Has the form of insurance, i.e. whether Full Replacement, Indemnity or Demolition Only, 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.
Commonly valuations value stained glass windows as windows only. If replacement of stained glass windows is required, separate valuations should be sought and the value can be recorded in addition to the buildings value.
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?
Has all material information been provided e.g. flood prone status?
Have all claims been notified?
Please note that the Board established AIB Risk Management Limited in 2024. AIBRML has the considerable advantage of having direct access to reinsurance markets.
Members will need to confirm property insurance requirements two months prior to each renewal, with supporting valuations (due every 3 years at a minimum – any change request requires a current valuation). Insurance is then purchased from the reinsurers and on charged to members based on what has been disclosed. The reinsurers do not make premium alterations to renewed properties during the policy year.
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.
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