Avoiding underinsurance
Date
24 May 2022
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The major shift that has occurred is that the historical negative only reporting model has Global supply chain pressures have had a significant impact on the prices of many asset classes. This impacts on the level of insurance that businesses should be considering.
For property insurance (home or commercial) rebuild costs have risen considerably.
For asset insurance, the value of used assets may have increased. For example, demand for used vehicles has been so strong that typically depreciating assets like used trucks or utes may have actually increased in value in recent times.
When taking out insurance, it is important that businesses ensure that in the event your asset is written off you have adequate cover to buy a “like for like” replacement or to rebuild what you have lost without being significantly out of pocket.
This article is courtesy of Rothbury Insurance, but covers key risks that should be considered by any company https://www.rothbury.co.nz/resources-support/client-newsletters/full-cover-march-2022/do-your-sums-to-avoid-underinsuring-your-home-and-vehicles/.
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