The design of this list was inspired once after we had serious water damage in a restaurant. I had to fill in the report for the insurance claim and what a battle that was. I had to find the make, model, and serial numbers of all the damaged assets, in many instances I could not even remember when I bought some of the items. Now threatening to bring my business to a standstill. To compile the list accurately with detail of the asset purchase date, and the prices that we paid, took day’s to compile.
- I decided to set up this register that I will keep updated to ensure that my business carries on without interference because of poor admin.
- When you make a claim on an insurance policy, you are formally notifying the insurance company that you have suffered a loss or damage that you believe is covered by the policy and you are requesting action.
- The insurer will review your claim and see if the event or circumstances are risks covered by the policy.
- You will need to provide proof it is a genuine claim and the insurer will need to be certain the claim satisfies the terms and conditions of your insurance policy.
- If your claim is accepted, the replacement or repair of your property or any payment by the insurer is called the benefit or payout.
- The insurer will work out the value of the claim and provide the appropriate benefit specified in your insurance contract.
- There is a column included accounting for the yearly depreciation of the assets followed by a column for the new value.
- Your insurer can advise on how you should ensure your assets and at which value.
- Lastly, the final column is for video or photographic proof that the asset exists. Including the serial and model numbers.
- It is so much easier to keep a list from day one in your business. Whenever you buy a new insurable asset you update the list, alternatively you just delete an item when it becomes obsolete or breaks down and becomes irreparable.
Be mindful of the following when insuring your assets and before lodging a claim against your insurance policy:
- Wear and Tear – This is where items have a life span and once that time has been reached, it breaks or no longer works effectively.
- Maintenance – This is the general upkeep of your property or items. Failure to do this will result in rejection as this is a specific exclusion. For example, tree roots cause damage to pipes, drains, paving, walls or your motor vehicle must be serviced annually.
- Defective workmanship/ materials used – This is specifically excluded. For example, the contractor builds a wall, fails to follow South African building regulations or mixes the building materials incorrectly and the wall collapses.
- No cover – This is where an incident has occurred, but the policy does not provide the cover for this event.
- Non-Disclosure – Failure to notify your broker or insurer of relevant changes that may increase the risk of acceptance for the policy to respond to may result in your claim being rejected.
- Late notification – The insured has 30 days to report a potential claim to the insurer/broker.
- No insurable interest – The interests of all parties must be noted on the policy for their respective rights and interests to be covered. If you do not have a financial interest in an asset, you cannot insure it.
- Unpaid premiums – If you place a stop order on your short-term insurance debit, this will result in immediate cancellation and no cover will exist as your intention was not to pay the premium.
|RESTAURANTHUB ASSET LIST FOR INSURANCE PURPOSES|
|ITEM AND DESCRIPTION AND/OR POSITION||MAKE||SERIAL NUMBER||MODEL NUMBER||VALUE||PHOTOGRAPH ON FILE|