Important Information for the Shop Insurance Buyer
WHEN YOU ANSWER THE QUESTIONS ON THE QUOTE FORM
Our quotes are based on the information you complete or agree to when answering the questions for a quote – these form the basis of the contract between you and the insurer if you subsequently proceed and buy cover - Before any question is answered, read the assumptions, declarations and statements carefully and after you get your quote you should re-read the answers you have given again to be sure you have provided all the correct information.
UNDERINSURANCE CLAUSE – PROPERTY INSURANCE
To avoid being penalised by your insurers please consider carefully the sums insured that you request. With regard to contents cover, the insured values should be the full new replacement values. In the case of building(s) this should be the full re-instatement value including removal of debris, architect & planning fees.
If you underinsure your insurers will apply a clause on your policy known as the ‘average clause ‘ and this essentially means that they will only pay a claim in proportion to the amount that you have insured yourself for
Say for example you insure your stock for €50,000 and you have a claim that causes damage to €25,000 of the stock – On reviewing it appears that you should have insured for €100,000 worth of stock covers . The insurers will then only allow YOU 50% of your claim as you were only insured for 50% of what you should have been insured for – applying the ‘average or underinsurance clause’
So to avoid the above scenario you should always ensure that you enter the full replacement values for all items before cover is purchased.
Burglar and or Fire Alarm Systems
When taking out cover you if declare that you have an approved and maintained burglar alarm or fire detection system system then you must adhere to the declaration for the duration of your cover. In certain instances Fire and Intruder alarms are obligatory but even in cases where they are not and you have told us you have them then your insurers will warrant on your policy that
the installed alarm must be fully operational within the insured premises and that it must be put in operation when the premises are closed. Furthermore all stock / contents must be kept in an alarm-protected area of the Insured premises.
Claims/ Previous Insurance History
Please note that the insurance industry maintains certain registers for the purposes of fraud prevention. Furthermore insurers share Personal Data provided to it with fraud prevention agencies and other insurance companies for the purposes of fraud prevention and to validate the claims history of a person seeking to take out insurance. So please disclose your claims / losses full history to avoid non payment of your claim(s) at a later date.
How To Make a Claim
You should immediately report any incident that is likely to give rise to a claim of any sort under your policy – Call our office on 091 563518 or email us on email@example.com with details – Remember that immediate notification of claims or incidents is a condition of your insurance policy
Typical Information for a Property Claim
- Your Name
- Telephone Number and a Contact Name
- Policy Number
- Risk Address
- Correspondence Address (if different from Risk address)
- Date and time of incident
- Cause of Damage: Fire / Accident , etc
- What was Lost / Damaged?
- Estimate Cost of Claim
- Any subsequent action you have taken
If the shop property is / becomes and remains unoccupied then restricted cover may apply. This is a material fact and you will need to declare this to the insurer immediately in order for them to reassess the situation and offer revised terms.
Work Away Public Liability Extension
The standard policy will not cover you for working away from your premises – If you work away from your premises or have employees that do then you need to contact us as you will need to extend your insurance to cover this work – Please call us if this situation arises as in some cases insurers will consider giving the cover for a charge and in others the insurer will not grant the cover at all .
Examples of work away might be a florist doing flower arranging at a wedding , a furniture shop doing assembly of furniture at customer premises , a coffee shop doing some home catering etc/..
DUTY TO DISCLOSE ALL MATERIAL FACTS
There is a duty on every proposer of insurance to disclose ‘Material Facts’
Material Facts are those facts that an insurance underwriter would consider relevant to the assessment of the risk proposed – Remember that it is not what you consider relevant but what the insurers consider relevant and just because the proposal doesn’t ask the question it doesn’t mean that you do not have to disclose a relevant material fact- Failure to disclose material facts can lead to cancellation of your insurance , refusal of indemnity under the policy and may mean that you may not be able to get insurance with other insurers or on other policies at a future date .The consequences of Non disclosure include cancellation of your policy – no cover being deemed in force for a claim being presented and you having to deal with the third party claim yourself. In addition the policy cancellation may mean that you may not be able to obtain insurance from other insurers in the future when the cancellation is disclosed.
Examples of material fact for shop insurance might be
- Working away from the premises and not disclosing it
- Non disclosure of previous claims – even if on other policies
- Construction of a premises not being disclosed properly
- Premises being shared with another business
- Not disclosing your full occupation
.. The list goes on – If in doubt you should disclose , don’t risk not being insured or having the cover cancelled