Single Event Insurance Is Only Valid For A Short Period Of Time

29th June 2010

Single event insurance is basically designed to offer protection

against damage to property or goods. If you are unable to trade for few

months due to an accident or a mishap, then your insurance might pay

your bills, wages and other expenses, depending on the type of cover

that you have taken out. If you are not fully insured, then the

insurer's liability will be limited to that proportion where the amount

of cover is compared to the value at risk. This ratio will then be

applied to your loss. In other words, if the policy that you have got is

only the half of what you should have bought, your insurers will then

only pay you half your assessed loss.

• Most single event insurance covers are not always included as part of

motor cover, but they do sometimes apply to vehicle contents. It will

replace possessions that are lost or damaged, but it won’t offer cover

against more minor hazards. An amount paid by the policyholder towards a

claim is often said to be the policyholder’s contribution or insured’s

contribution.

• Some covers would give your business protection against those losses

that occur following another insured loss, like, a fire. If for some

reason your business suffered a major fire and you couldn't run your

business for six or more months whilst the damage is repaired, then

these policies could pay for your lost earnings or additional costs

whilst you cannot trade. The costs including solicitors and other legal

fees and defending an action brought against the insured by the tax

authorities in regards to VAT returns etc may also be covered by some

insurance policies. This cover is also suitable for any legal costs in

bringing an action against a third party relating to a contract that has

not been fully met, like if a supplier did not supply goods to the

insured according to his or her expectations and is not willing to

rectify the situation.

• Your single event insurance will also offer cover for damage to

buildings including fixed glass, landlords' fixtures and fittings, small

outside buildings, annexes, extensions, and a whole lot more. You may

also extend your cover to include theft if it does not involve forcible

or violent entry or exit.

• Some policies normally have a limit stating the maximum amount that

the insurers will pay. You must ask for an expert advice to ensure that

the liability or indemnity is high enough for your requirements. You can

get an instant online events insurance quote without having to give all

your personal details, and if you like the price and cover, you can

purchase within minutes.

• The date upon which cover under an insurance policy becomes effective

will not be until an insurer has accepted the cover or a cover change

and confirmed in writing or over the telephone.

Single event insurance policies are ideal for the costs incurred in

pursuing or defending the legal rights of the business for certain

insured incidents.