Assessor Direct Blog

Warranties In Insurance Policies

admin — Wed, 10 Aug 2011 16:03:18 +0000

Many people taking out policies of insurance to protect their properties from insured perils (fire, storm, burst pipes, burglary etc) may be informed at the outset of the special warranties, or conditions, attaching to the policy.

These can include very specific instructions of what must be done in the event of non occupation of the house and include items like draining the main storage tanks, turning off the mains at source and, in the case of burglary, making sure the alarm is activated on leaving the home and securing all windows and external doors with the agreed locking systems. We have had many cases where some or all of these warranties have been breached resulting in the claim being severely reduced or denied in full by Insurers. It is vitally important that the policy of insurance is carefully studied, and that these warranties are fully understood, if bitter disappointment is to be avoided when making a claim.

At Assessor Direct we can fully appraise your policy and give you accurate advice on making a claim to ensure that all of your entitlements under the policy are received.

The Average Clause

admin — Wed, 20 Jul 2011 15:27:35 +0000

One of the most difficult concepts, for an insured person to fully grasp, is the average clause in an insurance policy. Every time we encounter this problem, in settling claims for Clients, we get the same traumatic response “I pay my premium so I should be fully covered”.

The essence of the average clause is that the sum insured on a property should include for all the elements of reinstatement: Demolition and Removal of Debris, Rebuilding the Property, Professional Fees and finally VAT. The combination of these elements makes up the total sum to be insured. The Loss Adjuster, appointed by the Insurance Company, will fully check these elements and, in the event of a shortfall on the amount actually insured, they will apply a pro rata reduction on the amount claimed. This can have a devastating affect on a claim, particularly where there is only partial damage to the dwelling, and it is therefore very important to seek advice when arriving at the sums to be insured on your property.

We often explain it simply to Clients by stating “if the value at risk is more that you are insured for then you are insuring the difference yourself”

Are you paying too much for home insurance?

admin — Fri, 08 Jul 2011 10:59:00 +0000

Up to 2008 the construction cost index had been continuously increasing thus the cost of reinstating our home or property was much higher than it is today. This reinstatement cost directly affects the premium we pay for our property insurance. Many insurance companies are still charging premiums based on reinstatement costs provided by policyholders when they purchased their home. This effectively means you are over insured and as a result are paying a higher yearly premium. Should you need to make a claim on your policy your insurance company will only pay the amount it costs you to reinstate the property not the additional amount you are covered for in your premium. Policyholders should refer to The Society of Chartered Surveyors Ireland website for accurate information regarding the cost of reinstating their home or property and notify their Insurers accordingly when renewing their premium. Insurance Brokers such as www.insure.ie offer good independent advice and can often tailor the policy to suit the needs of Policyholders.

Clearer understanding of insurance policies

admin — Tue, 29 Mar 2011 18:29:38 +0000

This is the blog page of Peter Turley, founder and managing director of Assessor Direct – Irelands leading Property Claim Consultants. The blog is designed to help policyholders to have a clearer understanding of their insurance policies and to offer free and practical advice should you need to make a claim.

There will be a blog post every week from a wide range of topics including preventing burst pipes in your home to ensuring you have the correct monetary level of cover for your property. Assessor Direct has over 25 years of experience in the insurance industry and Peter Turley will share this with you to ensure you are in the best position in the event that you need to make a claim.

If you have any queries please leave a comment and we will endeavour to help you as best we can