Make certain you read your insurance policies

Make certain you read your insurance policies

Peter Collins, Director of Southend-based Bespoke Risk Solutions, urges business people to check the small print in their insurance policies.

“When you arrange Business insurance, the insurer normally applies security/operational requirements and these are clearly shown in the policy document that they issue to you, if you do not comply-Insurers can repudiate any claims.

“These requirements are normally shown as either warranties or conditions in the insurance policy, there has always been confusion as some people think that this applies only to Locks, it applies to other requirements as well

“Insurers all have different insurance conditions and therefore it is important that you read the policy and if you cannot comply with any of the policy requirements, it is important that you advise either your broker or Insurer immediately, if you do not do this, in the event of a claim, insurers could repudiate any claims.

“One current problems is where a policy contains an occupancy clause, most  will cover the property as long as it not unoccupied for more than 30 days, some insurers  have increased this to 60 days due to the virus, but I have seen some where its 14 days only.

“If therefore, you have locked the premises up and cannot return until allowed to do so, and the premises might be unoccupied for longer than the period shown in the policy, in the event of a claim there could be a problems. You can avoid this by letting your insurers know in advance.

“Household policies also contain security requirements, again these need to be complied with, accepting the fact that the house now is  normally occupied at all times, outbuildings and garages could contain something that is in short demand and non-traceable- FOOD

“It is important that garages/ outbuilding are kept locked, in current times no longer are gardening tools the main targets.”

For further information, contact Peter on 01702 200222 or 07904 387571.