I N S U R A N C E M AT T E R S F O R Y O U R H O M E Home Insurance

Transcription

1 I N S U R A N C E M AT T E R S F O R Y O U R H O M E Home Insurance

2 INSURANCE MATTERS FOR YOUR HOME Home Insurance BUILDINGS CONTENTS LIABILITIES ALL RISKS SPORTS BF&M HOME POLICY A Flexible policy for all your home and contents insurance needs. With thousands of homes presently insured, BF&M is Bermuda s leading home insurer. As well as providing a fast, efficient claims service, we are committed to providing the highest standard of service in all aspects of customer care. As part of this commitment, our plain English policy is specifically designed to meet the home insurance needs of all the local community, whether home owner or tenant. Free of legal jargon and set out in an easy to read format, you will be able to clearly see what is or what is not covered. Throughout the policy we have highlighted various important messages to help ensure that you receive the full benefits of your insurance protection when you need it most when you have suffered a loss. With the flexibility of a BF&M Home Policy you will be able to select exactly the cover you need. The following pages provide a summary of the main features of the cover available under the policy (we would be pleased to send you a copy of the full policy wording on request). SECTION A BUILDINGS Protecting a major investment Purchasing your home may be the largest investment you will ever make. You can ensure that your investment is fully protected by insuring it under a BF&M Home Policy. In addition to the main house, the policy also covers outbuildings, swimming pools, tennis courts, walls, gates, fences, cesspits, footpaths and driveways at your home. Cover is included for site clearance costs and professional fees which may be incurred to rebuild or repair the property following a claim. The policy covers damage to the buildings by a wide range of causes including fire, lightning, storm, hurricane, flood, earthquake, leakage of water or oil, riot, malicious persons, theft, falling trees and impact by vehicles. Other special features of the standard cover include: Underground services to your home are insured against accidental damage for which you are responsible. Fixed glass and bathroom fixtures are insured against accidental breakage.

3 Loss of rent or the cost of renting alternative accommodation following damage to the home that renders it uninhabitable is covered up to 15% of the buildings sum insured. Property Owner s Liability cover up to $500,000 (see Section D - Liabilities for more details) Door lock replacement costs up to $500 if your keys are lost or stolen or if your locks are damaged. You may also extend your policy to include: Accidental damage (for example, hitting a nail through a pipe or drilling through an electrical cable). Damage by subsidence or landslip. Damage to satellite dishes (satellite dishes and external TV aerials are excluded from the standard cover). Exclusions The cover provided by the policy is broad. However, no insurance company can cover everything so when you receive your policy, please read it carefully to see what is included. For instance, in common with most other policies we do not cover windstorm damage to awnings. Damage to docks, piers or jetties are excluded although we may be able to extend cover subject to some further information. In certain situations, you will be responsible for the first part of any claim (the excess). The excess under the Buildings section is specifically in relation to damage caused by Windstorm and Earthquake. Damage by Subsidence and damage to satellite dishes (optional extensions) will also require a contribution to the cost of any claim.

4 INSURANCE MATTERS FOR YOUR HOME An added service - Assessing Your Sum Insured To ensure that you are fully compensated when you need to make a claim, it is important that your sum insured represents the full rebuilding cost of your home, including an allowance for debris removal costs and professional fees at the time of the loss. To assist you in arriving at a realistic figure, we have produced a handy guide to calculating your sum insured. As an additional service to you, for no extra charge, we can arrange to measure your home and provide you with an estimated sum insured based on average rebuilding costs. We are not professional valuers, however, and any estimate we provide is for guidance only. SECTION B HOME CONTENTS Furniture, TV Sets, Audio Equipment and Clothing protect your entire home contents under a BF&M Home Policy. This section of the policy covers the contents of your home such as furnishings, clothing, personal effects, kitchen appliances, and other household goods. We even cover your pets when they are in your home and the water in your tank. Insurance is provided against loss or damage by a wide range of causes including fire, lightning, storm, hurricane, flood, earthquake, leakage of oil, riot, malicious persons, theft, falling trees and impact by vehicles. Other special features of the standard cover include: Liability Cover. The policy covers your legal liability to compensate others for personal injury or damage to their property, whether incurred as occupier of the home, in a personal capacity whilst anywhere in Bermuda, or as an employer of domestic employees (see Section D - Liabilities for further details***). Property outside the home, in the yard or garden is insured up to $250. Contents temporarily removed from the home are covered for up to 15% of the total contents sum insured anywhere in Bermuda. You also have up to $1,000 in cover for contents that you take overseas on temporary visits. Rental of alternative accommodation. If your home is made unlivable due to damage which is covered by the policy, we will pay the cost of renting an alternative accommodation up to a limit of 15% of the sum insured on contents. Credit Cards. Losing your wallet or purse or having them stolen can be a major inconvenience, especially if they contain credit cards. Wouldn t it be reassuring to know that you were insured if somebody fraudulently used your credit cards? This section covers such losses up to $1,000 following the theft or accidental loss of your credit cards anywhere in the world. Remember to notify your bank immediately if you lose your card and report the loss to the police. Domestic Pet Insurance. In the event of the death of a domestic dog or cat as a result of any cause insured by this policy, we will pay the cost of replacing the animal with another of the same breed, sex and pedigree, up to a maximum of $1,000 any one claim and $2,000 any one period of insurance. Pets not inside the home at the time of the loss are not covered.

