Should the Sum Insured Be Increased for Policy Renewal?
April 22, 2015
BritMark at a Glance
24.1 UAH, mln
Total amount of indemnification paid for 1029 of clients’ claims settled by our Indemnity Department
Katerina Shum Partner
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Katerina Shum offered 5 tips in favor of reconsidering the sum insured prior to corporate insurance policy renewal.
Normally insurance policy is concluded for the period of 1 year. Before signing the new one it’s worth considering all alterations that took place during the past year such as transfer of title, remodeling of the building, modernization of utilities or even change of activity that is carried on within the insured premises. Besides, you might want to consider adding or excluding some items from the list of insured objects.
As a result sum insured can add up to higher or smaller amount.
If you expect your insurance policy to cover your possible losses in full it is recommended that sum insured be equal to the replacement value of the property insured.Of course, replacement value is the best choice here as in this case indemnity should be sufficient to cover the replacement costs.
Please make sure to address the following issues when preparing to sign the insurance agreement for the next period:
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