Agreed Value Cover
Are you concerned that your home may be underinsured? If you aren’t, you should be.
Underinsurance can result in your claim being reduced in proportion to the amount of underinsurance. In spite of your best efforts, you really are not sure whether or not at claim time, your insurance will be adequate, or if you will need to have uncomfortable discussions with your insurance company.
Cayman First has the solution to this problem. We are pleased to introduce our Agreed Value Coverage.
Here’s how it works.
If you provide a current valuation (replacement value not market value) from one of our approved valuators, we will Agree that this value satisfies the requirements of full insurance and as such you never have to worry about being penalized for Underinsurance.
We have partnered with a leading firm of Quantity Surveyors, who will help us to keep track of increases in building costs. At renewal, we will advise you of the inflation adjusted value and if that figure is acceptable to you, we will renew at the revised Agreed Value. This of course, assumes that there have been no material changes to your home. There will be no need for you to get a valuation every year.
If you have a valuation not more than three years old, we can arrive at a current value and will Agree this value with you.
With Cayman First’s Agreed Value, you never have to worry about the Average Clause.