The ‘Buildings Declared Value’ or ‘Declared Value’ means the Insured’s assessment of the cost of reinstatement (or rebuilding) of the property insured at the level of costs applying at the inception of the period of insurance, providing due allowance for professional fees, debris removal costs, and the additional cost of reinstatement to comply with European and Public Authority requirements. (back to top)
A claim is a legal action to obtain money, property, or the enforcement of a right against another party. You can make a claim if risks covered by your insurance policy have resulted in loss or damage to items covered by it. (back to top)
The items your insurance policy protects and the risks it protects them from. The items can range from your roof to your windows, and the risks are events ranging from storms to theft. (back to top)
This is a feature of an insurance policy to protect against any increases in reinstatement costs following a loss during the period of insurance attributed to inflation affecting labour and material costs. (back to top)
Delegated authority means the insurers have authorised the broker to undertake certain tasks
on their behalf e.g. arranging cover and taking payment for policies. (back to top)
Where the broker will act on behalf of the insurer to deal with any claims by verifying loss and cover and making any necessary payments. (back to top)
The part of an insurance claim that you pay. (back to top)
Items or risks that are deliberately not covered by your insurance policy. The policy will explain what these are and are usually found at the back of the policy booklet. (back to top)
The date on which an agreement takes effect, the policy start date. This can also be referred to as the ‘Effective Date’. (back to top)
Under an indemnity policy, the amount the insurance company pays out is reduced to account for the age of items – the wear and tear on them, and their reduction in value over time. (back to top)
The legal contract between you and the insurance company, describing what is covered and for how long. (back to top)
This is how the insurance company is often referred to. You are referred to as the policy-holder. (back to top)
Legal Responsibility. If someone is hurt or their property is damaged as a result of your property, then you would have to pay them compensation. (back to top)
The maximum amount an insurance company will pay out for a certain type of item, such as loss Of metered water. These are always explained in your policy. (back to top)
Someone who has taken out an insurance policy. (back to top)
The amount you pay for your insurance. (back to top)
The date your policy expires. You must renew your policy before or on this date to maintain continuity of cover. (back to top)
The maximum amount you could be paid under your policy. You need to make sure this is enough to replace your possessions (for contents insurance) or rebuild your home (for buildings insurance). (back to top)
The ‘Buildings Declared Value’ or ‘Declared Value’ means the Insured’s assessment of the cost of reinstatement (or rebuilding) of the property insured at the level of costs applying at the inception of the period of insurance, providing due allowance for professional fees, debris removal costs, and the additional cost of reinstatement to comply with European and Public Authority requirements. (back to top)
A claim is a legal action to obtain money, property, or the enforcement of a right against another party. You can make a claim if risks covered by your insurance policy have resulted in loss or damage to items covered by it. (back to top)
The items your insurance policy protects and the risks it protects them from. The items can range from your roof to your windows, and the risks are events ranging from storms to theft. (back to top)
This is a feature of an insurance policy to protect against any increases in reinstatement costs following a loss during the period of insurance attributed to inflation affecting labour and material costs. (back to top)
Delegated authority means the insurers have authorised the broker to undertake certain tasks
on their behalf e.g. arranging cover and taking payment for policies. (back to top)
Where the broker will act on behalf of the insurer to deal with any claims by verifying loss and cover and making any necessary payments. (back to top)
The part of an insurance claim that you pay. (back to top)
Items or risks that are deliberately not covered by your insurance policy. The policy will explain what these are and are usually found at the back of the policy booklet. (back to top)
The date on which an agreement takes effect, the policy start date. This can also be referred to as the ‘Effective Date’. (back to top)
Under an indemnity policy, the amount the insurance company pays out is reduced to account for the age of items – the wear and tear on them, and their reduction in value over time. (back to top)
The legal contract between you and the insurance company, describing what is covered and for how long. (back to top)
This is how the insurance company is often referred to. You are referred to as the policy-holder. (back to top)
Legal Responsibility. If someone is hurt or their property is damaged as a result of your property, then you would have to pay them compensation. (back to top)
The maximum amount an insurance company will pay out for a certain type of item, such as loss Of metered water. These are always explained in your policy. (back to top)
Someone who has taken out an insurance policy. (back to top)
The amount you pay for your insurance. (back to top)
The date your policy expires. You must renew your policy before or on this date to maintain continuity of cover. (back to top)
The maximum amount you could be paid under your policy. You need to make sure this is enough to replace your possessions (for contents insurance) or rebuild your home (for buildings insurance). (back to top)