Check whether the quoted policy contains an average condition and how it measures value. The referenced Income package describes rateable payment when contents and stock are underinsured.
Simplified illustration only: if the relevant property value is S$200,000 and the sum insured is S$100,000, a proportionate calculation would apply a 50% ratio before other conditions. Actual policy formulas and excesses control.
Ask for a worked example using your stock and equipment values before agreeing the sum insured.
Sources
- Income Insurance: SmartBiz 360 (business insurance package)
All Risks section FAQ: underinsurance and rateable claims; information correct as at 8 October 2026.
Reviewed 23 October 2026 · Source details