HowIS yoUR INSURANCEpREmIUmCAlCUlAtEd?


Variable excess options will normally be offered,for example,the quote abovecould be with a£100excess. If theclientpreferred having no excessthe premiumwould normally increase or could be reduced by requesting a higher excess.


Although so farthisdoesn’t look like“rocket science” underwriting an insurance “risk” becomesmuch morecomplicatedwhen reviewingcomplex claims experience or unusualconstructionorproblematical location.


Ultimately theroleofaninsurance broker/ intermediary is to provide the best level of coverfor each clientwhilst at thesametime as ensuring theInsurer provides apremium that is sustainable forbothparties,based on the property and risk information.


dEClAREd VAlUE


WhichistheInsured’sassessmentofthe cost ofrebuildingtheproperty insured at thetimeof inceptionofapolicyorits renewal.Thisvalue, otherwiseknown asReinstatementCost,should also includecostsofprofessionalfees,debris removalandcompliancewithEuropean andPublicAuthorityregulations.


TheDeclaredValuewillhaveaDayOne Upliftappliedandthisfigureisnormally shownastheBuildingSumInsured. Both theDeclaredValueandthe BuildingsSumInsuredwillbeshownon yourpolicyschedule, theDeclaredValue isnormallythelower figureinbrackets shownonyourpolicyschedule.


SUmINSUREd


Themaximumamountpayablein the eventofaclaimunderaninsurance policy.


Whenobtainingquotationsyou needtoprovidetheInsurerwiththe reinstatementcostforyourblock.If yourPolicyScheduleshowsaDeclared ValueANDBuildingSumInsuredit is theDeclaredValuethatyouprovide.If yourPolicyScheduleonlyshowsaSum Insuredthenthis isthefigurethatneeds tobeprovided.


Flat Living GUIDETO INSURANCE 9


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