With storm-force winds and heavy precipitation forecast for Thursday, 28th January,
we advise that you secure your property and take all necessary precautions.
We encourage all boat owners to check on their vessels.
Please note our online Marine Quote and Buy service is suspended at this time
Call us on 295 5566/Option 4 for assistance.
For customer service and all business inquiries, call +1 441 295 5566  ◦  For website support or to set up an online account, call +1 441 298 0301

The application process for a one-time Pension refund per the Covid-19 Pension Act Amendment is NOW OPEN.  Click here to apply

Back to FAQs

In the event of a claim, what happens if the replacement values for my property are incorrect (too high, too low)?

At the time of a loss, if the Sum Insured stated in your policy is less than the true replacement cost value of the property, the amount payable to you under the policy will be proportionately reduced. This is also known as the Condition of Average or Underinsurance.

For example, if your property is insured for 75% of the true replacement cost value, then your claim will be settled at 75% of the total amount claimed, less any applicable deductibles or excesses.

If the Sum Insured is too high, the claim settlement will be based on the correct replacement cost value and the policy Sum Insured going forward will be amended to reflect that correct value.

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