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Key Insurance Facts


Material Damage

After a fire, flood, burglary, earthquake or other such event, there is obvious destruction, loss or damage to buildings, plant and stock. This physical loss or damage is commonly insured under a Material Damage policy.

Material Damage Cover

The purpose of Material Damage insurance is to reinstate the asset lost or damaged, as it was if no fire or other insured event had occurred.

The insured may elect not to reinstate and can negotiate a financial settlement, which would usually result in a depreciated reinstatement value.

However the insurer is not liable under the policy unless the property is insured property and the insurer has accepted a valid claim for the damage.

Material Damage Insurance is the modern formation of the fire & perils insurance. It is superior because of its broadness of coverage meaning that if it is not excluded then it is covered. The policy also provides accidental type coverage and is adaptable to extend and limit coverage as required.

Three of the common extensions to a Material Damage policy are:

1. Money
2. Transit
3. Electric Current Damage

Three common exclusions to a Material Damage policy are:

1. Terrorism
2. Electronic Data
3. Building Defects

Theft is another common exclusion however this cover may be re-included in the wording.

A Material Damage insurance is usually subject to a excess, this means that before the policy will respond the loss must exceed a pre-agreed amount.

However this will vary between policies and insurers for a number of reasons:

1. Previous claims experience
2. Business activities
3. Building construction/location

A customer may also elect to take a higher excess to achieve a premium discount.

For further information or a quotation call Quadris Insurance Brokers on:
0208 144 1271 or email us insure@quadrisinsurance.co.uk




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