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Risky Business

December 2012

Christmas People on Hand
Hi 

Welcome to this month's edition of "Risky Business".  

 

CPR Insurance Services has grown enormously in the past year and it is thanks to you, our valuable clients. Last year we sent all our clients a Christmas Card to say thank you, but this year we thought we would do something to represent all our clients.

 

On behalf of our clients, we have 'adopted' the village of Hailogo in Papua New Guinea, and have made a donation to enable the supply of mosquito nets through the Rotary organisation.  

 

Did you know that more than 5,000 people every day from the mosquito borne disease? Many of these deaths can be prevented with the use of mosquito nets and insect repellent. CPR Insurance Services have utilised the Rotarians Against Malaria website to implement some Risk Management against this disease.

  

We thank you for your continued support during 2012 and look forward to assisting you again in 2013.

Little Girl
Rotarians Against Malaria

  Insurance News 

Criminal
Steel Yourself for Theft and Burglary

 

This month as the Holiday season fast approaches, it is timely to talk about the increased risk to families and business with Theft and Burglary.

 

While these risks are typically included within a Householders or Business policy, they are usually sub-limited, and depending on the items stolen, can be further restricted.

 

It is also advisable to make sure your premises are safe and secure. The aim of which is to make it as difficult as possible for intruders to break into your home. Hardware such as Deadlocks on all external doors definitely delay Burglars. So too do window protections, such as Grilles, Bars, Screens and window locks. A lockable safes are great for valuables, but secure these adequately to the floor or wall. 

 

The ultimate, is to fit in a good reliable alarm system, preferably a Back to Base system that cannot be tampered with easily. In limiting a Burglar's time and ability within your home will in turn limit what they are able to steal. In so doing it can justify the sub-limits often imposed by insurers.

 

Pearls
For the Householder

 

Be aware that standard Householder policies impose limits on Jewellery, particularly those that are not specified.

 

Unspecified Jewellery can be limited to as little as $1,000 per item on some policies, with a maximum you can claim limited to $5,000 to $6,000. Prestige covers can provide much higher limits but again it is best to specify items of higher values on your policy.

 

Works of Art can vary to with limits on any one item between $1,500 to $2,500 and an overall limit of $5,000 or 20% of the sum insured. The prestige covers can cover any single item up to $250,000. However, remember you have to prove your loss to insurers, so keep any valuation, verification or certification in a safe place. Specifically listing these items on the policy is suggested.

 

Most policies limit you to no more than $500 cash, though this can vary with some direct insurers providing no more than $200 and the Prestige Householder policies can provide up to $10,000 cover.

 

Burglary
For the Business Owner

 

There are two main sections of the Business Pack policy that provide protection for theft and burglary. There is a "Money" section and a "Burglary" section. Depending on your type of business you may need both sections.

 

If you are in a retail or hospitality type of business, you would be receiving a lot of cash transactions. Therefore a Money section is a must because it covers you for loss of money on the premises, in a locked safe or strongroom, whilst in transit and whilst in your custody. It can also cover a float left outside of business hours if not locked into a safe. 

 

The limit you select should be based on the maximum you could lose at any particular time of the day. Remember this policy covers you for being held up whether on the premises or not.  Processes such as regular banking at various times of the day can allow for a lower limit to be taken but is not always possible in a practical sense.

 

Burglary cover provides the cost of replacing or repairing property that is lost or damaged by theft at the premises. The Burglary section does not cover money. There is usually also a requirement that there is clearly forcible and violent entry for a claim to be triggered. However, some business packs do provide some minor limits where there is no visible sign of forcible and violent entry, for Locks and Keys lost or stolen and for seasonal increases at different times of the year.

 

The sub-limits decided upon can again depend on the security on the property, particularly with the use of an alarm or even high definition CCTV systems to help identify the perpetrators and enable recovery of items taken. 

 

Security systems do allow some discounts in premiums but rarely enough to pay for the system over time. The real benefit is in preventing or limiting the scope or potential for a large claim. Therefore being in a position to select lower limits of cover.

  Joke of the Month 

Carpenter
If I Had A Hammer 

 

Two Irish men, Mick and Paddy, were doing some carpentry work on Mick's house.

 

Paddy, who was nailing down house siding, would reach into his nail pouch, pull out a nail, and either toss it over his shoulder or nail it in.

 

Mick, figuring this was worth looking into, asked, "Why are you throwing those nails away?"

 

Paddy explained, "When I pull a nail out of my pouch, about half of them have the head on the wrong end, and I throw them away."

 

Mick got very upset and said, "Don't be silly! Those nails aren't defective! They're for the other side of the house."

 

See you next year.

Regards,
 
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