Christmas presentsWith the festive holiday season arriving all too quickly, none of us want really to think about it, but insurance can be important over this coming period.

Whilst there are often no major issues there are some points to consider.

Presents

If you are buying high value presents and have them in your house before giving them to someone else

  • For people with a High Net Worth policy (e.g. Markham) the policy typically provides up to 25% of the contents sum insured for new acquisitions, as long as the insurer is informed within 90 days of purchase. For celebratory gifts for others, there is up to £50,000 cover for presents purchased but not yet given
  • A Mid Net Worth policy (in this case the Ecclesiastical policy) provides cover for an additional 20% of the contents sum insured for gifts bought for up to 30 day before and after Christmas
  • A standard household policy (e.g. Axiom) covers an additional 10% of the contents sum insured for gifts bought for up to 30 day before and after Christmas.

Going away

If you are going away for a Christmas or new year break.

This is no different to going away at any other time during the year, as long as the security requirements of the insurer are adhered to then not a problem, insurers will generally allow 30-60 days away from the home before reduced terms are applied due to “unoccupancy”. If you are going for longer, it’s best to let the insurer know so that they are aware and terms applied accordingly

Parties

Having a Christmas or new year party

It really depends on what sort of party it is going to be – a few people over wouldn’t be an issue at all, although generally theft and malicious damage caused by guests would be excluded. If it was going to be a big party then there is separate event insurance to cater for this, which would come under the Commercial Teams cover. As to how big a party needs to be before a specialist policy is taken out will depend upon the insurer. As an example we had a client recently hire a £25,000 marquee. It wouldn’t normally be covered by the policy however the insurer agreed to provide cover for an additional fee.

Generally you should check your policy wording, as each insurer would have a different wording and limits of cover.  Or Fairweather Insurance clients can always call us to discuss their needs.

By |2017-12-13T10:14:03+00:00December 13th, 2017|Domestic insurance|