Your policy requires you at claims stage to prove, inter alia, the amount of your loss (essentially, all policy sums insured must be based on the New Replacement Value VAT inclusive).
The following approach is recommended:
- Keep an updated inventory
- Retain receipts of all purchased items, with the serial numbers, where applicable.
- Take photographs of all insured assets
- Back up all your data proving asset value – there are many free storage “Cloud” solutions available
- Keep physical information (valuation certificates etc.) in a fire proof safe, where possible
- Consider appointing a professional valuator
Please remember to advise us, on an on-going basis, of all newly acquired assets.
Until next time.
admin May 15, 2016
Posted In: Newsletters