What is All Risk cover?
All Risk cover is a crucial component of business insurance. It provides protection for business assets that are regularly taken away from the insured premises. These assets include items carried by you, your employees, or other key personnel. Examples of such portable equipment include notebooks, laptops, cellphones, and other valuable items.
Key points about All Risk cover
1. Cover is broad
All Risk cover is generally priced higher but offers broader protection. Instead of insuring your assets based on specific perils (such as fire, theft, or accidental damage), you can opt for All Risk cover. This way, your assets are covered for their replacement value, provided you regularly update the sum insured. It’s the widest possible cover available.
2. Portability
All Risk cover extends beyond your risk address. It protects your assets even when they are taken cross-border or worldwide temporarily. Whether you’re travelling for business or attending conferences, your valuable items remain insured.
3. Why you should choose Momentum Insure’s All Risk cover
- Momentum Insure’s All Risk cover safeguards business assets when they are away from the insured premises. This coverage extends worldwide on a temporary basis.
- Your assets are covered for their replacement value, subject to regular updates of the sum insured.
- The cover specifically applies to “loss or damage” to items listed under the All Risk section.
- Additionally, there’s an option to extend cover for machinery breakdown.
Exclusions to keep in mind
While the name “All Risk” might imply comprehensive coverage, certain exclusions still apply. These include:
- Loss or damage to tools of trade while in use: All Risk cover doesn’t protect tools of trade while they are actively in use.
- Loss or damage caused by pests/insects: Damage caused by pests or insects is not covered.
- Intentional damage: If damage occurs intentionally (eg vandalism), it won’t be covered.
- Loss or damage due to remote jamming: Instances where remote jamming leads to loss or damage are excluded.
A breakdown of Specified vs. Unspecified All Risk cover
Specified All Risk
- Momentum Insure writes All Risk cover on a specified basis only.
- Each item must be clearly defined, including details such as make, model, serial number, IMEI number (for mobile devices), and replacement value.
- Maintaining an accurate asset register is also a condition of cover.
- By specifying each item, you ensure that your coverage aligns precisely with the value of your assets, reducing the risk of being underinsured.
Unspecified All Risk
- Provides cover for a certain maximum loss as well as a per-item limit.
- The risk with this type of cover is that you might be underinsured in the event of a significant loss if you don’t specify all your assets individually.
Remember that understanding the specifics of your All Risk cover is essential for making informed decisions about your business insurance. If you have any questions or need further advice, consult with an insurance professional.
SMS “SCORE” to 42024 and one of our Business Development Consultants will call you to help protect your business with Business insurance from Momentum Insure.
Keeping you safe on your journey to success.
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