Allianz Blog Insurance Explained

Insurance - Handle With Care!

Most of us give little thought to our insurance from week to week. We hope that we never need to use our insurance. If the day comes where we do then we expect our insurer to treat us fairly and to provide a good claims service.

For our insurance to work as we wish when we need it, it’s crucial that we arrange it on the correct basis. We’re going to look briefly at the policyholder’s responsibility to ensure that sums insured are adequate.

The Claims Process

Doomsday scenario: Your house burns to the ground and all of your household possessions are destroyed. You make a claim to your home insurer.

You expect your insurer ...

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Handy Guide to Reading Your Insurance Policy

Here’s a choice for you – would you rather go to the dentist or read your insurance policy?

Reading your policy, or at least having some understanding of it, doesn’t need to be daunting. Here’s a quick guide to understanding the structure and content of it.

Your Policy Has More Than One Document

The policy wording: When you open your policy booklet you will find that there are sections which detail the covers that apply and circumstances in which cover will not apply (referred to as exclusions or exceptions).The schedule: This details the risk information specific to you. For example, your name and address, car details, ...

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You Right to Appoint a Public Loss Assessor

If you don’t know what a loss adjuster is then count yourself fortunate. Loss adjusters are insurance professionals who, in the event of an insurance claim, assess the loss and the amount of compensation that should be paid.

Let’s look at home insurance. It is common for insurers to appoint loss adjusters to assess claims for loss or damage resulting from (for example) fire, storm, water damage, theft. Although the loss adjuster is appointed by the insurer and has his/her fee paid for by the insurer, it is their duty to assess the loss and advise on claim settlement in an even handed manner, i.e. claim settlement shoul...

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Indemnity – a simple concept?

Let’s start with a simple statement:

In accepting and dealing with your claim, your insurance company aims to restore you to the same financial position as you were in beforehand. This is known as the principle of Indemnity.

Let’s look at 2 simple examples of Indemnity in Motor and Home Insurance:

Motor

Where your motor insurance company accepts a claim for damage to your car they will either arrange for it to be repaired or, if it is deemed uneconomical to repair, they will make you a cash offer based on the cars’ current market value. Market value is the amount that you would reasonably pay for the car at the relevant t...

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Why Do Insurers Investigate the Cause of Claims?

Insurers must determine if the cause of loss or damage is covered by the insurance policy, this is referred to as Proximate Cause. Insurance policies cover specified perils and benefits. Also they are subject to conditions (which are rules that insurers expect Customers to follow in order for policy cover to apply); and exclusions (circumstances under which cover does not apply).

When considering the cause of loss or damage the insurer is concerned with the Proximate Cause. In many cases this will be obvious. For example, I once struck a gatepost while reversing my car into a driveway. The damage to my car was caused a...

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What is Insurable Interest?

The purpose of insurance is to return you to the same financial position after a loss as you were in before the loss occurred.

Therefore if you will not suffer financially from the loss of or damage to property (a car or an item in your home) then you cannot insure that property. To put this another way, you must have an insurable interest in the property you propose to insure.

It is obvious that if you own something, having paid for it, then you have an insurable interest in it. If someone steals your bicycle you will suffer financially from that loss.

In a lot of cases ownership isn’t just as clear cut as this. What if...

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