| The most basic form of protection for your assets like Buildings,
Stocks, Furniture and other contents is insurance against the
contingencies of Fire Lightning etc. Starting from this cover
it would be possible to 'add on" cover for various perils
and contingencies to the point of virtually converting the cover
into an "All Risk" category.
To ensure that your insurance policy would deliver when you
need it most, it is important to select the right cover. Clauses
amending the scope of cover for customizing and widening the
basic cover need to be added.
Professional care taken at the beginning can be very beneficial
at the time of a claim. For example, in the event of major
damage due to fire would your current policy allow for the
new replacement costs of your assets or does it only pay the
depreciated written down value? If the policy is worded on
a new replacement value basis are you aware of the obligations
on your part to ensure that the policy will pay in full ?
Are you paying additional premium unnecessarily by insuring
stock at higher values than necessary to ensure full cover
for fluctuating stock levels ? Will your rights under the
policy be prejudiced if contractors working in your premises
cause a fire ?
This and a number of other issues needs to be understood
along with implications when you take out a policy.
|
