New Extra Risks Cover – Costs less, covers more.
Changes to Extra Risks cover will take effect from 1 July 2015.
Several updates were made to the Extra Risks cover which will take effect from 1 July 2015. Here are the noteworthy highlights:
1. Broader coverage.
The Type of Equipment that can be covered has been extended to include:
a. Mission Vessels (excluding ski boats and jet skiis.)
b. Trailers (for Australia only)
2. Rate reduction
Contribution rates have reduced as follows:
a. Blanket Cover reduced to 1.8% (previously 1.9%)
b. Specific Cover reduced to 1.3% (previously 1.4%)
c. Mission Vessels reduced to 2.5% (previously 3.0%)
3. Electronic equipment greater than 3 years old
In the event of a loss, the amount payable for electronic equipment more than 3 years old may be limited to the cost of replacing the damaged or lost item with an equivalent second hand item in similar condition.
4. There’s an Excess
An excess now applies to each separate Extra Risks loss event. The excess is 10% of the loss value subject to a minimum of AUD$100 and a maximum of AUD$500 (minimum of NZD$100 and a maximum of NZD$500 in New Zealand).
Together, these changes are estimated to save Church organisations about $32,000 per year.
We encourage you to read and print the new Extra Risks Factsheet effective 1 July 2015 (PDF Download).
Don’t hesitate to call us if you have any questions, we’re here to help.