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Protect your new purchases There are provisions within most policies to assist you with new purchases, taking into account the fast moving nature of our industry. A ‘Capital Additions’ clause will be standard in most policies, allowing for an increase in the sum insured to take into account equipment that may have been acquired since your policy renewal. There will typically be an upper limit on the leeway granted, normally 10-15% of the overall sum insured, but where major items have been bought and the insurer has not been notifi ed this may be inadequate. ‘Betterment’ is a standard clause in all policies, which means that your business will be no better or worse off than prior to any loss suffered and it essentially grants the insurer the ability to reduce your claim accordingly. Having said that, due to the nature of the Broadcast & Media industry, an ‘Involuntary Betterment’ clause can be included – if replacement equipment of the same quality is not obtainable, kit which is as similar as possible and capable of performing the same function will be deemed to be a suitable replacement and not considered as ‘Betterment’. Even if it is of a higher value! This clause will also pick up the cost of purchasing and installing additional equipment, which is necessary due to incompatibility between the new and the existing undamaged kit. An experienced Broadcast & Media industry Insurance Broker should ‘watch your back’ and protect your people, property, assets and reputation. It is essential that there is an open dialogue, clearly defi ning the basis of cover and updating them as and when major new purchases occur. Sutton Winson is a specialist insurance broker in the Broadcast & Media industry and is able to help you manage your business risks. To discuss your insurance requirements, please contact Leighton Chenery on, call 07976 327 407 or visit KITPLUS - THE TV-BAY MAGAZINE: ISSUE 106 OCTOBER 2015 | 43