FAQ - Service (non-public) Funds Insurance
Here are some of the questions we are often asked about our
Service (non-public) Funds Insurance. If you can't find the answer
to your question here please contact us and a member of the team
will be glad to help.
General
Who is the insurer?
QBE (Europe) Ltd.
Can the cover be taken out immediately?
Yes, cover can be taken out over the phone immediately. Cover is
subject to receipt of payment, a completed proposal form and
satisfactory claims history.
Are claims dealt with in house or by the Insurance
Company?
The majority of claims are dealt with in house by a dedicated
claims department.
Is the policy subject to the underinsurance
clause?
The underinsurance clause will be applied if the cover is below
85% of the correct sum insured. In the event that cover is
within15% under the correct sum insured, the clause will not
apply.
Property
On what basis is the policy written?
The standard policy is written on an indemnity (wear & tear)
basis, but can be endorsed to show new for old and agreed value for
heritage and unique/high risk items.
How often should the insured carry out property
valuations?
It is recommended that collections of silver and pictures are
re-valued approximately every 3 years, however this is not a
condition of cover.
Is the property covered in transit?
Yes, all cover is provided on a worldwide basis and
automatically includes transit cover.
Does my property cover provide automatic cover for items
on loan?
No. Cover should reflect your property book/inventory. If items
are taken on loan for a limited period of time, cover can be
extended to include them. If they are taken on loan for an
indefinite period of time, they should then be taken onto the
property book and the sums insured on the policy increased
accordingly to ensure all property is covered.
What is the standard cover on the policy?
The standard cover is 'All Risks' including accidental damage.
There is an option to restrict cover if required to fire, flood,
theft or a combination of covers.
Financial
Is money cover restricted to cash only?
No, this cover also includes cheques, money orders etc. Credit
card receipts and crossed cheques are automatically covered over
and above the indemnity limit set in the policy.
Is there an out of safe limit?
Yes, cover out of safe (out of working hours) is restricted to
£600. If cover is restricted to a lower amount, the figure will be
shown in the policy schedule. Out of safe cover (during working
hours) is restricted to the sum assured.
If a loss were discovered during an audit with no
evidence of wrongdoing by an employee, does the Employee Dishonesty
section cover us?
No, this section covers dishonesty only, not errors or
omissions.
How do I set the Indemnity Limit for the Money &
Employee Dishonesty sections?
The limit for the Money section is the most held in the safe at
any one time; this is usually set at a limit laid out in Unit
Standing Orders. The Employee Dishonesty section limit is not as
easy to set. The higher the turnover of the account, the more
opportunity for fraud. We have a minimum cover level of £5000.
Liability
What is Public Liability?
This cover is to protect you from claims from third parties. In
order for a claim to be found against you, negligence must be shown
on your part and legal liability must also be proven. It is
beholden upon the third party to show proven liability. Cover is
provided for damages and the legal costs of your defence.
Does PL cover property such as hired-in
props?
No. Property cover needs to be specifically taken out for this
type of item.
Is PL cover restricted to premises such as
Messes?
No, all PL cover is worldwide and will apply you wherever you
go. For example, if you wanted to hold an event in a local venue
away from your unit’s own premises, cover would still apply.
Does PL cover only cover MoD personnel?
No, the policy cover does not differentiate between MoD
personnel and civilians. Cover is based purely on the number of
people and the activities being undertaken and will apply to those
attending an event or using a facility, regardless of whether they
are MoD or civilian personnel.
Does PL cover all activities?
The general cover would be in place for normal activities, but
higher risk activities will attract a higher premium. All
activities need to be disclosed as part of the application process
in order to ensure that the correct cover is in place.
We do not have any employees. Do we need Employers’
Liability cover?
Liability cover is provided as a package to include both Public
and Employers’ Liability. An employee is classed as anyone who is
undertaking business on behalf of a mess or fund, whether paid or
unpaid or even if they are involved only on a work experience
basis. By providing both covers you can be confident that the
correct cover is in place under one of the sections.
