household insurance

[Chuck]

Peeps, stop with the what if the cat pees on a plug etc etc - the LAW is quite clear on this.. it's not a matter of drawing a line and daft scenarios..it's about common sense and honesty....if you started keeping 500 gallons of fuel oil for a new heating system you did not have you would tell the insurance company.

here it is:

Insurance is a contract, a risk transfer mechanism whereby a company (Underwriter) promised to compensate or indemnify another party (Policyholder) upon the payment of reasonable premium to the insurance company to cover the subject-matter of insurance.
Article Source: http://EzineArticles.com/4456062


Umberima fadei. It means utmost good faith, this principle stated that the parties to insurance contract must disclose accurately and fully all the facts material to the risk being proposed. That is to say that the insured must make known to the insurer all facts regarding the risk to be insured (Looker Vs Law Union and Rock 1928). Likewise, the underwriter must highlight and explain the terms, conditions and exceptions of the insurance policy. And the policy must be void of 'small prints'.

Article Source: http://EzineArticles.com/4456062

It is NOT for you to decide if a fact is material or NOT..this is also insurance law..., if in doubt disclose it...non disclosure is NOT a good idea..your call folks. The fact that some insurers will not cover or refuse a risk altogether when guns are on the premises tells you something...or it should.

[ratters]

I have just rung my insurer, Direct Line, who are not concerned. As long as the value of any firearm is below £1000, I do not have notify them.

[karen]

As far as I can remember (don't have details here and can't be arsed tonight to find out on NRA site where I think its there somewhere - maybe tomorrow when I'm not so knackered) you get £5k of cover on shooting equipment with NRA membership. Membership is £70 basic. Whatever you think of the NRA, isnt it better to give them the money than some random insurance company?

love
karen

[Christel]

Frankly we could discuss this till we are blue in the face...despite what the insurance law says we will all have our own opinion.

Please call your insurance company and make sure they do not care about the rifles being disclosed.

Better safe than sorry.

[Christel]

As far as I can remember (don't have details here and can't be arsed tonight to find out on NRA site where I think its there somewhere - maybe tomorrow when I'm not so knackered) you get £5k of cover on shooting equipment with NRA membership. Membership is £70 basic. Whatever you think of the NRA, isnt it better to give them the money than some random insurance company?

love
karen

I do not think the NRA insurance covers the house....

[Hauptman]

Karen's correct, NRA membership gives you £5000 worth of cover for guns on an "All risks" basis, (but not when left overnight in the car) plus some other useful bits like 10 million quids worth of liability cover if you inadvertently plug someone's cat (but only 5000 if you plug yourself)..................puts NRA membership in a whole new light.

H/man

[IainWR]

Chuck is right on this, and it has all sorts of implications. The motto of Lloyds of London (who will insure anything - they are the biggest bookies on the planet) is Ultima Fides - utmost good faith. The rule of utmost good faith requires that you the insured disclose all material facts, and that if in doubt as to whether something is material it must be disclosed. In return the insurance company agrees to meet all insured losses not explicitly excluded. Ultima Fides is not to be confused with the motto of that other great London gambling house, the Stock Exchange - Dictum Meum Pactum - my word is my bond. The Stock Exchange operates on the principle that a verbal agreement is an enforceable contract. Insurance is exactly opposite - if it isn't written down it isn't there, and if it should have been written down and isn't the contract is void.

Other applications - one example will suffice: Your rifle club uses a range where it is mandatory that there is an RCO qualified in a certain way. If your RCO has allowed his qualification to lapse, your club may automatically be uninsured - even if the reason for contacting the insurers has nothing to do with the lack of a trivial administrative action.

Don't try to make small savings on insurance by dodgy process. Ratters has done the right thing - it's now on tape and file at Direct Line that he has a gun worth less than £1k and DL are OK about it. If the policy clearly covers your guns and shooting kit (and remember that a scope, stand, jacket, hat, glove, mat, glasses, hard case, soft case, set of tools, cleaning rod, breech stick, range box, magnifying glass, scorebook, scorecards etc can easily add up to well over £2000), fine. Otherwise, tell the insurers - they may be absolutley OK about it, or they may not - in which case they are about to lose a valuable customer.

[ratters]

Am a member of the NRA as well, so I think I have my 'backside' covered!!

[Christel]

The NRA insurance covers your guns...not your house.

[ovenpaa]

Does it cover your house as well?