A correctly written line names the equipment, matches the model, serial number and quantity in your asset register, and covers it in all three places it goes: the warehouse, the road and the customer's site. An asset that is not named is open to a scope argument in a claim file.
- Description: model, serial number and quantity match the register
- Location: premises, transit and customer site written separately
- Value: the declared sum meets the full value of the equipment
- Ownership: rented and assigned containers on their own line, read together with the damage clause in the rental contract
The costliest mistake sits in the value line. If the sum insured is below the value of the equipment, then unless agreed otherwise a partial loss is paid in that same proportion; as the fleet grows, update the declaration at renewal.
Notify the insurer of a loss without delay. With serial numbers and purchase dates at hand, the file moves fast.
