Newspaper Q&A- Regular building valuations & indemnity periods
We’re aiming to raise awareness of the Rothbury name in 2009 and we're doing this through a question & answer format in national newspapers across New Zealand each month. It's a good opportunity for us to provide some information to you on common questions our clients have on business insurance.Why does my broker recommend I have my building valued every few years?
By recommending your building is revalued on a regular basis, your broker is ensuring the sum insured used to replace the structure, fixtures and fittings of your building is adequate. A 1-2 yearly valuation and premium adjustment is a small cost to keep your building insured to its current value.
Contact a broker who can advise on a suitable risk management programme in this area.
What should my indemnity period be for business interruption insurance?
The indemnity period is a crucial area of business interruption insurance that is worth seeking advice from a broker on. This is the period your business needs to fully recover from a loss such as a fire, storm or other disaster. Thought should be given to the time it would take to demolish, obtain resource consent, rebuild and re-establish markets & staff. Many businesses have an indemnity period of 6 or 12 months which can be a significant under-estimation of how long it might actually take to get back up and fully operational.
Talk to a broker for more information.
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For more information on Rothbury or for interviews, opinion pieces, articles, or contributions to features, please contact:
Sarah Money
Rothbury Group
Building 5, Central Park, 666 Great South Road
PO Box 62-608
Penrose
Auckland
Email: sarah.money@rothbury.co.nz
Phone: 09 579 9551
Fax: 09 579 1294
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