The Business Materials Insurance product has recently been updated.
The Business Materials Insurance product has recently been updated. You can find an overview of the most important modifications below:
‘Public liability': standard cover within the WA: the WA component will from now on provide standard cover for "public liability", with no effect on premiums. This cover therefore no longer needs to be insured additionally as a separate category (and incurring an additional premium).
Risk cover extended: favourable loss adjustment in the event of bankruptcy
- Recovery of costs: the "Additional costs" category is from now on a standard component of risk cover, with no effect on premiums. In addition, a number of "extras" have been added to this component. Alongside damage to business materials themselves, risk cover in all cases also protects against:
- damage to tools, accessories or (loose) equipment which are attached to or on the business materials (up to €500 per incidence of damage)
- hire costs for replacement business materials, including the costs ultimately required in order to render those business materials fit for the functions which were carried out by the insured object (maximum 10% of the insured amount for the business materials)
- costs for temporary or emergency repairs, carried out in order to avoid or to limit the period of time during which the damaged object is out of action
- costs associated with storage and clearance. It goes without saying that the costs must be directly associated with a (covered) incidence of damage to the insured business materials.
- Value guarantee arrangement: also new is the "value guarantee arrangement". If a replacement object is purchased within three years of bankruptcy, when calculating the loss adjustment, the original purchase price counts as the current value of the insured object. By applying this rule, up to 110% of the insured amount is paid out.
Explanation of the modifications to the business materials product
We offer you a clear explanation of the modifications to the product and the new conditions attached to it. You can download this here. We would advise you to read through this document thoroughly.
Updated charges, conditions and clauses
An updated set of charges, new conditions (TE 03.2.17 F) and new clauses apply to the updated business materials insurance product. You can download the conditions here. The new set of charges and clauses can be found at the Acceptatierichtlijnen2 link under Transport & Computer. The application form (TE 01.2.02) and the product card (TE 01.0.05) have of course also been modified in accordance with the new status of the product. These forms can be found on DDD via Order & Download.
Consequences for existing portfolios
In the event of damage you can directly apply the benefits of the updated product as far as is possible. For cases in which category C (Liability) and/or additional costs are currently insured additionally, you can convert the policy to the updated product from the very next contract expiry date. Conversion may potentially mean a lower premium.
Want to know more?
You can get in touch with the Proxy Administration Department on (020) 594 80 60 or DLS_volmachtbeheer@deltalloyd.nl.
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1 Wettelijke Aansprakelijkheid, Statutory Liability
2 Acceptance criteria