{"id":4189,"date":"2019-03-14T10:26:09","date_gmt":"2019-03-14T10:26:09","guid":{"rendered":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk?p=4189"},"modified":"2019-12-12T12:28:46","modified_gmt":"2019-12-12T12:28:46","slug":"the-dangers-of-under-insurance-2","status":"publish","type":"post","link":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/claims\/the-dangers-of-under-insurance-2\/","title":{"rendered":"The dangers of being under-insured"},"content":{"rendered":"<p>Insurance in one of those things that you know you need to have and hope you will never need to call upon.&nbsp; When you do need your insurance to respond, it&#8217;s important that you are not nder-insured.<\/p>\n<p>You may have cover in place to protect you in case of loss or damage to your property, injuries to your employees or volunteers and even an injury to a third party or damage to their property caused by you or your organisation\u2019s activities.&nbsp; But how do you know if you\u2019ve got enough cover?<\/p>\n<p>Your insurance premium is worked out by insurance companies to reflect the value and nature of the risk in question.&nbsp; This is often partly based upon the facts and figures that you provide, which is why it is so important to give the right information.<\/p>\n<p>You can find yourself under-insured if you:<\/p>\n<ul>\n<li>do not correctly assess the right amount of insurance you need<\/li>\n<li>are unsure as to what a sum insured or limit of indemnity is or how to figure out what they should be for your organisation.<\/li>\n<li>do not select a suitable indemnity period for any business interruption cover<\/li>\n<li>have not obtained up to date valuations or kept your sums insured under review every year<\/li>\n<li>fail to appreciate that sometimes, standard limits just aren\u2019t enough.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>One of the hardest things to provide your insurer with is a building sum insured.&nbsp; This is not just the market value of the property but the amount that it would cost to rebuild the building and replace any fixed contents.<\/p>\n<p>When working this out, you should remember to consider the cost of the following:<\/p>\n<ul>\n<li>Materials and labour (availability and accessibility of materials and labour in some areas may be limited which could extend costs)<\/li>\n<li>Architects and surveyors fees and legal fees<\/li>\n<li>Demolition and removal of debris (N.B this could be significantly increased where asbestos is involved)<\/li>\n<li>VAT<\/li>\n<li>Any planning, local authority regulations, legal requirements and increasing costs (such as inflation) that occur during both the policy period and any rebuilding period.<\/li>\n<\/ul>\n<p>It is also important to note that if you have a listed building or building with special features, that the rebuild cost may be slightly higher due to the difficult nature of the rebuild.<\/p>\n<p>&nbsp;<\/p>\n<p>Here at Edwards Insurance Brokers, we always advise that you seek a professional valuation of your property to make sure that your sums insured are accurate and up to date.&nbsp; However, if you need any further advice on how to find the right information to give to insurers, give us a call on <strong>01564 730 900<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance in one of those things that you know you need to have and hope you will never need to call upon.&nbsp; When you do need your insurance to respond, it&#8217;s important that you are not nder-insured. You may have cover in place to protect you in case of loss or damage to your property, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[477,5],"tags":[310,203,479,38,480,433],"acf":{"related_articles":{"1_select":false,"2_select":false,"3_select":false}},"_links":{"self":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/posts\/4189"}],"collection":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/comments?post=4189"}],"version-history":[{"count":1,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/posts\/4189\/revisions"}],"predecessor-version":[{"id":5721,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/posts\/4189\/revisions\/5721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/media\/2977"}],"wp:attachment":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/media?parent=4189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/categories?post=4189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/tags?post=4189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}