In its most basic form, insurance is straightforward. For a predetermined sum of money known as a premium, you provide an insurance company the risk of possible future financial loss. By doing this, you obtain a source of money from the insurance provider to restore or repair any damaged property through a claim.
Additionally, you reduce the risk of financial bankruptcy by trying to acquire enough money for these repairs or reinstatements by cash reserves or the sale of other assets. Why would you require the assistance of a qualified professional insurance advisor, sometimes referred to as an insurance consultant, if the idea is so straightforward?
The solution is in the details, as with many things in life. The straightforward issue, “What constitutes a building?” and, more significantly, “What will get paid if it is completely destroyed?” provide a suitable example. What is covered by the building sum insured is specified in your property insurance policy. This could involve the following:
Debris removal, civil works, foundations, boundary walls, gates, fences, furniture, fixtures, fittings, electrical installations, air conditioners, subterranean pipes and services, all kinds of glass, water pumps, neon signs and/or signboards, telephones, lifts, gardens, landscaping and architects, surveyors and legal fees are all included in the building.
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