Theft claims have surged post Covid in all sectors of Commercial insurance. Whilst the Exhibition Industry is getting back to some normality, reports of Theft losses, in particular goods which have been stored within Containers/Trailers/Outbuildings are increasing considerably. Consequently, the insurance market have reacted and are imposing restrictions on policy coverage. Terms and restrictions are variable dependent upon the policy/insurer and include, increased excesses, limiting the amount and type of goods kept in these containers and in the worst cases, excluding cover completely.
Here are some points you should be looking at if you have any stock/goods/equipment which is stored in Containers/Trailers/Outbuildings external to the main building.
- Have you told your insurers? This is important, if you haven’t, do so now. We are aware Insurers have repudiated some claims because they were not aware or this added exposure to loss and customers have wrongly assumed their stock/equipment is covered automatically within them. To be safe rather than sorry, your insurers must be advised to obtain their agreement.
- Tell your Insurers - bear in mind not all insurers will agree to cover this. Obviously, as an Exhibition/Event Contractor and Supplier insurance specialist InEvexco still offer cover with some reasonable, generally acceptable restrictions and advice.
- Security – are the containers in a locked, gated compound, is there CCTV, again insurers will require this information, simply having a container outside the premises, not in a gated compound will not be viewed favourably by Insurers.
- Location – as well as the locked/gated compound think about how access can be gained and is the site used daily. If these are stored on a farm, and only infrequently checked, Insurers may be reluctant to cover Theft.
- Theft cover - If Insurers agree to cover Theft usually this will be restricted to proven forcible/violent entry/exit from the locked compound.
- Storing stock/goods/equipment in a locked premises - this is always the preferred option for you and for your insurers.
- Type of items stored - One major point to consider is what items are being kept in this additional storage? is it theft attractive? Insurers are unlikely to agree to cover for high levels of non-Ferrous metals or AV equipment, however, timber-based stand components are less attractive to thieves . Make sure you have an itemised list of the contents including values, photographs are helpful to your insurers and the Police if you are reporting an incident of theft or other loss or destruction.
The main point to note is, speak to your broker and obtain clear confirmation that suitable cover has been provided.
