Jono Soames Quotations

One of the most common forms of 'financial assistance' is the Hire Purchase (HP) agreement.

From an insurance perspective liability, be it personal or general liability, means that the person involved must be legally liable, which can only be decided by a court of law.

With most insurance companies you can extend the limit of your liability depending on your own personal requirements.

With most insurance companies the limit of liability can be extended depending on the client's own personal requirements, but clients need to know this and here the broker plays a critical role. Although most insurance companies include general liability as part of household insurance, it is important to explain to clients where this liability may fall short and where they may need to top up.

Don't think that by insuring your vehicle for less than its actual replacement value you will be saving on your monthly premiums. You could end up losing a great deal more especially if you've purchased your vehicle on HP. Not only will your insurance fall short on the replacement value of the vehicle, but you will also end up owing your financial institution the outstanding balance on that agreement.

Property Owner's Liability is more of a maintenance issue and comes into play in instances where the property owner has not taken proper precautions.

So therefore, when determining the value of your vehicle for insurance purposes, be it based on the reasonable retail value or market value of the vehicle, it is critical to include this 'difference' in that amount.

So therefore, as with all insurance, stress to clients the importance of reading their policy beforehand and make sure they understand the liability cover they enjoy as well as the limitations.

So therefore, as with all insurance, it is important to read your policy beforehand and understand the liability cover you enjoy as well as the limitations.