Questions About All Risks Insurance
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What types of Property can you insure?
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Almost anything required at an event - from walkie talkies to marquees. Check your other insurances before you arrange all risks cover as you may already have some cover elsewhere - for example under an office insurance, commercial insurance, or a computer insurance - these may have extensions to cover such property away from your premises. There is no point in paying twice for the same cover.
My hire agreement says that if the equipment gets damaged whilst I'm using it, I am liable for the loss of hire charges whilst it's fixed.
Can I insure this?
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Yes. Event Assured automatically include cover for loss of hire charges up to 25% of the value of the item insured. If you need more cover, please ask.
If I'm hiring equipment from a supplier and they are also providing an operator, do I still need to insure it?
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Check the hire agreement - these vary so it is important to tailor the insurance to the terms of your contract with the supplier.
I am being offered insurance by the hire company as part of their package. Should I take advantage of this?
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It will normally cost less to insure it yourself. Simply ask the hire company for an insurance value for the equipment you are hiring and we will be able to provide a quotation as part of an event insurance.
What is the difference between "Reinstatement" cover and "Indemnity" cover?
- Reinstatement cover means that the insurers will pay the cost of replacement with a new one which is equal to but not better than the item lost or damaged. This is usually the basis of cover under the Event Assured "all risks" cover, provided the sum insured represent the full replacement cost.
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Indemnity basis means that the insurance will only pay for the second hand value of the item i.e. what you might get if you sold it. This is its market value, not the written down value, nor what it would cost to replace, and so may be inadequate, particularly if the item is hired and the owner wants a replacement.
What about antiques, pictures, collectables or other items of special value?
- These need special consideration. Neither indemnity basis nor reinstatement basis cover may be appropriate here. Indemnity basis may pay for another second hand picture, but it may not compensate you for the actual loss if the item has a special value.
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Reinstatement cover may also not work, because if the item is unique, it is obviously irreplaceable. The answer may be in arranging cover on an agreed value basis, which may need to be backed by an independent valuation.
How do I calculate my sums insured?
- We cannot set these for you. However, we can say that the sums insured should represent the full value of the property, using whichever of the above methods of valuation is appropriate to the type of cover.
