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INSURANCE continued...
Car Insurance - Is a courtesy car provided in the event of an accident? Yes,
provided you have chosen comprehensive cover, the car is repairable (not
written off) and the claim is arranged through your insurance companys
approved repairer. The provision of a courtesy car will be subject to
availability.
* Travel Insurance - Always get a
police report if you lose anything.
* Car Insurance - Paying by
Instalments - Yes, we require a deposit to start your insurance and then the
balance can be paid by Direct Debit over the following 10 months. A credit
charge is payable and this will be added to your total premium.
* Advance Profits Insurance -
This is designed to protect against the loss of anticipated earnings arising
from new developments such as an office or factory under construction. If a
problem or damage delays completion then the insured will suffer lost or
delayed revenue from the new source of earnings. This type of policy
compensates for that loss.
* Travel Insurance - If you have
any pre-existing medical condition, let us know and we can advise you what
to do. In most cases, the insurers will give full cover at normal rates and
then there will be no danger that your claim is refused because you failed
to let us know.
* Advance Rents & Interest Covers
- This cover is for property developers and is designed to protect against
an event which may happen resulting in their being unable to use the
property being developed. The developer will be selling or letting the
property and will expect a capital sum after completion of the building. If
a delay occurs interest will continue to be paid on borrowed capital and the
developer is denied the use of the profit. The developer can take out
interest cover that is a policy that pays an agreed rate of interest on the
proposed selling price of the property or, in some cases, on the amount of
the borrowed capital. The interest would be applied on a per annum basis for
the length of time that the completion is delayed. If a purchaser is known
interest would be paid on the selling price during the period the sale is
delayed in finding a new purchaser. If a purchaser is unknown the proposed
selling price will be certified by an independent professional valuer. If
the intention is to let the property the developer will lose the anticipated
rent assuming that a tenant is certain. If no tenant is certain the cover
may not be available.
Book Debts Insurance -
This insurance covers the loss of accounting records by fire or other perils
which can result in a significant financial loss. The insured may not be
able to find records of debtors resulting in non-payment of outstanding debt
balances.
These policies cover the shortfall of debt payment following the destruction
of records. They do not cover bad debts though. This is covered by credit
insurance.
The policies require the insured to declare the total of outstanding debt
balances each month (within 30 days). Book debts are not covered by a
standard business interruption policy as they were incurred before the date
of the damage.
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We hope these have been helpful and look forward to your comment
contribution...
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