ChECkINgyoU hAvE ENoUghCovER
TERRoRISm
TerrorismInsurance covers damage to the buildings caused by an act of Terrorism. It’s worthremembering that Terrorism Coverisnot automaticallyincludedunless you specifically ask for it and pay extra premiumto reflect this.
SinceJanuary 2003 terrorisminsurance has been offered on an all risks basis including damage caused by nuclear, biological and radiologicalmeans. This cover is designedtoreflectthe perceiveddangerof contaminationcausedbyterroristactivities i.e. the fall-out froma so called “dirty bomb”.
Whilst this policy extensioncomes at a cost,itisintendedtoprotect freeholders fromtheirobligationsunder thelease.If your lease states that you should insure against all normally available insurance perils or providecomprehensiveinsurance then,bynot purchasingthisextension of cover, youmay be failing tomeet the requirements of the lease.
LIAbILITIES
Liability Insurancecover caninclude Public Liability,Employers Liability and Directors andOfficersLiability.
PUbLIC LIAbILITy If avisitor to the property wasinjured after aslip, trip or fall or a resident slipped on a wet floor and sufferedinjurythenapotential claim for compensation againstthe policyholder couldarise,althoughitisalwaysworth rememberingthatthe policyholders negligence has to be proven.
Limits of Indemnity rangefrom £1 million to £10 million or more.Whilst a lower figure may appear on first sight to be adequate, considerwhatamountsaCourtmayaward in theevent of permanentdisability to several people!
EmPLoyERSLIAbILITy is sometimes referred to as EL andisone of only ahandful of compulsory Insurances in theUK. In anutshellitcoversyourliability as an employerwhether theemployee be paid or unpaid,fulltime, part time,ortemporary. It is considered prudent foranRMCto hold both EL andPLcover to ensure that “grey areas” areincluded. It is easy in theeyes of thelaw to be construedasanemployer even if this wasnot your intention; hence this inexpensive extension is a sensible contingent precaution.
If oneofyouremployees wasinjuredwhilst carrying outhis or herdutiesthentheRMC as theemployer, could be liable. Once again theclaimantwould have to prove that the RMC was negligent.
6 Flat Living GUIDETO INSURANCE
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