Antique Insurance service

Insurance Glossary


All Risks Covered

Rather than restricting cover to a set of specified Perils e.g. Fire, Flood, Water Damage, policies on an ‘All Risks’ basis cover any loss or damage, including Accidental (subject to standard policy exclusions).


Buildings - Declared Value

Your assessment of the cost of re-building the property insured at the time of inception or renewal of cover. This value, often referred to as Re-instatement Cost, should also include the costs of removal of debris and professional fees.


Buildings – Sum Insured

The maximum amount payable in the event of a claim under a property insurance policy. This will include a percentage uplift added to the Declared Value which protects against a possible shortfall in claim payment due to inflationary increases between the inception or renewal of cover, and the time of the loss.


Loss of Rent and Alternative Accommodation

In the event that a property is uninhabitable or unusable following insured damage, this will compensate the Landlord for the rent they will lose as a result of their tenant having to move out. For residential accommodation, the policy will usually include a benefit to provide alternative accommodation for the residents for the duration of the repairs.


Property Owners Liability (Public Liability)

This protects the property owner against claims from third-parties for injury or property damage as a result of their negligence.


Index-linking

Automatic adjustment of the insured value of the property at renewal in line with general increases in re-build costs in accordance with guidelines issued by the Royal Institute of Chartered Surveyors.


Average

A policy condition that requires the amount of a claim payment to be reduced proportionately if the Policyholder has not insured their property for the full re-instatement value.


Excess/Deductible

The first part of a claim which is paid by the policyholder. An Excess may be compulsory i.e. imposed by the insurer, or voluntary i.e. accepted by the policyholder in return for a premium saving.