Questions & Answers

Will my premiums be cheaper if I put all my insurances together with one insurer?

Do you have a facility for paying monthly premiums?

Do I get a discount if I have an alarm?

Are my children’s belongings covered under my contents policy

How can I reduce my premiums?

What does comprehensive motor insurance cover?

Accidental damage to your car
Accidental damage caused by your car to vehicles or property belonging to someone else.
Damage to your car in a natural disaster
Loss or damage to your car from theft or fire

Do I pay an excess on windscreens?

With most insurers you don’t have to pay an excess and your no-claim discount will not be affected.

How do I know how much to insure my car?

To make sure you have enough cover, ask a Licensed Motor Vehicle Dealer (LMVD) or vehicle valuer for its current retail market value.

What is market value?

If the car is written off, you will be paid what the car would have been worth on the retail market at the time of the loss. Subject to sum insured – less the policy excess applicable.

Why would I need Professional Indemnity insurance?

Policies provide indemnity for claims brought against you for financial loss. Some policies include injury or damage arising from a breach or an alleged breach of your professional duty in the course of conducting your business. As a professional service provider you are seen as having a special skill, which can be relied upon by a third party. Consequently the law requires that you exercise the required skill to an appropriate level expected by your profession. In the event that a financial loss, injury or damage arises from a failure to provide that appropriate level of skill it may result in an award for damages being provided to the third party that suffers the financial loss, injury or damage. Professional Indemnity insurance provides cover for damages awarded against the you including costs or expenses incurred in defending the claim.

What does Public /General Liability Insurance exclude?

Public/General Liability Insurance only covers liability arising from bodily injury or property damage and does not cover pure financial loss. If you have Public Liability Insurance and believe that this would provide you cover in the event a third party was injured, you are wrong. Most, if not all, Liability Insurance policies exclude professional advice for a fee and the rendering of professional services. As a result, this policy would not respond to injury claims either.

How do I know if my current PI policy provides adequate insurance cover?

It is important that you understand the extent of your policy coverage and your insurance requirements. Many insurance policies provide limited cover. Some insurance companies provide limited or no cover for Personal Injury and/or Property Damage. Depending on the type of professional services you offer, there may or may not be an exposure that requires this cover. Policy coverage is always subject to the terms, conditions and exclusions of the insurance contract and policy wording provided by the insurer. The importance of understanding the extent of your policy coverage and its limitations is vital to ensure that you are adequately protected in the event a claim should arise from a breach of your professional services.

Are all Insurers Policy Wordings the same?

Each insurance company has their own policy wording. This means that coverage can vary considerably from one insurer to another. It is important that you compare each policy based on the appropriateness of cover for your individual business needs.

What are "Known Circumstances"?

A "Known Circumstance'"could be defined as any fact, situation or circumstance, which a reasonable person in your professional position would have thought, might result in someone making a claim against you. Therefore if a claim arises after the commencement date of the policy from a fact, situation or circumstance that you knew or should have known, at the time of the commencement of the policy that might give rise to a claim, it would normally be excluded as it arose from a "known circumstance".

Why is it important to notify all "Known Circumstances"?

By notifying all circumstances that might give rise to a claim, during a policy period, you can get the benefit of your statutory rights under Section 40(3) of the Insurance Contracts Act 1984 (the Act). Section 40(3) provides you with statutory rights to notify a circumstance to an insurer, during the currency of the policy. If a claim eventuates against you from the notified circumstances, then the insurer cannot deny indemnity, despite the fact that the claim arose outside the period of insurance. Therefore, any fact, situation or circumstance, which a reasonable person in your professional position would have thought might result in someone making a claim against you, should be notified to your current insurer.

What do I do when I change from one insurer to another? (notification of Known Circumstances)

If you change insurers, you will need to notify your insurer of every conceivable circumstance before the expiry date of your policy. If this is not done, and if a claim was to occur in the future from a circumstance not previously notified, you may be left uninsured, with neither the previous or the current insurer accepting liability for the claim. The prior insurer may deny the claim as the insured failed to notify the circumstance or claim during the period of insurance.

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