5 Food in freezer. If your freezer breaks down or if there is an accidental power failure, you could be faced with a significant expense in replacing the food which has spoiled. If your freezer is less than 15 years old, then cover is provided against spoilage of food due to a change in temperature or contamination by refrigerant, up to a limit of $500. Contamination of fresh water. The fresh water in your home s water tank can sometimes be contaminated by salt during a windstorm or flood. We will pay up to $500 to have your tank emptied and refilled. Students Abroad. If a member of your family who normally lives with you is also a full time overseas student, we will cover his or her personal effects for up to $1,000 against loss or damage by the insured causes, up to a $150 limit per item. Fatal Accident Cover. If you or your spouse suffer an injury as a result of a fire in your home or caused by thieves at the home and the injury proves to be fatal within three calendar months, we will pay your personal representatives the sum of $5,000. Fixed glass in furniture is insured against accidental breakage. You may also extend your policy to include: Accidental damage to TV, audio, video and computer equipment inside the home. Subsidence. If you have arranged this cover on your buildings, for completeness, you may also wish to insure damage to your contents as a result of subsidence or landslip. Satellite dishes. If you own the buildings, you can arrange this cover under Section A. However, if you are a tenant and have your own satellite dish or external TV aerial installed, you can extend your contents cover to include damage to such equipment. NEW FOR OLD COVER OPTION If you select this option, we will pay the cost of replacing lost or damaged items as new (except for clothing and household linens where a deduction for wear and tear will be made). INDEMNITY COVER OPTION If you select this option, we will take wear and tear and depreciation into consideration in settling any claims. Whichever option you choose, the cost of each $1,000 of cover is the same. When deciding on a sum to insure, however, it is important to take into consideration whether you require Indemnity or New for Old cover. Remember, if you require New for Old cover, your sum insured should represent the cost of replacing all of your contents as new at the time of the loss. Our Sum Insured calculator includes a checklist to help you arrive at a realistic figure. Any items which you opt to insure under Section C All Risks do not need to be included in your sum insured under the Contents section.

6 INSURANCE MATTERS FOR YOUR HOME Wide cover for your contents but there are some exclusions. All insurance policies contain exclusions. Types of property and events which are not covered are clearly stated in the policy, a copy of which we would be pleased to supply on request. Amongst the property excluded are mechanically propelled vehicles (other than gardening machinery), pets and livestock (except pets when inside your home), securities and documents. Theft and malicious damage cover are excluded if your home has been left unoccupied for more than 42 consecutive days (though we may be able to continue this cover on request, subject to certain requirements). Cover for loss of money is limited to $250. In certain situations you will be responsible for the first part of any claim (the excess). The excesses under the Contents section are in relation to damage caused by Windstorm and Earthquake. Damage to satellite dishes (optional extension) will also require a contribution from you at the time of the claim settlements. SECTION C ALL RISKS All Risks cover anywhere in Bermuda or worldwide for your valuable property. This section provides you with the opportunity to extend the cover provided by the Contents section. It offers wider cover for items which you frequently take out of your home. VALUABLE PROPERTY You may wish to insure jewellery, watches, cameras, or your laptop computer. We can insure them anywhere in Bermuda, or indeed, anywhere in the world. (Evidence of value, such as a receipt of valuation certificate, will be required for any item which is valued over $1,000). For those items of lower value which you do not wish to individually specify, we have provided the option of insuring blanket items as unspecified articles. You may insure up to a total of $2,000 on such articles. For any individual item, we will pay up to 15% of the total selected (i.e. maximum of $300 any one item, if you opt for the maximum sum insured of $2,000). The unspecified articles cover does not include computer equipment, musical instruments, contact lenses, securities and documents, china or other brittle items. Any of these which you wish to insure should be separately specified. An excess will apply to each claim for unspecified articles. Articles which you specify, however, are not usually subject to any excess. Items used primarily for business or professional purposes cannot be covered under a home policy, but we would be pleased to arrange suitable cover under our business insurance policies. Any items you insure under this section should not be included in the amount you select for Contents under Section B.

