Insurance companies have recently tightened up their rules and many business and home owners have been left out of pocket when they received their insurance claim pay out.
Practically all Insurance companies now apply an average clause to determine the amount they are going to pay when settling a claim.
What it means in plain language that the payment for any loss or damage, will be in proportion to the value insured and the cost of replacing or rebuilding your property.
So if the cost of rebuilding your home or replacing your business asset is €200,000 and you were only insured for €100,000, when your office, factory or house burns down, you will only be paid €50,000, as the insurance company assumes that you were taking the risk yourself for the other 50% of the asset value.
When you take out an insurance policy, never underestimate the rebuild cost of your property or the value of your potential trading losses either mistakenly or on purpose.
For the sake of saving a couple of Euros on your insurance premium, you are putting yourself at a major risk.
Over- insurance is almost as bad as under-insurance. There is no benefit in paying more than you should.
You will not get a bigger payout if you claim. Your insurer will simply get more money for taking no additional risk.
Have your business value professionally assessed and have the peace of mind…
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BSc (Hons) Building Surveying.
Registered Public Loss Assessor, regulated by the Central Bank of Ireland
Trevor has over 16 years of experience as an Insurance Loss Assessor. His services are fully compliant with the regulations of the Central Bank of Ireland.