Value at Risk and your Business – Irish Hardware Assoc

The Irish economy is currently undergoing fundamental change in the wake of the recent financial crisis. Every business owner or manager must now take time to critically examine their position and prepare for a return to economic growth in the next 12 to 18 months. It is time to steady the ship.

All areas must be examined and maximised in a time when every penny counts. One critical component of every business is insurance cover and value at risk. If you can be confident that your sums insured are correct and fully cover you in the event of any loss you are in the minority. According to Sean Cleary of Cleary’s Loss Assessors, underinsurance is the biggest problem with commercial insurance claims worldwide. He recommends that every business should carry out a value at risk survey every 5 years. A value at risk survey will give business owners the correct values to insure and eliminate any shortfalls in claim settlement due to underinsurance. The survey can also indentify areas where there is a waste of premium and save your business unnecessary expense. Continue reading Value at Risk and your Business – Irish Hardware Assoc

Just what is Indemnity?

All of us have some kind of insurance be it for your home, your car, your business or yourself. All insurance contracts, without exception, are governed by a set of fundamental principles otherwise known as the principles of insurance. These include Utmost Good Faith, Insurable Interest, Indemnity, Subjugation, Contribution and Proximate cause. We will get to all of these over the next few months on this blog, but for now let us explore indemnity.

All insurance contracts are contracts of indemnity i.e., the amount which is payable to you in the event of you experiencing a loss against which you are covered is limited to the extent of your pecuniary or financial loss or injuries sustained at the time of the loss. When a loss does occur, the amount that you may recover is called the ‘measure of indemnity’. Continue reading Just what is Indemnity?