ALL RISKS INSURANCE COVER
This is an essential, but often overlooked section of cover on a personal, business, AirBnB and guest house insurance policy.
What is All Risks Insurance?
All Risks insurance cover is there for when you remove your possessions from your place of residence and they get damaged or stolen. Once taken out of your property, your belongings are no longer insured and that is when they are usually at the most risk. All Risks insurance covers this gap, insuring your portable possession anywhere in the World for damage, loss or theft.
There are two types of All Risks insurance options in South Africa:
- Unspecified All Risks – This cover is for the clothing and apparel that might be stolen or damaged. There is an amount insured, for example R10 000 and then you can claim for unspecified items here. However it is important to note that this excludes all electronic items, computer equipment and a variety of other items and usually (depending on the insurer) has a maximum limit per item of 25% of the sum insured.
- Specified All Risks – This is where you would specify cellphones, laptops, cameras, bicycles, jewellery, watches, prescription glasses and other items of value that you remove from the premises on a regular basis. You would enjoy cover up to the value of the sum insured per item and would usually have to produce a recent valuation certificate or proof of purchase for the claim to be entertained.
Some companies automatically provide basic cover for items that are lost, damaged or stolen when you are away from home, however it is best to ensure you have this cover in place and that it is sufficient for your needs.
Specialist Insurance companies offer more options with their All Risks Cover
As your broker we also have access to specialist insurance companies that are aware of how difficult it is to keep that specified list updated at all times. They have created a niche product where the Unspecified All Risks section will cover any one item or collection of items up to the full sum insured, this includes electronic equipment and other portable items.
Incompass takes care to ensure we properly consult with our clients as to their requirements, looking at all the items that could /should be insured under all risks cover. We realise that in a perfect world we would all insure ourselves against every possible event – but in reality this has to be weighed up against costs and affordability.
We will be able to provide you with the necessary information to make an informed decision and help you to avoid claims situations that do not meet your expectations.