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Posted by on in Business Matters

Insurance Brokers have many qualities, but self-promotion is not one of them and over the years we have not been particularly great at publicising the benefits of using our services.

But following the recent widespread flooding, it is perhaps an appropriate time for a little blow of the brokers trumpet and an insight as to some of the work done, much of it unseen.

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Tagged in: Insurance Worthing
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Posted by on in Business Matters

This isn’t the first and will not be the last time that I write about the danger of underinsurance, but yet another recent survey has revealed that a significant proportion of buildings in the UK are underinsured.

But it is not just buildings, underinsurance is rife in many areas. Machinery and stock are frequently undervalued, a recent industry study for the Chartered Institute of Loss Adjusters found that over 50% of Business Interruption sums insured are too low and with liability insurances, indemnity limits are often not sufficient to cover potential claims for personal injury, damage to property or financial loss.

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Tagged in: Insurance Nsure
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Posted by on in Business Matters

For some years insurers have been concerned about potential personal injury claims from mould in buildings and claims are now occurring in the US. In one case, a woman has been awarded $3.3m after being left permanently disabled when she fell sick due to mould in her Arizona apartment. She claimed it was untreated for 2 years, although the building owners dispute that mould is the cause and plan to appeal. Insurers are concerned similar cases could be brought in the UK.

And staying in the US, a recent report says that 66 children a day need to visit Emergency Departments as a result of shopping trolley accidents. Possibly no surprise, but how about the shop worker who suffered a serious neck injury in a shopping trolley incident after a prankster hoisted a trolley up the shop flag pole and when she untied the rope it fell on her head!

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It seems that insurance was rarely out of the news in 2013 and all the while the media and MPs have (understandably) got their claws into the private motor insurance industry, it will no doubt grab it's fair share of headlines during 2014.

The problems with this part of the industry are now under the scrutiny of the Competition Commission (CC) who published a provisional report in December highlighting various concerns to include complex claim chains, the sale of 'add-on' products and price comparison websites.

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Talks between the Government and the Association of British Insurers (ABI) on replacing the agreement on flood insurance (which expired in July) have reached an impasse. The plan is to establish Flood Re, a not for profit fund for around 200,000 homes in high risk flood areas and is designed to cover against floods up to those expected in a 1 in 200 year occurrence (six times worse than the floods seen in 2007). The ABI concern is that there could be problems if substantial flooding occurs in the early years before reserves have been built up and have asked the Government to provide a temporary overdraft facility. They have so far declined to do so.


If the dispute can be resolved, Flood Re should become operational in 2015 and in the meantime ABI members will voluntarily continue their commitment to existing customers under the old Statement of Principles agreement.

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RTA Investigations

Most drivers will admit that once in a while they make a mistake or take a chance, generally they are minor and we get away with it, occasionally there may be a near miss, but not everyone is that lucky. Road accidents kill or injure around 200,000 in the UK every year and if you are responsible for an accident involving a fatality or serious injury, don't expect to get away with it.

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Posted by on in Business Matters

Sussex has found itself at the centre of the fracking controversy in recent weeks with the village of Balcombe becoming the national hub for anti fracking protesters.

Many protesters are those with environmental concerns, but to the local residents and business of Balcombe (or any area where fracking could occur), it is whether the promised economic benefits outweigh the disruption and fears over health, pollution and damage.

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In recent days Andy Murray has shown once again that he is not just the main man to British tennis, he is irreplaceable. Elsewhere there are continued rumblings as to whether Apple will ever again reach the heights achieved under Steve Jobs and in South Africa, with Nelson Mandela seemingly entering the final stages of his life there is the fear of social unrest once he dies, with the former President described as "the glue that is holding the country together," despite being inactive in political life for many years.

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Firstly, insurers are underwhelmed by news that the fixed penalty for driving without insurance increases from £200 to £300 in July. Insurers say it will be of little deterrent to repeat offenders and you can see why, as many are young men who face car insurance premiums of between £1,000 and £2,000

But they have agreed an extension of the 'Statement of Principles' providing Flood cover for most homes in the UK. It has been extended by one month until 31 July as efforts continue to reach agreement with the Government, although unsurprising the sticking point is money. The Government are apparently refusing to fund further flood defence work or underwrite losses on a national flood insurance scheme until it has enough funds to be self-sufficient.

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Many Travel Insurance Policies should carry health warnings

The holiday season is almost upon us and over the next few months all too many travellers will suffer a misfortune only for insurers to add insult to injury when the claim is turned down.

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As is often the way with the modern media, once they have had their fill of a story they move on to the next headline and rarely spend much time on the aftermath.

Back in January 2012, the Costa Concordia sank on its side in shallow water off the Italian Island of Giglio and is still there. But even though 16 months have elapsed, given that it has been likened to the Eifel Tower on its side, perhaps that should not be a surprise.

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