OFFICE Insurance Building Improvements, Contents | Total Sum Insured: €505,000 | With Employer's Liability 👉 Est. Cost: €5,000–€6,500 To proceed pay €500

RENTED OFFICE INSURANCE

🔶 Total Sum Insured:
EUR 505,000

🔶 Building Improvements:
EUR 170,000

🔶 Photovoltaic System:
EUR 15,000

🔶 Office Blinds:
EUR 9,000

🔶 Contents:
EUR 311,000

+🔶 Employee Salaries:
Clerical employees only, €4,100,000

Insurance Proposal – Special Perils

🔶 Insured Items:
Furniture, Fittings & Equipment
Building Improvements
Public Liability
Rent Payable: €20,000 (equivalent to 4 months' rent)

🔶 Covered Perils:
Fire 🔶 Lightning 🔶 Explosion 🔶 Earthquake 🔶 Storm 🔶 Flood 🔶 Impact 🔶 Aircraft 🔶 Malicious Damage 🔶 Escape of Water 🔶 Theft

Policy Terms:

🔷 Under the Fire and Special Perils policy, in the event of a covered loss, the indemnification will typically be based on the insured value as stated in the policy.

🔶 If the policy specifies coverage on a replacement cost basis, the claim will be settled on the cost of replacing the damaged machinery and equipment with new equivalents, subject to policy terms and conditions.

🔷 If the coverage is on an indemnity depreciated basis, then compensation would be based on the depreciated value (i.e., book value or market value at the time of loss).

🔶 The final settlement depends on the valuation basis chosen at the time of policy issuance.

Recommendation:

New for old wording.

🔷 The amount payable in the event of destruction, damage, or loss of the property insured (other than stock, materials in trade, and goods in trust) shall be the cost of repair or replacement equal to its condition when new, with no deduction being made for wear and tear or depreciation except in respect of articles of wearing apparel, towels, linen, and similar items which are regularly laundered.

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