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Often when discussing contents insurance we will hear the phrase ‘I’m only renting and don’t really have anything of value – just a few second-hand pieces of furniture’.
As a tenant it is important to remember that contents insurance provides:
• A new for old replacement cover for all your furniture, regardless of age
• Cover for portable items like mobile phones, tablets etc.
• Another important cover often forgotten is the public liability protection
Over the decades we have seen many instances where damage caused by a tenant, i.e.
• Flooding caused by the accidental overflow of a washing machine
• Major loss such as fire causing significant damage to a rented premises
has resulted in a landlords insurer attempting to recover costs from the tenant.
Most Home and Contents policies offer public liability cover for any damage or personal injury that may have been caused by you in the course of your normal activities.
The “uninsured risk checklist” maybe useful to help you consider risks you have not recently considered. Should any of these covers raise concerns, or you would like to discuss them further, please give me a call.
Our concern lies not so much in the fact that you may retain certain insurable risks, but that you may do so without fully recognising the fact, and without making a conscious decision to do so. Such conscious decisions should be reviewed from time to time in the light of changing circumstances. A potential problem area could arise from a series of losses, each subject to a heavy deductible.
A further concern is the possibility of the aggregation of self-insured risks. For example , one incident could give rise to a number of losses, leading to a combined loss figure well above an affordable level (e.g., a fire or explosion at a major location could involve building, plant and stock damage, business interruption, parked trucks and their loads, not to mention legal liability for injured workers and third parties’ property or injury).
With this in mind, we have indicated a number of risks that you do not insure at present with our practice. While no list of uninsured risks can ever by exhaustive, we have aimed to highlight the more significant omissions from your current Insurance Program. As any business is susceptible to change, we recommend you review these areas regularly to ensure that you are still comfortable with the scope of cover provided by your existing policies.
Our Financial Services Guies are provided to inform our clients of key information about ourselves, and the services we provide. Our FSG's are readily provided to our clients in the event of any changes to our practice or services.
You have a Duty of Disclosure to tell us everything you know or should know, that is relevant to our decision to insure anyone under the policy, including you, and on what terms.
It includes matters we specifically ask about when you apply for a policy, or renew or alter your policy, and any other matters which might affect whether we insure you and on what terms.
The information you tell us can affect:
• The amount of your premium
• If we will insure you
• If special conditions will apply to your policy.
You do not need to tell us anything which:
• Reduces the chance of you making a claim or
• We should know about because of the business we are in or
• We tell you we do not want to know.
Our privacy statement details the rules which we abide by in realtion to the privacy of your presonal information. For an indepth look at our privacy statement, please see our documents page.