08 Jan What does it all mean?
Very few people read their policy wording document, which then results in having to face unforeseen challenges. It is when there is a need to claim that missed or misunderstood clauses result in a possible rejected claim. #TeamApio breaks down some instances that could result in a claim not being approved.
Maintenance is the general upkeep of your property or assets. Failure to maintain them will result in a claim rejection as there is a specific clause this exclusion. For example, tree roots can damage boundary walls.
No cover is where there is a claim, but the incident is not covered. Some events may not be covered, such as accidental damage or a power surge.
Non-disclosure is the failure to notify your broker or insurer of changes that may increase the risk of acceptance for the policy.
Wear and tear is when an items life span has been reached and then breaks or no longer works. It is a noted exclusion and therefore not covered by the policy. For example, a bearing in the alternator that begins to wobble and squeak because it has become worn down would fall under the category of vehicle wear and tear.
Defective workmanship or materials used is a specific exclusion in the policy wording. For example, if a builder uses sub-par materials and the wall collapses, your claim, will not be approved.
Unpaid premiums due to the stopping of a debit order will result in the cancellation of the policy, meaning no cover will exist as the non-payment of the premium was intentional.
Misrepresentation, dishonest or criminal behaviour could result in serious consequences for the insured. The insured could become blacklisted and no longer able to secure insurance.
Avoidance of cover as a result of misrepresentation, misdescription or non-disclosure could result in the insurer cancelling the policy or declaring it null and void from inception which would mean that the claim would be rejected.