Is there anything that I can do to prevent my premium from increasing? There are many actions with little or no cost that can be done. Tip 12 – Inadequate Sums Insured In the event of any claim regardless of size, that any of your Sums Insured are determined to be inadequate, (such as on Buildings, Fixtures, Fittings & all other Contents, General Stock, Cigarettes & Tobacco, Wines & Spirits, etc), your insurer will apply Average Clause, (IE. reduce the claim settlement by the same proportion.) If you are underinsured by 50%, your claim will be reduced by half! For example, if you have a burglary where cigarettes to the value of €10,000 are stolen, your insurer will appoint a Loss Adjuster to call to you and deal with the claim. The first task undertaken by the Loss Adjuster is to check the adequacy/accuracy of your Sum Insured. If they find that your Sum Insured was €10,000, but that you actually normally carry a total stock of €20,000 then Average Clause will be applied and you will be allowed only €5,000 before deduction of your policy excess. When determining the adequacy/accuracy of your Sums Insured, remember the following: • Buildings = cost of rebuilding, site clearance/removal of debris, architects/surveyors fees. Also – Don’t forget to include footing/foundation! This is critical for Subsidence claims! Service Stations – Don’t forget to include your Underground Tanks! • Fixtures, Fittings & all other Contents = Replacement on NEW for old basis, (ex-VAT – if you are VAT registered) • Stock = cost price, (ex-VAT – if you are VAT registered) Always remember – call us to discuss any/every incident. We will advise and guide you.