Insurance Matters March 2013
The cold weather is abating and at last the first signs of spring are here. This is the time for the spring cleaning to commence. But be careful how you handle things! Most Home Insurance policies will exclude damage during the cause of cleaning, so take particular care with fragile items.
You may also be considering getting a gardener or domestic help at this time of year, and most policies do cover your liabilities towards these people as ‘domestic servants’, however, this is purely towards any accident that they may have in your premises and covers your negligence only.
Be sure that those people that you employ to do the odd jobs for you have their own Public Liability cover in place. Remember that if they are trustworthy and bona fide, they should have this cover in place and be able to show you a copy of their Liability Schedule. It is normal for them to have a minimum of £1,000,000 cover to cover their accidents or mishaps! It does not cover faulty workmanship, and nor does your Home Insurance Policy. Choose who you use with care.
Those of you that let properties, also have a duty to employ only bonafide contractors to complete the works for you, as you owe your tenants a ‘Duty Of Care’, so make sure that you check the Liability cover and work on good recommendations, just in case. Remember to make sure that your Gas Certificates are up to date (every 12 months) as this will be a requirement under all Buy to Let policies.
Those of you that have short term holiday let properties should ensure that during the time that the properties are not let that they are adequately heated still. It is a requirement under the Un-Occupancy endorsement in your policy to maintain the temperature at 10 Degrees or above and we may still have a sharp cold snap !
It is important in these hard trading times to keep overheads to a minimum, but don’t feel that Insurance is one of those areas to trim down. Make sure that you are insured for the full value of the stock and traded fixtures and fittings, as should there be a claim, then the claim will be settled on ‘Average’. Average means that if you insure your stock for half the amount you should have, then you will receive from the insurers half the value of the damaged stock etc. This could mean the difference of sinking or surviving should a claim occur.
We hope that this information is of use to you, and that you are enjoying the harbingers of spring. Highhouse Insurance Services Limited will be more than willing to give Free Advice and guidance on all property and business insurances, just call us directly on 0845 230 1477.