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  • #987941
    billybrickles
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    Hi All.

    I recently had an expensive electronic item stolen from my office. I had purchased it at an auction for a very good price. The cost of replacing a similar item would be 2.5 X the price I paid for it.

    If I produce my original receipt plus the quote for the new item will my insurer (GIC on an all inclusive business policy) fund the replacement cost or the purchase price?

    #1164909
    alliedib
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    billybrickles, post: 190882 wrote:
    I recently had an expensive electronic item stolen from my office. I had purchased it at an auction for a very good price. The cost of replacing a similar item would be 2.5 X the price I paid for it.

    If I produce my original receipt plus the quote for the new item will my insurer (GIC on an all inclusive business policy) fund the replacement cost or the purchase price?

    Hi Billy,

    The short answer – it depends.

    – What is the basis of settlement on the policy (is it replacement or is it indemnity)?
    – Is there an unspecified item limit on the policy?
    – If the item is specified, does the Sum Insured reflect the actual replacement cost or just the purchase price?

    Sorry but without knowing the details of the policy and the cover there is no way to give a definitive answer. Did you speak to your insurer about it?

    Regards,

    Mark

    #1164910
    billybrickles
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    – Replacement (via cash)
    – No Limit for Burglary
    – The item is not specified

    I cannot find anything specific in the policy regarding this. I have not spoken to the insurer yet..

    The short answer – it depends.

    – What is the basis of settlement on the policy (is it replacement or is it indemnity)?
    – Is there an unspecified item limit on the policy?
    – If the item is specified, does the Sum Insured reflect the actual replacement cost or just the purchase price?

    Sorry but without knowing the details of the policy and the cover there is no way to give a definitive answer. Did you speak to your insurer about it?

    Regards,

    Mark

    #1164911
    alliedib
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    Hi Billy,

    Thanks for replying.

    It is very unusual for an insurer to have a basis of settlement as ‘cash replacement’ in their wording and for there to be no limit for Burglary (usually the section has a sum insured).

    I would suggest that you contact the insurer and discuss with them. Alternatively, I am more than happy for you to contact me and I can look at the policy in further detail (I can’t give you any specific advice but I can look at the contract for you).

    Regards,

    Mark

    #1164912
    billybrickles
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    #1164913
    alliedib
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    Thanks Billy,

    The policy wording is one part of the jigsaw – I will also need to review the insurance schedule to marry the two together.

    As it is commercially sensitive please DO NOT post the link up here for that – either PM it to me or give me a call and I can give you my email address.

    Alternatively, please contact your insurer and they can no doubt advise whether the risk is covered.

    Regards,

    Mark

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