Alterations to your Multi Appliance policy

With effect from 1st August 2020 the following alterations are made to your Multi Appliance policy:
1) The definition of Depreciation is amended to read as follows:
Depreciation – The provision for the depreciation of the Equipment over time. Depreciation will be applied to the Equipment’s purchase price or £500 whichever is the lesser at 15% per annum from the date of purchase.
2) The following additional definition is added:
Excess – The first amount of each and every claim for which You are responsible as stated in the Policy.
3) Exclusion 1) of this policy is restated as follows: 
The amount of the Excess stated in the Policy schedule.
4) The second paragraph of the Cancellation condition is restated as follows:
Thereafter You may only cancel this policy in writing, giving at least 14 days’ notice to The Administrator. However, no refund of payment will be payable.