What To Look For In An Insurance Policy
This article was published in Conservative Clubs Magazine in November 2010 and although aimed at Conservative Clubs, the same precautions should be taken even if you are holding or considering a residential or other commercial policy.
Please contact us should you require any more information.
ALWAYS CHECK THE SMALL PRINT
Despite the raft of rules, regulations and legislation in respect of health and safety, good housekeeping and safe working practices, it is an unfortunate fact of life that our Clubs will always be susceptible to fires, floods, storms, thefts and other insurable perils.
Although each of us hopes that “it will never happen to us”, we are sensible enough to realise that it might and we pay our insurance premiums every year just in case it does.
Having spent several thousands of pounds on these premiums, we are right to expect that insurers will be quick and willing to help us when a claim is to be made.
Experience has shown, however, that this is not always the case. In particular, numerous Clubs in recent years have been found to be substantially underinsured or, more frequently, to have fallen foul of the special terms and conditions written into their insurance policies.
In respect of under insurance, it is important to remember that Clubs should insure themselves for the ‘new for old’ replacement value of their buildings and contents, as well as for business interruption. Further, is 12 months sufficient to rebuild your Club after a devastating fire? Probably not, from our experience.
Getting these sums wrong can have a devastating effect on a Club’s ability to recover after a serious loss.
As ACC approved insurance specialists, Thompson & Bryan Ltd, will be able to help you get the sums right should you need assistance.
It is also essential that each Club familiarises itself with the ‘Special Conditions’, ‘Endorsements’ or ‘Warranties’ that are found in each and every policy. These will relate to issues such as electrical testing programmes, security and alarm maintenance, kitchen extraction duct cleaning, the safe removal and disposal of combustible materials and fire extinguisher maintenance, to name but a few.
Failure to adhere to these conditions can result in a claim being turned down by the insurers with disastrous consequences.
So don’t just pop that complicated-looking policy into the filing cabinet – instead, take the time to check your sums insured and the requirements placed on you by your insurers to make sure that you get the right result should the worst happen.
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