Premier Client Solutions

Frequently asked questions

Do PCS policies have a depreciation / average clause included?

  • No, PCS policies do not have a depreciation or average clause.

What is the difference between scheduled and unscheduled valuable articles?

Scheduled valuable articles:

  • Based on Agreed Value. In the event of a total covered loss, insurer will pay the agreed value as declared on the application, without depreciation or deductibles.
Unscheduled valuable articles:
  • Based on Replacement Cost. In the event of a total covered loss, insurer will pay the replacement cost of the item, up to the article limit (S$10,000 per article), without depreciation or deductibles.

Can I customise the plan to me requirement?

  • Customisation of the plan to meet your needs is possible, subjected to underwriting approval.

What does “replacement cost” actually mean?

  • Insurer will pay the lesser of the amount required to restore, repair, or replace an item following a covered loss.

  • Example: An Insured accidentally dropped his iPhone 4 into the water resulting in water damage that is repairable. Insurer will pay the repair cost less the applicable deductibles.

  • Using the same example, if the damaged iPhone is beyond repair, insurer will replace it. However, since the iPhone 4 has been discontinued in the market, the closest replacement would be an iPhone 5. As such, the replacement cost would be the purchase price of an iPhone 5, less any deductibles (if applicable).

Do I need to provide AIG with the receipts to prove the value of the articles to be covered?

  • Receipts / valuations are required for any scheduled articles worth more than S$100,000.
  • For any scheduled articles worth less than S$100,000, insurer will only require detailed descriptions of the articles (e.g. make and model of a watch – Rolex Explorer II, Model No. xxyzzz1245).
  • Insurer require the information (receipts / detailed descriptions) so that they have all relevant information at thier disposal which helps them to ensure that your claim experience is as seamless as possible.

Can I use the purchase price of my property as the building sum insured?

  • The purchase price of the property should never be used as the sum insured for any building sum insured as the amount differs based on location, market demands and, most of the time, seller’s profit.
  • The building sum insured should be based on the reconstruction cost – the cost to rebuild your building.

What should my home contents sum insured amount be?

  • Your home is your personal sanctuary and your home contents are much more than just your furniture and home appliances.
  • Whilst there isn’t a one-size-fits-all solution when it comes to calculating the sum insured, here is a Home Contents Checklist designed to help you estimate the value of your home contents.