What is All Risk Cover and Why Should You Care?
Achieving Maximum Value with All Risks Cover
“When it comes to protecting your assets, especially your home and possessions, opting for All Risks Cover can provide you with comprehensive insurance against a wide range of risks”, says one of our in-house experts, Brett Lazarus. This type of coverage goes beyond just the typical named-peril policies, offering you a blanket of protection unless a specific risk is explicitly excluded. To ensure you are getting the most value out of your insurance premiums, it is essential to understand the nuances of All Risks Cover and how to maximise its benefits. This is where our expert TIB brokers can assist.
Understanding All Risks Cover
All Risks Cover is designed to protect you from a multitude of risks that could potentially harm your property or possessions. Unlike standard insurance policies that only cover specific risks listed in the policy, All Risks Cover offers a broader scope of protection. Lazarus explains that “unless an item or event is specifically mentioned as an exclusion in your policy, it is covered. Some common risks covered by All Risks policies include accidental damage and theft – for example, your laptop bag being stolen, or dropping and damaging your cell phone.”
Assess Your Needs: Before opting for All Risks Cover, we assess your needs properly. We consider the value of your assets, the potential risks you may face, and any specific coverage requirements you might have. This will help us determine the extent of coverage you need and prevent you from overpaying for unnecessary protection.
Compare Policies: Insurance providers offer All Risks Cover with varying terms, conditions, and premiums. Your TIB broker will compare multiple policies to find the one that offers the best value for your money. We look for comprehensive coverage, favourable deductibles, and additional perks like liability protection.
Review Exclusions: While All Risks Cover is extensive, there are still exclusions that vary between policies. We carefully review the exclusions listed in your policy to help you understand what is not covered. If certain risks are crucial for you to insure against, we consider adding endorsements or separate policies to fill those gaps.
Maintain Regular Updates: Graham Kelly weighs in explaining that “as a client’s assets and circumstances change, we encourage the update to your All Risks Cover accordingly. In regularly reviewing your policy together, we ensure that your coverage aligns with your current needs.” Failing to update your policy may result in being underinsured or facing coverage gaps.
All Risks Cover offers a comprehensive shield against a wide array of risks, ensuring that your assets are well-protected. By understanding the scope of this type of insurance and implementing strategies to maximise its value, you can enjoy peace of mind knowing that you are adequately covered in various scenarios. TIB will help you make informed decisions, regularly review your policy, and tailor your coverage to suit your evolving needs and make the most of your Cover.
Sources: Business Insurance (2024), Hollard (2024), SAIA (2024)
