Check Your Insurance Policy For Clerical Errors.
Insurance can be bought almost everywhere these days. Many clothing and supermarket chains are also now selling some type of insurance. The contract of insurance is a contract taken out in faith, because you, the person taking out the insurance might have to pay for a number of years before claiming, if ever claiming. You are paying your monthly premiums with the faith that when the time comes the company will pay you out when damages have occurred. This is why it is important to check the credibility and viability of an insurance company before signing an agreement with them, or you might just find that the company goes bankrupt and all your money goes down the drain. In this article however I would like to bring your attention to clerical errors and how it can cause you lots of trouble, when and if you need to claim.
Many times people do not take the time to thoroughly check the information written on their insurance policy and then only realise when it is too late, that they are under insured. Simple errors such as leaving out a 0 at the end of an amount, or a piece of important information not included can cause serious problems at the end of the day. If just one 0 is left out you could risk being under insured by a substantial amount of money.
Because your policy and your premiums are determined by information it is important that the information given is correct. From your side there are ways in which you can assure that you have given the correct information to the insurance company. Firstly make sure that you enter all your details correctly. If filling out a paper form, once you have done filling in the information make a photocopy of the document. Do this before you fax the document back to the company. This is important to protect yourself, so that if the error occurred on their side, you have proof. Then also always check the information again, before signing. Many people just skim over the information written in contracts, and do not take the time needed to really understand what is being read. This results in people signing documents and then later saying that they were not aware of what they were signing. If you are not sure about a particular clause, do not be shy or hesitate to ask either a broker, or an agent for clarification.
Imagine this scenario. You come home one day to find that a part of your house has burnt down. Major damages to your home, has resulted in the house been unable to be lived in. You call your insurance company to claim for the damages against your insurance, so that you can repair the damage and move back into your home, only to find out that you are underinsured or that your insurance is refusing to pay out due to a clerical error. All of that heartache could be avoided by rechecking what it is that you are signing, and by making sure that you understand all terms and conditions of your contract.
For more information on insurance visit our site on http://www.youinsure.co.za
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