Not all losses occur at ones premises; therefore insurance cover is needed for when one is away from home. For example cell phone, golf clubs and laptops etc would fall under this section of insurance cover. All Risks insurance cover provides cover on a worldwide basis. There are two types of All Risk cover:
- Unspecified All RisksUnder this type of cover you can insure items normally taken away from the house against an unforeseen event, without having to state each and every item. The items will be insured at the current replacement cost, subject to an overall sum insured that one would select when applying for this cover. There is usually a monetary limit for any one article under this section, if one item included in this section exceeds about R1 000 or R1 500 (depending on the various companies), it must be specified.
- Specified All RisksIf items are insured under this section, each item will be separately insured; therefore an individual rate would apply to each item, depending on the level of risk associated with that specific item. For example a cellular phone would carry more risk than a watch. It is important to have valuation certificates for these items, to prove that they are the property of the insured as well as to prove the value in the event of a claim.
Contact us for more information about All Risk Insurance.