Home Do I need to inform the insurance co.

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within29

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Hi

Have just installed an external flue wood burning stove. It was put in by a local handyman. Do I need to tell my insurance co. about this & if so should it be written or will a phone call do.
 
as far as I know, no need to notify them. You have installed a new heating system - so what?
 
Some insurance companies do in fact take the type of heating in your property into account as a rating factor when calculating the premium, e.g. if you have an oil tank, the risk of an escape of oil claim arising occurs. Whilst the frequency of such claims is low the severity is high particularly if the oil plume has moved from within your own boundary walls into a neighbours as well.

All in all I recommend bringing the change to the insurance companies notice particularly if you are moving from oil - you may even get a reduction in premium or minimise the rate increases that are going through on household in the market at the moment
 
I am always of the view if in doubt, notify. It is up to the company to increase/decrease premium or alter terms if the t&c's allow them to do so. Last thing you want to do is find out at claim stage that you were obliged to notify the. No harm in calling the company in question to at least bring it to their attention.
 
Johnweber said:
I am always of the view if in doubt, notify. It is up to the company to increase/decrease premium or alter terms if the t&c's allow them to do so. Last thing you want to do is find out at claim stage that you were obliged to notify the. No harm in calling the company in question to at least bring it to their attention.
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A very wise approach indeed.

A potential escape for insurers is to claim that there has been "non-disclosure" of a material fact.

A material fact is one which might influence an underwriter in deciding whether or not to accept a risk and, if so, upon what terms and conditions.

The policyholder never decides what constitutes a material fact. That is the decision of the underwriter. Ultimately, a nice man in a big wig may, in turn, end up telling the underwriter if he was right or not !!

So, to save a sea of trouble, follow Johnweber's advice and then you will be on the right side of the issue.

P.S. if you don't disclose a material fact and the underwriter voids the policy that, in turn, might become a fact that you have to declare in future insurance proposals and can cause aditional problems !!
 
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