When you purchase a Domestic policy such as a Home policy it already includes most sections, such as:- Fire & Perils, Burglary, Glass breakage, Fusion, Liability, Money, Spoilage etc.,
BUT when your shopping for a Commercial or Business policy you must purchase each section required. This means you need to know your stuff, you have to be attentive or else!
The following are CRITICAL POLICY ISSUES:-
The correct LEGAL entity is vital otherwise you may have exposures under the policy divisions.
The insurer offers cover based on the "Common Knowledge" of the risk. If there non standard hazard/s not disclosed it can affect claims.
We define this into 2 areas. Part a] = Your Property Part b] = Your Liability to others.
LEVEL OF COVER
Can be broken into 3 levels of cover:- GOLD, SILVER and BRONZE.
Wow! so many (we provided an example below).
Clarify the item to be insured falls within the correct section of cover. DO NOT ASSUME extras or accessories are covered.
It must be sudden & unforeseen. Once the "cause" not the damage has been determined we can establish what section of the policy is applicable.
This means the "Basis of Settlement". Market, Agreed and Replacement.
q Mobile Assets; items, people & activities
q Consequential Loss of Income/Costs
q Liabilities from the above Assets
q What do you do (anything out of the
q What can go wrong – whilst allowing for present and future exposures
q What is it going to cost – Insurance