complete a statement of facts for the new owner, what we can do is cancel your policy pro rata and return the premium back to you and happily provide a quotation for the new owner
A. Loss of rent cover is in place to protect your income in the event of an insured peril occurring and the premises not being in a habitable state. Example, if a fire where to occur and your premises took 3 months to be reinstate it would cover the potential loss of rental income for that period. In addition your policy may have alternative accommodation cover to allow you to “re-house” your tenants whilst the works are being carried out.
A. IPT is Insurance premium tax, this is applicable to all insurance policies in the UK and is charged at 6%
A. In most circumstances the answer is no, normally your Landlord is required to insure the buildings and you are required to pay a contribution depending on how much of the premises you occupy. The exact breakdown of what percentage that should be will be negotiated when the lease is put in place or buy a qualified surveyor.
A. No, you can only insure something if you personally or your business stands to make a loss of an insured peril is to occur, the purpose of insurance to place you back in the financial position you where before the loss happened after the loss has occurred.
A. On your home insurance policy there will be a single article limit, this is the maximum value of any one item that your policy will cover unless it is specified on the schedule.