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General Business ALL RISKS INSURANCE (Personal Valuables) 8.1 INTRODUCTION Whilst most personal items receive adequate insurance protection from the Householders contents policy the insured not infrequently has jewellery, cameras or other personal valuables, which he carries off the premises where greater, protection than that offered by a householder’s policy is required. The All Risks Policy does provide greater protection covering specified items worldwide. It is therefore also useful to the traveller. 8.2 EVENT INSURED AGAINST “Any accident or misfortune of a fortuitous character.” 8.4 UNDERWRITING CONSIDERATIONS (a) A properly completed proposal must be obtained with a completed and itemized scheduled giving a full and complete description of what is to be insured and the insured value. A receipt of purchase or a proper valuation by a competent jeweler should support each item valued in excess of N5000. The proposer should indicate the actual situation of the premises, the area where the proposer lives may be in a good residential are which is well protected or it may disclose the area to be a rough overcrowded area where because of this the insurance should be declined. (b) The proposal will indicate the previous insurers whether there have been any losses and enquire should be made if losses has occurred. (c) The moral hazard is most important with all risk insurance due to the wide nature of the cover. All risks insurance should not be normally accepted unless there is other acceptable business from the proposer. Any person insuring jewellery and other valuables must have other properties requiring cover. Such a person is likely to have a house, a car, and have business interests and should therefore have other insurance. Unless these insurances are already held by company or are being offered to the company at the same time as all risks proposal the risks should be refused. (d) The only exception to this rule should be for expatriates where it is possible that their house, furniture and car is covered and insured by their employer and they can therefore place no other business with the company. (e) Ideally, before the proposal is accepted proof of values in form of receipts or valuation should be produced and copies taken to the underwriting file. In the event of a claim, the value of any items is already proved and the claim can then be settled without undue delay. If receipt or valuation are not forthcoming the proposer must be told, it is a policy condition that prior to the settlement of any claim proof of value must be given to the satisfaction of the company. Unless this is understood and agreed by the proposer the insurance must be declined. (f) Strict enquiry should be made whenever a proposal is submitted to cover only single but valuable item. A person with a piece of valuable jewellery would be expected to own other, perhaps less valuable pieces and the reasons why only one piece is insured should be thoroughly explored before acceptance. (g) Be cautious in acceptance of All Risks unless the proposer has same form of recommendation in the form of other insurance or personal recommendation from a person of good repute. (h) It is customary to require periodic overhauling of the settings and fastenings of jewellery by a competent jeweler as this is a safeguard to the Insurers. By having a full and accurate description of jewellery and other valuable on the schedule it is possible to provide the police with positive identification details quickly after a loss and the actual detail may not be available to the insured after a loss. Example: 1 diamond 3 stone ring in gold set in platinum 1,000 1 canon 35mm SLR camera model G8 body G105324 1,200 1 50MM F2 .0 canon lens no. 4768120 500 (i) The proposer must have a substantial schedule of values and a larger number of items of small values. These may be describe as: Example: sum insured
Miscellaneous item of jewellery no (j) Ideally a list of the minor item should be made so that if the insured fails to advise of minor additions no claims can be made if it can be proved from the list that no instructions were given to cover it. Security must be a factor to be considered and the underwriter should check on this in the normal way. (k) When dealing with substantial sum insured, enquiry should be made as to where the valuables are kept in a bank or safe in the proposers house the risk is improved but enquiry should be made regarding the safe. The underwriter would need to know the make, model and type of safe. Small safe should be securely anchored to the floor to prevent removal. (l) The maximum probable loss must be considered to ascertain the possible need to seek reinsurance protection. If the valuable are in one unsecured location, the MPL must 100% but if kept in a safe or in several separate locations the MPL may then be reduced. 8.5 Rating A rate between 1.5% - 3.0% could be quoted: Larger rates may be charge if extended period of foreign travel are required or the insured items are fragile or easily damaged. |
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