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Surgery insurance

Q: Our practice's insurance company says we may not be insuring the practice contents for the right amount and might not be paid the full amount of any claim. What does this mean?

A: The sums insured amounts for your practice should represent the full value of your contents at today's prices. If this value is insufficient, your insurance provider is correct to say this could affect the amount you receive.

This is because you are only insuring (and paying the premium) for a percentage of the true value at risk. If the real contents value is £20,000, but you pay for £15,000 cover, you are only insuring 75 per cent of the risk. The provider could only pay 75 per cent of any claim amount.

The best solution is to regularly check the values of the practice contents, paying particular attention to any items recently purchased or disposed of.

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