As hurricane season is in full swing, we ask our customers to review their Insurance Policies carefully.
We recommend checking that your sums insured are correct. Losses are stressful at the best of times but one of the easiest ways to avoid under insurance on buildings cover is to ensure that the values on the policies reflect those provided under a recent rebuilding cost survey.
It is critical to ensure that the correct rebuilding values are reflected in your sums inured to avoid the negative impact of Underinsurance clauses included in all property policies, which have the effect of reducing a settlement if there is underinsurance.
Whilst most of the main covers offered by insurers are similar each has a slightly different wording so extra care is required in relation to outdoor fittings, satellite and antenna, solar panels and generators. These are not generally covered for Hurricane losses unless specifically advised to insurers and included on your policy. It is important to advise us if you have these items so that these can be included.
Not all items are insured, typically awnings and fences would not be insured for Hurricane or Tropical storm losses nor outdoor fixtures such as irrigation fixtures and outdoor generators. Soft landscaping such as lawns and hedges are also not commonly insured.
Remember also that certain losses are never covered by insurers and this includes mould. Mould losses are excluded from all policies in Cayman.
A number of our customers opt not to purchase Contents cover rather just insure buildings. We use this an opportunity to remind you to review this and be sure that indeed you are comfortable with this decision.
If contents are insured, then we can provide a room checklist that allows you to go through room by room to ensure you have considered all items in calculating your contents value.
With a building, underinsurance can be easily avoided with the rebuilding survey. For contents, it is far more difficult in establishing an agreed replacement value so extra care is required that all contents have been considered.
We recommend that you keep photographs of the outside of the property including any cracks, water leak stainage and also a photo of each room including your valuable items such as TV’s, Stereos.
You need to consider carefully any jewellery items and artwork and any limitations your policy might have. Each insurer will have separate limits and you will generally need to specify valuable items with valuations for higher value items.
In the event of a warning that a hurricane is on route, please bring all outside furniture inside to a secure area, put shutters in place, ensure that everything is secure and you have water and provisions including torches and candles. Also, make sure your family are safe and inside a secure room (normally the bathroom is a good place to go).
If you are in any doubt now is the time to ask our experienced staff.
Should a hurricane hit our island we are on hand to assist you. We ask that you make contact with our office as soon as possible on +1 (345) 945 0030.
Published: September 23, 2020