Contents Cover Only
Content Insurance Covers:
- Your furniture, appliances, laptops, jewellery,paintings, etc
- Accidental breakage of glass
- Contents while in transit
- Removal of contents’ debris
- What is Average Clause?
- What is an Excess?
If you insure your property for less than the replacement value, we consider that you have “self-insured” the difference. If there is a claim, JNGI will share the cost of the claim with you in the same proportion that you have “self-insured”. For example, if you have insured for 70% of the replacement value of your house, in the event of a claim, JNGI would pay 70% of the loss and you are responsible for the other 30%.
(Sum Insured) / Value × Amount of the loss =Recoverable Amount
7,000,000 / 10,000,000 × 5,000,000 =3,500,000
Where you are covered for the full value of the property, the Condition of Average would not apply.
WE DO NOT RECOMMEND THAT YOU SELF INSURE
We have great news! Insurance premiums are at their lowest so the time to insure is Now. Plus, we offer monthly payments. Contact our Customer Care Centre at 1-888-225-5636 for more details.
An Excess (otherwise called a deductible) is the first portion of a claim for damage to your property that you agree to absorb (usually 2% of the sum insured in respect of catastrophe perils).
Excess exists to encourage you to protect your assets by ensuring that (as far as you are able to do so) you exercise due caution, bearing in mind that you will have to cover some of the costs in the event of a claim.
Here is an example of how your excess is calculated:
Property Insured for | $6,000,000 |
Loss by Hurricane amounting to | $400,000 |
Excess is 2% | $120,000 |
You absorb | $120,000 |
JNGI pays | $280,000 |
*Subject otherwise to the terms, exclusions, provisions and conditions of the policy.
Who is this for?
This policy is designed for persons seeking to insure personal possessions.
