Duties Of The Insured

ID-10080422When you take out a commercial insurance policy, whether just an office or a full blown commercial combined insurance policy, your business will change over time.  This is normal but how and what changes should you notify to insurers and when? The following are a few points you should give careful consideration to.  Always keep your insurers up to date with changes.  Failure to do so could render your policy void in the event of a claim. 1) If you have any major structural work carried out to your building, you must let insurers know.  This applies to rented properties as well.  Why? Any work carried out could leave the security of the property compromised.  This could void a policy.  Even scaffolding around your building could be inviting to thieves.  Tell your insurers. 2) If you change or alter your company activity, for example a change of goods you are manufacturing or a new line of goods introduced or you start exporting to a new country, again your insurers need to know immediately.  Some insurers are unable to offer cover in some parts of the world.  Never think you are automatically covered. 3) If a new Director joins your board you should complete a declaration.  If your broker does not currently supply a declaration (to check if there are any previous material facts) ask Bromwall and we will be happy to discuss this with you.  Note: A material fact is something which may influence an underwriters decision of view of the risk being insured.  For example a material fact includes previous claims history, in the case of a Director, previous business history (if they have been involved with a business which has gone into liquidation, etc). 4) If you ever receive a judgement following legal action, insurers (on certain policies) need to know and can refuse a claim on the grounds of not declaring a material fact. 5) If you operate a fleet insurance, have new employees complete a drivers form.  You should keep regular licence checks on all staff who drive on business (see our driving on business page here). 6) Be careful of the limits on your policy! If you have a stock limit and you exceed it and suffer a claim, you could be underinsured and your claim subject to average.  You could end up receiving a tiny amount of the amount your are trying to claim for. As part of our service we help you monitor your commercial insurances and by encouraging good communication with us and the systems we operate we do everything possible to prevent you facing the problems listed above.

If you would like to learn more contact us on 01707 883377 or email us on info@bromwall.com

  Image courtesy of jannoon028 / FreeDigitalPhotos.net  

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