OFFICE Insurance Total Sum Insured: €505,000 | Building Improvements: €170,000 | Photovoltaic System: €15,000 | Office Blinds: €9,000 | Contents: €311,620 👉 Est. Cost: €800–€900 Down Payment Required €80

RENTED OFFICE
Perils to Insure:

♦ Fire
♦ Lightning
♦ Explosion
♦ Earthquake
♦ Storm
♦ Flood
♦ Impact
♦ Aircraft
♦ Malicious Damage
♦ Escape of Water
♦ Theft

🔶 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

🔷 The quotes will apply for insurance for special perils for furniture, fittings, and equipment, building improvements, and public liability, rent payable 20,000 euro (4 months' rent).

🔶 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, 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 and 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.