Don’t Forget to Pack your All Risk Insurance
At the start of June, a small team made up of PBA staff and clients took on the iconic otter trail, crossing the finish line in a huff and a puff. The build-up to the hike gave us the perfect opportunity to remind the team to add the right kind of insurance to their packing checklist in addition to headlamps and tinned beans.
This goes for all our clients whose “cup of tea” is to go off the beaten track, travel the road less taken, or trek cross country. Whether it’s traversing the multi-day hike in the Garden Route, 4x4ing through mountain passes, camping in the bushveld, or simply out for a Sunday stroll, PBA can help ensure that you and your possessions are appropriately covered. Here are a few things you need to bear in mind before going on your next adventure.
1. Ensure that any and all expensive sport, outdoor, or off-roading equipment is stipulated and insured. This, of course, depends on your chosen hobby, which makes it essential to consult with your financial advisor about the cover needed to sufficiently protect your gear. It is generally good practice to specify any expensive equipment that you often take out of your house in the All Risk section. This section falls under your personal insurance and means that any risk not specifically excluded in your insurance contract is automatically covered.
Camping enthusiasts, for example, will know how the cost of essential gear can stack up. The cost of replacing or repairing equipment such as a rooftop tent can be very costly without adequate insurance. If the rooftop tent is specified under All Risk cover, it will be covered whenever you use it. It’s not just the tent that needs to be considered, but bear in mind the equipment required to transport the tent other than the actual car (i.e., the roof rack). This in itself can be very expensive to replace and, therefore, should also fall under All Risk cover. However, it is important to note that if the roof rack is bolted onto the car it needs to be specified under the accessories on the motor section.
Top Tip: have a photograph and documentation proving ownership on hand of all the equipment you want to include under All Risk cover. It is also helpful to take pictures of your entire house with the date. This will come in use if you are burgled whilst away and have no one at your property.
2. What is covered will depend on your chosen hobby. Let’s say if you are an avid scuba diver; think about the cost of replacing all your gear (wetsuits, scuba masks, fins, regulators, the list could go on). Consider if they are stolen or incur damages from a particularly curious shark, are you sufficiently covered to buy new gear of the same standard?
3. All Risk cover applies even if your hobby doesn’t require any specific equipment. For example, the PBA hikers took their cellphones, cameras, fitness trackers, and power banks, all of which needed to be specified under their All Risk cover as they removed the gear from their house. What’s more, these devices should be specified even when they are kept in the house and this applies to any electronic item like laptops, iPods, iPads etc…
Our outdoorsy clients will know the importance of packing sunscreen and the pain of forgetting to do so. The same can be said about insurance cover. Heading outdoors without “slathering on” the right cover can leave you unnecessarily vulnerable. Even if you think you are covered, contact a PBA financial advisor and double-check to avoid any financial “burns”.