The most basic form of protection for your assets like Buildings, Stocks, Furniture and other contents is insurance against the contingencies of Fire Lightning etc. Starting from this cover it would be possible to ‘add on” cover for various perils and contingencies to the point of virtually converting the cover into an “All Risk” category.
To ensure that your insurance policy would deliver when you need it most, it is important to select the right cover. Clauses amending the scope of cover for customizing and widening the basic cover need to be added.
Professional care taken at the beginning can be very beneficial at the time of a claim. For example, in the event of major damage due to fire would your current policy allow for the new replacement costs of your assets or does it only pay the depreciated written down value? If the policy is worded on a new replacement value basis are you aware of the obligations on your part to ensure that the policy will pay in full? Are you paying additional premium unnecessarily by insuring stock at higher values than necessary to ensure full cover for fluctuating stock levels? Will your rights under the policy be prejudiced if contractors working in your premises cause a fire?
This and a number of other issues need to be understood along with implications when you take out a policy.