Checklist – Material Damage Insurance

 Has the form of insurance, i.e. whether Indemnity, Functional Replacement or Full Replacement, been reconsidered?

  Are valuations current? (contact valuer) Ideally, updated property valuations should be obtained at least every two years but make sure that it’s supported with adequate inflation provisions for a 24 month period. The maximum time between valuation updates is 3 years.

  Business interruption – Has consideration been given to the increased costs that may flow from a loss or damage event?

  Is the contents inventory and values up to date? Are unique or high value items values such as organs current (contact valuer).

 Is the present cover enough? Are heritage costs included? Have infrastructure values been included?

 Have all important items been photographed with photos stored off site?

 Have all changes in value, building use/ occupation, alterations, building materials, fire or intruder alarms, new sprinkler installation etc. been notified?

 Have all claims been notified?

In some years, AIB will operate the Deductible Funding Pool (DFP). This occurs when the underwriters agree to provide a discount if we pay our own non-natural disaster claims up to an agreed amount. This is achieved by AIB retaining an agreed amount of premium (the deductible) and transferring that amount into a “self insurance” pool (the DFP) from which claim costs will be paid up to the agreed retained deductible.

The first year of operation of the DFP was 2009 and here is how it was explained to members.

Deficiencies List

List any defects, who will fix them, and the time for completion.

Please understand that this checklist is intended as a guide only and should not be used in any other context, or as a replacement for tailored financial advice.

Print
false