One of my major duties as a loss adjuster and claims expert is interpreting and applying the strict wordings of an insurance policy to a claim situation.
To put it bluntly, I am probably the reason your claim was honored, or turned down (insert sad face). And all I did was to bring to the limelight the intentions of your insurance policy in relation to your loss situation by explaining and expanding on the terms and conditions stated therein irrespective of your feelings. Ouch! That hurts right?
One of such policy conditions you need to be mindful of in your home insurance policy is the Single Article Limit (SAL).
If your insurance company ever told you they wouldn’t pay you a certain amount you felt entitled to, having included the value of the object in your household contents, it is probably due to the application of the SAL clause.
A claim is the occurrence of an insured peril upon which the liability of an insurance policy is engaged. In other words, you have suffered a loss covered by your insurance policy and which now qualifies you to seek indemnity (compensation).
Many unfulfilled claims expectations are as a result of not knowing what is required of you in the event of a claim, how best to seek compensation and poor understanding of one’s insurance policy.
The uncertainty of a loss and its associated cost proves the relevance of an adequate insurance protection. However, just obtaining an insurance policy would not ensure that you are adequately compensated in the event of a loss. The need for you to know what your insurance policy covers can not be overemphasized. Continue reading HOW TO MAXIMIZE YOUR BURGLARY INSURANCE POLICY→
The possibility of being dispossessed of our properties (be it personal belongings, business properties, trade stocks, or properties held in trust or on commission) by unscrupulous elements exist on a daily basis. When this happens, we are left in a disadvantaged position. Business activities can be completely disrupted if not terminated. Where and how to begin becomes an issue of great concern. Continue reading A COVER FOR YOUR COVER – BURGLARY INSURANCE→