"Pitfalls" in insurance contracts Property

16.09.2010 14:30
Mary Hermann, director of business development, insurance broker for corporate clients BritMark Building.ua told that the policyholder is rarely draws attention to a line or two at the beginning of any insurance contract (the Contract), which states that the contract is made on the basis of Insurance Regulations (Rules), and all that is not governed by treaties governing rules.

Most of the "pitfalls" remains in the Rules. Contract - a distillation of the Regulations, the reduction of their reflection. In my observation, in most cases the Treaty - a demonstration of the attractive aspects of the Regulations. The majority of the "pitfalls" remains in the Rules and, unfortunately, the Insured becomes aware of their presence only after it receives a denial of reimbursement or a lesser amount than he expected.

Of course, in the text of the Treaty there are some points that need to pay attention, we'll talk about that later. At the beginning analyze what is a rules and what items they need to read for insurance of real estate.

Any agreement is based on and governed by the Rules - fairly lengthy document, which are experts of the insurance company (IC).

The Rules are detailed definitions of basic concepts, for example, that the UK understands the definition of "real estate" procedure for the adoption of objects of insurance and the procedure of payments statement. Of course, the rules must comply and follow the Law of Ukraine "On Insurance", but the latter leaves the UK wide field of questions for self-regulation.

Therefore, in the first place, before signing the contract, the policyholder should seek to read the Rules that the UK itself provides extremely rare. With property insurance should pay attention to the following items:

1. Each IC has its own definition of property insurance regulations. For a UK concept of property involves communication and finishing, for another - they are different concepts, which are needed to insure separately. In most cases, the term "property" under the Rules - a box of the building without finishing, and communications. For example, the insured may enter into a contract which will indicate that the insured "property on such and such an address on such and such a sum." In fact, according to this contract will be insured only "box", and all that is inside the building - finishing, elevators, air conditioning systems, fire protection, electricity, etc. - Do not fall under insurance coverage. Please ensure that the Treaty was pointed out that not only the insured property, but also finish with communications.

2. We have a team of property which does not fall within the definition of real estate, though seemingly a part of it. We are talking about buildings with glass surfaces in its construction, which is typical of the facades of shopping and entertainment and office buildings. If you look at the rules, you will see that the loss of glass cases, stained glass windows - an exception (but not the normal windows). All UK release glass into a separate category, because likelihood of damage to the glass is much higher than that of concrete and brick walls. Only after making the contract a separate item on the insurance, glass surfaces, they will be protected.

3. Sometimes the Rules states that even if the communication under the Contract are insured, the insurance protection applies only to communications within a building or communications within the building, as well as a few meters around the building. This is a strong constraint for the insured, as of communications, by definition, is derived outside of the building. For example, a transformer or boiler can generally be in a separate building 50 meters from the factory or shopping mall. Need to insist on the removal of such restrictions, as the Insured has a property interest to the full range of communications, regardless of whether they are located inside or outside the building.

4.Ochen important after making the above changes to the text of the Treaty to clarify in the Agreement is that if some clauses are inconsistent with the Rules, paragraphs of the Treaty have greater power to the Rules.

The most critical items in the Contract, which may lead to denial of reimbursement:

1. In any Contract has a point about the need to notify IC of the insured event within 48 hours. This is a mandatory action that must be done Insured - any way to notify the SC in the period. To meet this requirement, pass the IC contacts people who are on site around the clock - as a rule, the security service. Insurance cases occur both on weekdays and on holidays. SK, which has not received notice of the insured event in time, are likely to refuse to pay.

2. In addition to oral notice within 2-3 working days must confirm in writing the insurance case. Telephone notification is not sufficient, but often the call-center UK does not report that there is a period of notice in writing, that is used as a reason for further denial.

3. Changing patterns of loss at the scene without the consent of the SC may also lead to a denial of payment. For any loss in property insurance is compulsory departure of representative SC on the place of loss (this postulate can be found in the Rules and in the Agreement). Policyholder should not change the picture of loss, except in the case of the requirement of the competent authorities or for reasons of preventing the growth of value loss. Only after obtaining written permission from the UK you can change the location of the insured event, if it still need to do this, please be relevant documents for submission to the SC.
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Content tags: Insurance
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