How is the First Loss Limit calculated?
￼This is at the discretion of the proposer and represents the limit that is claimable under this policy. If a claim is made then the limit is reduced by the value lost. If desired, a reinstatement premium can be paid to restore the First Loss Limit to the pre-boss level.
How is the rate calculated?
The rate is calculated by looking at all the features of the operations as well as the relationship between the first loss limit and the total amount of stock on site. For this reason it is important that an up-to-date stock inventory is supplied.
What does this policy cover against?
This policy covers stock mortality caused by one of the perils in the policy document. Please note that this is a 'named perils' policy therefore, in the case of a loss, it will be up to the policyholder to prove that the loss was caused by an insured peril.
Losses are considered on the production of mortalities.
What is actually covered?
The stock is insured as per the indemnity scale in the policy document. This is produced using various pricing models around the UK. Only the species of fish listed are covered under this policy however this, and the indemnity values, can be reviewed on request.
What isn't covered?
The two major exclusions under this policy are for losses caused by Intentional Slaughter and for any single fish.
It is worth emphasising that if a restriction order is imposed on the site the policy will only pay out in the vent of mortality.
Can I only insured one lake/pond?
Unfortunately not, the policy will be effective across the site as a whole. This is because it would be difficult to ascertain if a loss had occurred in an insured or uninsured pond.
Can I only insure my carp?
Although the indemnity scale lists a number of species that can be insured under the policy, a single species can be insured if desired.
In these instances we will still require an inventory of the lakes for risk management purposes, however only the value of the carp will be used in the calculation of the sum insured.