Property Insurance Against Water

Insurance against water is rather not prime type of insurance having a number of restrictions and requirements from an insurance company.

First, most likely it will be clearly stated in the agreement from what side the effect of water will be considered as insured event. For example, it can be from above, from below, etc. Moreover, this incident shall have a sudden case status. Also, you won’t be able to receive payment if water got through open windows or shabby roof. Moreover you should prove that you executed all actions for prevention and minimization of losses, evacuation of insured values.

Such moments as replacement of the rotted-through pipes, gates and other equipment for water supply will belong to such requirements. Placement of insurable property in cellars or semi-basements will be also an important point. Property should be put on height of not lower than 10 cm from floor level.

Before providing you a property insurance against water effect you should give the chance to the representative of insurance company to examine all hydraulic systems, and also to provide references from municipal services.

The insurer will have the right not to pay you an insurance sum if losses occurred owing to corrosion action and if the hydraulics isn’t equipped with protective devices or extension systems.

After a loss occurrence because of accident you should receive a reference from municipal services about their reasons. The insurance company will be exempted from payment if the reason is your negligence or not executed instruction from an insurance company.

In case of out-of-doors accident where the insured property is located, it was damaged, the insurance company acquires the regress right. It means it will pay you an insurance sum but then it will have the right handed over by you to demand indemnification from party-at-fault.

Comments are closed.