Reinstatement

(1) a non-marine practice under which the amount of cover which has been reduced as a result of a claim is reinstated in the policy on payment of an additional premium, thus reverting. The cover to the original sum insured. (This practice is generally unnecessary in the marine market because (a) cargo is seldom insured on a time basis and any loss is calculated at expiry of the policy, and (b) repairs are carried out on hulls, thus reinstating the actual value of the vessel to its sound value. Reinstatement is therefore automatic in the marine market and no additional premium is charged, with the exception of excess loss reinsurance where it is common to apply the principle of reinstatement of losses by payment of an additional premium. Hull policies, nevertheless, always contain a clause providing that no claim is recoverable in respect of unrepaired damage if the vessel becomes a total loss before expiry of the policy); (2) making good. Where insured property is lost or damaged, a policy may give the insurer the option to replace it or make it good rather than pay the loss in money.

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Which company now looks after your policy? Who can you contact about your policy? What do all those words and phrases on my policy document actually mean?

Policy Detective is a UK company for UK customers. We help you to track-down the Administrators for policies which you or your loved ones may have in the bureau or the attic. You never know how much money there could be in that old policy. It's not easy to find this information, as companies through time are taken-over, merge with other companies and even change their names. We can help you find the company which now deals with your policy. Some companies even allow us to check the status of your policy.