What do you mean, it's not covered?

Its a question I am asked frequently: "does that cover everything?" Unfortunately the simple answer is always "no". 

No matter how wide the cover provided by any of your insurances, there are always exclusions and conditions attaching to your policy. I thought it might be a good idea to highlight a few of these to avoid unpleasant surprises and perhaps prompt questions about your own cover.

1. Your computer is hacked and the hackers clear out your bank account.
Most "standard" insurance policies do not cover fraudulent theft and even if you have cover for hacking events under a specialist computer policy, it may well not cover this. Somethimes the bank may cover this loss, as long as you have followed all their security requirements, but if not you could face losing all your funds. You need to ensure that you have crime cover which is extended to include fraudulent transfer of electronic funds.
2. Your fence is blown down in a gale
Traditionally, most home insurance policies do not cover damage to fences, gates, driveways etc by storm (or possibly flood) unless there has been damage to the main building itself.
3. Your boiler at work explodes causing damage
Bursting by steam pressure is only covered for boilers used for domestic purposes only. Any commercial boilers or other steam pressure devices need to be insured separately.    

4. A virus spreads amongst your computer network and you have to call in IT specialists to control and cleanse the outbreak
Unless you have a specialist computer policy which includes this particular cover then you are likely to be exposed using a "standard" insurance policy.

5. A leak persists from your stock of chemicals and escapes into the water system.
Pollution or contamination claims are usually excluded unless they are from a sudden identifiable incident.

6. Your car is stolen whilst you fill it up with fuel with the keys in the ignition
Generally, insurers take a dim view of this and will refuse to pay for loss or damage to any vehicle where the keys have been left in or around it whilst unattended

7. Your delivery van is stolen or involved in an accident that was your fault
If your van is out of action how do you get your goods to your customers? Unless the damage was caused in a non fault accident when a hire van can be claimed from the guilty party, the cost of hire will be down to you. Fortunately you can buy cover to ensure that your hire costs are covered.

These are just a few potential pitfalls that you don't want to find out about when it is too late. Its probably more important to read what is not covered in your insurance policy, than what is covered.  As a professional insurance adviser, it is my job to point out some of the key exclusions and suggest potential remedies.

After all, the last phrase I want to hear my clients uttering is "What do you mean, its not covered?"

Contact me today to discuss your exclusions