The difference between specified and unspecified all risks

Unspecified All Risks

Under this type of cover you can insure items normally taken away from the house against an un-foreseen event, without having to state each and every item. The items will be insured at the current replacement cost, subject to an overall sum insured that one would select when applying for this cover. There is usually a monetary limit for any one article under this section, if one item included in this section exceeds about R1 000 or R1 500 (depending on the various companies), it must be specified.

Specified All Risks

If items are insured under this section, each item will be separately insured; therefore an individual rate would apply to each item, depending on the level of risk associated with that specific item. For example a cellular phone would carry more risk than a watch. It is important to have valuation certificates for these items, to prove that they are the property of the insured as well as to prove the value in the event of a claim.

This information has been provided by Cindy Alfino (Short Term Insurance Representative)

Other useful questions:

What is the average clause in South Africa?

Where can I receive more competitive insurance in South Africa?