Dual insurance happens when you buy two or more insurance policies that cover the same risks over the same (or overlapping) time period.
Dual insurance is when someone is covered for the same risks twice. It usually happens when a policyholder doesn’t realise they’re already covered for the risks they want to insure. It’s often a mistake – the policyholder can forget they’re already insured, or a policy gets renewed automatically.
For example, some construction sites and projects managed by larger organisations often have policies that already cover you up to a certain amount. This might mean you don’t need separate insurance.
It can also happen when a business or property changes owner and the previous policyholder hasn’t cancelled their policy, resulting in two or more parties being insured.
Being dual insured can have an impact on you and your business:
Always check that you don’t already have insurance. You should also check that any previous policyholders have cancelled their insurance. If in doubt, get in touch with your insurer and ask them to check – they should be able to give you more information.
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