What are ‘specified’ and ‘unspecified’ all-risks extensions? - Ask Acorn (2024)

FAQs

What are ‘specified’ and ‘unspecified’ all-risks extensions? - Ask Acorn? ›

Specified all-risks insurance covers items outside of the home. It is subject to geographical limits and you'll need to provide valuations if the value of your items is greater than the pre-agreed amount. Unspecified all-risks cover insures unspecified items typically valued less than €1,000 outside of the home.

Unspecified all risk cover allows you cover items that do not need to be specified with maximum cover of €1,000 per single item. All you need to do is select a total value that meets your requirements. This typically covers lower value Jewellery items.

Unspecified All Risks – This is general cover for items normally worn or regularly taken out of or. away from the insured premises. The maximum value per claim we will pay is stated in the policy schedule. • Specified All Risks – Each item for which you require cover must be specifically listed and.

"All risks" refers to a type of insurance coverage that automatically covers any risk that the contract does not explicitly omit. For example, if an "all risk" homeowner's policy does not expressly exclude flood coverage, then the house will be covered in the event of flood damage.

With Unspecified All Risk Insurance you receive broad cover for all the personal possessions you take out of your home on a daily basis. These items can change from day to day, for example the content of your handbag, or unspecified jewellery. Insurers usually allow a percentage of the sum insured per item.

Unspecified Belongings Cover is an umbrella type cover which allows you to select a total amount of cover for valuable items. There is no need to list each of the items individually. You can select a set amount for which you would like to insure the unspecified items for.

An “other” code means that there are codes for some diagnoses, but there is not one specific for the patient's condition. In this case, the physician knows what the condition is, but there is no code for it. An “unspecified” code means that the condition is unknown at the time of coding.

'Unspecified Items' means each item of property which is not a Specified Item but which is part of a group or class of property described generally in the Schedule.

Unspecified Belongings Cover is an umbrella type cover which allows you to select a total amount of cover for valuable items. There is no need to list each of the items individually. You can select a set amount for which you would like to insure the unspecified items for.

If you have personal items that you normally carry with you away from your home, you can cover them for accidental loss or damage under this optional cover for an extra premium.

What does all-risk property insurance cover? ›

All-risk policies cover any event that the policy doesn't specifically exclude. These policies are also known as open perils policies. Named perils policies cover only the events listed in the policy. For example, a named perils policy that only covers floods won't pay for damage to your home caused by a fire.

Typical examples of excluded perils under a homeowners policy are flood, earthquake, and nuclear radiation. A typical example of an excluded loss under an automobile policy is damage due to wear and tear.