Page 12 - Turkinsurance Digital Magazine

12 at a glance

Insured persons should check policy fees and guarantees

Addressing important is- the full value of the goods, as the insurance period progresses,
sues to be considered by when the value of the goods increases due to inflation, if the
insured persons, especial- insurance price (automatically adjusted by agreement of the
ly climate change, fires, parties or in accordance with the inflation protection clause)
landslides, floods and in the policy is not increased, incomplete insurance may occur.
other natural damage, Against this, the inflation protection clause is the remedy. Or
Fahri Altıngöz, Presi- the reconciled valuation report can be a solution, especially
dent of Insurance Broker for fixed assets.
Association (STD), not-
ed that insured persons For Commercial/Industrial Risks;
should check all policy
fees and guarantees. There are many different details to consider when buying
workplace insurance. The importance of insurance is also due
Climate change will con- to material losses that may arise due to existing risks. Insur-
tinue to be a top priori- ance entrepreneurs/investors can get support from insurance
ty issue and problem not experts to accurately assess the scope of possible risks. Insur-
only for our country, but ance agents and brokers are experts on the subject.
also for the whole world. What should be considered?
Global warming has a significant impact on the life of every * At the time of damage, check the damage tip line and which
living being, especially human beings, changing all the nor- people and-or organization you will contact,
mals and bringing with it a new norm. * Accuracy and control of the address in your policy and the
address of your business,
On the one hand, the frequency of risks such as fire, earth- * Check that the policy legally starts at 12: 00 on that day and
quake, flood, hail, landslides, storms increases, and on the ends at 12: 00 on that day after one year, otherwise ensure
other hand, the destruction caused by them reaches great that it is clearly written in the policy,
heights. Causes such as increase in economic activity, size of * Maturity control to start the renewal process before the pos-
assets, distorted urbanization, concentration also cause much sible expiration date,
higher amounts of economic and insured damage in such na- * Know that damage should be reported no later than 5 work-
ture-related damages. ing days at the time of possible damage,
* Checking that guarantees are appropriate with your compa-
The cost of insurance should be equal to the market price ny’s operating branch when purchasing a policy,
* Checking whether the insurance costs in the policy corre-
Fahri Altıngöz, President of Insurance Broker Association spond to the insurance value, the need to make an accurate
(STD), noted that Although the rate of insurance in commer- and complete policy,
cial and industrial enterprises is usually high, the compre- * Adding Machine Breakdown and ECS (Electronic Device)
hensive assessment of insurance contracts has not been done insurance guarantees to the policy according to the density of
enough, and said: “In individual insurance, the situation is the machine and electronic device in the company, checking
also not very different. There are many considerations in the the compliance of existing machine age restrictions and prices,
contracts that need to be considered. But I want to point out * Control of your neighborhood, tenancy, employer, environ-
that other considerations, as well as the scope, are just as im- ment, third party, manager liability risks and collateral limits,
portant. For example, inflation, the cost of replacing stocks, * Checking whether relevant guarantees are received against
exchange rates, fixed and variable costs, i.e. producer costs natural disasters and environmental risks by location,
and increases, are extremely important. Because the basic rule * You should check the existence of existing assistant services
in insurance is that the insurance price, that is, the figure in in your policy.
the policy, is necessarily equal to the insurance value, that * It is necessary to check the special conditions in your policy,
is, the market price. Otherwise, the concept of incomplete or confirm the eligibility of joint insurance and exemptions, if
transcendent insurance arises, which means that the rule of any.
representation is applied in case of possible damage. The ex-
pert detects damage, determines the value of all goods at the For Individual Risks;
time of damage, compares it with the policy and arranges its * Checking the maturity date,
report accordingly. According to this report, if there is a defi- * Control of insurance cost against incomplete/transcendent
ciency, the insurer also pays the damage incomplete in accord- insurance,
ance with the ratio rule. * Checking whether there are natural disaster (earthquake/
hail/flood, etc.) guarantees in the insurance coverage content,
Fahri Altıngöz stated that the basis of this issue is the Turkish * Control of content and limits of assistant guarantees,
Commercial Code and listed the issues that should be checked * Confirmation that the cost of rebuilding has been correctly
in policies to avoid this problem as follows: determined in cases where there is a DASK policy,
* It is very important to check that it is done with the right
Incomplete insurance usually occurs due to the effect of infla- prices for policies that guarantee Machine breakdown-elec-
tion. Although initially the subject of insurance is insured at tronic devices.