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A pool of funds to pay for losses covered by your policy.
- The following classes of insurance may be arranged:
- Homeowners Insurance
- Commercial property
- Building under construction
- Goods in Transit
- Consequential Loss
- Personal Accident
- Marine Insurance
- Financial compensation
- Peace of mind
- Quick recovery from a loss
Otherwise called a deductible, excess is the first portion of a claim for damage to your vehicle. You are responsible for paying this amount regardless of who is at fault. Your insurance will pay for the remainder of the claim. The excess is usually 5% of the Sum Insured:
- Motorcar insured for 1,000,000
- Accident amounting to 200,000
- Excess is 5% of Sum Insured (SI) or 50,000
- You absorb 50,000
- We pay 150,000
- To reduce the cost of insurance
- To eliminate small claims
- To protect your asset by ensuring that you exercise due caution while driving, as the insured will be expected to bear some costs.
- Replacement Value of the Property
- Valuation Report – recommended choice
- Checking with realtors for current replacement values – contact the Master Builders’ Association for current rates per square foot then calculate based on sq. ft rate x size of building – as a guide only
- The Exact Address, including lot or street number, and directions for rural areas.
- Materials from which the building is constructed. e.g. reinforced concrete walls and shingle roof
- Permission in the form of a Power of Attorney or Agent Authorisation if you are not the Owner of the Property
- Claims History
Our recommendation is to insure your property for its full replacement cost. When you do not do this and insure for less than the replacement value, we consider that you have “self insured” the difference. If there is a claim, we share the cost of the claim with you in the same proportion that you have self-insured. That is, if you have insured for 50% of the value, then you have self-insured the other 50%. When you have a claim you are responsible for absorbing 50% of the claim and we pay the other 50%, less the policy excess.
WE DO NOT RECOMMEND THAT YOU SELF INSURE, as the application of the average clause can be detrimental to your financial ability to recover after a loss. Please note this is a standard policy condition affecting all property policies in Jamaica and most of the Caribbean.
OR (is this explanation any simpler to you?)
A proportionate sharing of the cost of your claim when you insure for less than the replacement cost of the item.