Dynamic Insurance Brokers (DIB) ON-LINE BULLETIN NO. 1 (Jan 2005)

FASTEN YOUR SEATBELT

“Do you have the right cover?”

As a policy holder, it is your responsibility to ensure that your assets [possessions] are insured for the right perils and amounts. It is advisable therefore that you look at the terms and conditions of your insurance policy to check the adequacy of the cover. It is imperative that you ensure that premiums have been paid for the period of cover. The last thing you would want is to have to worry about finances during a traumatic period, whether during an accident or disaster.

 i.          House Owners [Buildings] & Contents:

Check that your cover includes allied perils [natural disasters].

It is prudent to review the values of property at least once a year to represent the replacement value.

A simple exercise of drawing up an inventory  of all that you own and determine its value by writing down the prices of similar, new items along side, will surprise you at how it will cost you to replace what you already own.

ii.         Motor

It is crucial to ensure that the correct cover as required is procured. The class of use, the restrictions to the driver if any, has to be considered carefully. The excess (first amount payable by the insured) in the event of a claim should be noted.

The value of the vehicle should be reviewed at least yearly to represent its market value as the maximum indemnity will not exceed the reasonable market value at time of loss or damage less the excess. At renewal, your entitlement to no claims discount should be appraised if no claims were intimated in the year. Your responsibility to keep vehicle in a road worthy condition is reiterated. The following specific exception for private motor cover to be noted.

• Depreciation wear and tear, mechanical or electrical breakdown us and failures.

• Whilst driver is under the influence of alcohol in excess of legal limits.

• Whilst driving without valid drivers license

• Hiring , carriage of passenger for reward

• Racing or speed contest

• Member of the same household for third party claims against each other.

Please note that all insurance policies do contain time limits within which claims must be reported. It is advisable to notify us of any claim and supportive papers to be filled later.

Contact Dynamic Insurance Brokers for your insurance requirements.