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 Under this policy, cover is written on a indemnity basis. Not new for old. This means that it does not matter what condition the existing structure is in, it can be insured under the policy. The cover provided will ensure that the existing property will be restored to the condition it was in prior to any loss (providing it has been insured for the correct value - Please refer to our Frequently Asked Questions section for more information) The breadth of cover provided will however vary dependant on the construction of the property and its condition. For example, if a property is lived in as a main residence and is in a sound condition, we should be able to provide "All Risks"* cover. If the property is in a dilapidated state and unoccupied, then the perils operating would probably need to be restricted in some form If contract conditions require insurance for specifically named risks, then we can usually accommodate this to match in with contract obligations. However, due to the short term nature of this policy there is no cover provided for losses arising from subsidence, landslip or heave unless it can be shown that the damage has arisen as a direct result of the work being undertaken. The policy also provides cover for the cost of renting alternative accommodation if incurred whilst the property is being repaired following an insured claim rendering it uninhabitable. (*Under any "All Risks" policy, there will be certain exclusions that apply eg. A standard "All Risks" buildings policy would exclude storm damage to gates and fences.) For full terms, conditions, exclusions and limitations please refer to our key facts and policy wording, available at the Document Centre.  |
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