7 SECTION D LIABILITIES If someone holds you responsible for their injuries or for damage to their property, you could be faced with a sizeable claim for compensation, as well as substantial legal fees. As an added benefit, the BF&M Home Policy automatically provides cover against a variety of legal liabilities with which you may be faced. When Section A Buildings is insured Owner s Liability. If a visitor to your home or a tenant is injured as a result of a defect in your property (for example, an uneven step or an insecure railing) you could be held liable as owner of the building. It can also include legal expenses incurred with our written consent in defending the claim. When Section B Contents is insured The Contents section also provides protection for claims for the following liabilities, plus, with our written consent, legal expenses incurred in defending the claim: Occupier s Liability. Accidents can very easily happen, especially to guests tripping on a rug or over a child s toy, or slipping in a puddle spilled on the kitchen floor. The policy covers your liability as occupier of the home for events just like these. Personal Liability. This covers your liability for accidents occurring elsewhere in Bermuda. You could injure someone with an umbrella or your dog could bite someone. However, this does exclude liability involving your use of motor vehicles. By law, this must be covered under a suitable motor policy. Employer s Liability. If you employ a maid or gardener, you may have to compensate them for injury suffered in the course of their employment. The policy covers sums you may be liable to pay under the Workmen s Compensation Act, or compensation you may be legally liable to pay at common law. Tenant s Liability. If you rent your home, there is coverage for accidental damage to that rented dwelling. You will be responsible for the first $1,000 of any claim under this extension. Dock Liability. The standard cover excludes liability which you may incur as owner or user of any dock or jetty. However, we may be able to extend cover if further details are provided to us. Various limits are available.

8 INSURANCE MATTERS FOR YOUR HOME SECTION E SPORTS If your contents are covered by this policy, you will have automatic protection under this section as well. You will have protection against loss, damage, and theft and there is even cover if you are injured in an insured sporting activity. Here are some of the main features: There are a number of sports covered golf, fishing, scuba diving, tennis, cycling, athletics, swimming, cricket and horse riding. Personal sports equipment and sports apparel (anything from rackets to golf clubs to scuba masks, athletic shoes to helmets to swimsuits) are insured for up to $500. Your personal effects, such as clothing and accessories, are insured for up to $350 when they are stored in a locked room or sports locker. There are risks involved in any sport and if your participation in an insured sport results in your death or permanent disablement, a benefit of $5,000 is payable to you or your beneficiary. You are insured not only in Bermuda, but also on temporary visits to the United States, Canada and the United Kingdom. Your equipment is even covered in transit. There are certain exclusions under this section of the policy: loss of valuables and money, punctures to cycle tires and damage or injury caused while racing are not covered, to name a few. Please refer to the policy for the complete list. OUR SERVICE TO YOU Our aim is to provide you with the quality of service you expect in terms of the cover provided and especially in dealing with any claims that you make. To assist you when you need to make a claim, the policy provides a step-by step guide to the procedure involved. We welcome suggestions from customers which could help us to improve our service. If you are dissatisfied in any way with the service you receive, please let us know and we will do all we can to help remedy the situation. The BF&M Insurance Group is a full service insurer and we would be pleased to assist you with your other personal insurance needs such as: Motor Boat Travel Health Life and Pensions The information contained in this brochure is intended as a summary of the policy cover. For full details, please contact us to request a copy of the policy document. 112 Pitts Bay Road, Pembroke HM 08, Bermuda bfm@bfm.bm BF&M GENERAL