All Risk insurance (also known as Portables insurance) covers movable items like handbags, clothing, wrist watches etc. that you own against loss, theft or damage. The risk is not limited to a specific location (like your house), but covers loss/damage occurring anywhere.
The policy will specify a limit on the amount you may claim per event (e.g. break-in or accidental damage of an item) for low-value items (for example clothes, shoes or a cycling helmet). But you could specify additional items to be covered at a certain amount over and above this limit for an extra premium. High value items such as laptops, diamond rings, cameras, smart-phones, jewellery, bicycles, golf clubs or any other single expensive item needs to be specified separately in the policy in order to be covered in full. The relevant details (make, shape, colour, cost and serial number) that defines each single item must be provided for specified items. For certain specified items, such as jewellery or antiques, your insurer could ask you to provide a valuations certificate, to determine how much the item should be insured for.
Remember, you may be asked to provide proof of ownership (particularly for expensive items) when you claim and your insurer may require that you report the loss/theft to the police.
All Risk insurance is sometimes included in a comprehensive motor or homeowner’s insurance policy and buying it this way is often cheaper than taking out a stand-alone All Risks policy, e.g. cellphone insurance.
Important to know about All Risks insurance:
- your loss is covered anywhere
- you have to specify items of significant value
Do not assume when it comes to all risks insurance. Always ensure that you are covered as per your understanding by checking your policy. If in doubt, discuss the details with your broker/ insurer to ensure you know what is covered and what is not. Then if needed, specify the items that need to be specifically covered.