Archive November 2010

Demand for cyber insurance on the increase

24/11/2010 in Cyber Liability Insurance

Businesses as well as private individual should be concerned following the news that a UK computer hacker has been jailed for 18 month for compromising a huge number of systems, exploiting them for his own financial gain. Even though law enforcement is using increasingly sophisticated means to track down hackers and bring them to justice, businesses can still suffer financial loss.

We have certainly seen an influx in demand for cyber liability insurance and as the market for this class of insurance expands the premium have dropped to levels that are more affordable to SME’s

All for one?!

23/11/2010 in Insurance Industry News, Motor Fleet Insurance

As you may know, the team at Macbeth “love to talk” and, we’ve come across a re-occuring subject this year which is proving incredibly important to our clients and prospects; TIME!

A good networking friend of mine has a tag line which he uses regularly when describing his financial services business - “time has never been so valuable”, and this certainly seems to be the case for our clients, whether it relates to business insurance or private client insurance.

We all have to endure increasingly busy and stressful lives. Pressure at work and at home means that certain tasks remain on your ‘to do’ list which seems to just get longer and longer! Arranging or renewing insurance policies may well be one of those tasks? If it is, then you need a broker who will take the strain and let you get on with running your business, or your life.

Recently, I was introduced to a local plumbing and heating company who had never heard of Macbeth despite walking past our office on hundreds of occassions (note to myself – improve signage!!) He had a successful business but he was being weighed down with paperwork and wanted to reduce some of that burden so that he could focus on the business. Purely by chance, some of his commercial insurance policies were due for renewal shortly so he asked if I could quote? He had a public and employers’ liability policy and nine individual commercial vehicle policies, all due at different times of the year! Yes nine!

The following week, our client spent an hour with me in my office talking through the various insurance policies. I managed to obtain a more competitive quotation for the public and employers’ liability, with wider cover, saving him £500! I then set about trying to establish a motor fleet insurance policy to cover all of the vehicles. A few days later, I arranged cover for a new single fleet policy covering all the vehicles with wider cover and for the same premium as he was paying for nine individual policies. Now our client has one motor fleet policy, one premium, one renewal date and one set of insurance documents to file. He also has one local broker providing him with a first class, 24/7 service and, in his own words “I wished I’d met you years ago”.

If you want to save time, money and hassle then speak to one of our client managers who will be delighted to help make your life, a little easier.

How to Insure your Jewellery & Watches

23/11/2010 in Jewellery and Watches

Whether you already have expensive jewellery or are about to acquire some; it’s important that you have the correct level of cover.

Be confident about your cover
First ask yourself if you want or need specialist cover? If the value of your jewellery is modest (basically less than £5,000) perhaps the limited cover provided by a basic, standard policy will be adequate.

However, when high values are involved, more specialist insurance cover should be bought.
The important step is to discuss the coverage options with your broker. Discussing the cover will allow you to understand exactly what you are covered for and how a loss will be paid. Does it cover mysterious disappearance (when you know the property is gone, but can’t pinpoint when and how the property was lost) and other causes of loss? Do you need to specify any item’s on the policy schedule or are they automatically insured? Is cover automatically provided outside the UK? 

Establishing the correct value
Answering this question may, initially, be quite simple. If the jewellery has just been purchased, the receipt or certificate from the retailer will form the basis of establishing the insured value.
Obtaining a valuation that affirms your jewellery’s current value is an excellent way to ensure that your property is properly protected. Insurers will generally request that expensive item’s are valued every 2 years to ensure that the insured value remains accurate.

Of course, it’s prudent to be sure that the valuation is from a competent valuer and it’s your responsibility to find out a valuer’s competency. There are several professional jewellery associations such as the National Association of Goldsmiths that can give you information on valuers and appraising methods. And, of course, talk to a potential valuer to see if they know their stuff and how willing they are to explain their work to you. All of these items are important, especially since you have to pay a fee for a valuer’s services. 

How to make a claim
So, you’ve arranged quality insurance cover with an exceptional insurer but what happens in the event of a claim?

Well, high net worth insurer’s will provide you with complete flexibility over how to settle your claim and you can expect matters to be resolved extremely quickly. In the event of you suffering a loss, most standard home insurance providers will push you into using one of their approved suppliers for the simple reason that they have negotiated large discounts. In comparison, high net worth insurer’s will allow you to use your own chosen company to repair or replace damaged or lost item’s which is vital if you have had bespoke jewellery designed and made. In some circumstances, insurers will also consider providing cash settlements without deduction.

Macbeth Premier Clients have specialised in high value home insurance for over 15 years and have a wealth of experience. We will provide you with an exceptional level of personal service and a dedicated account manager will handle your policy from inception to renewal including a complete claim service so you can just relax and leave matters to us.

Changing insurance brokers is a simple process and provides you with peace of mind that you are receiving the best deal, both in terms of cover and price. If you would like to obtain a quotation from Macbeth, please telephone Paul Macbeth ACII, Managing Director on 0118 945 2944 or emailpaul.macbeth@macbeths.co.uk

Flood Advice

18/11/2010 in High Value Homes, Insurance Industry News

A number of insurers that we deal with have warned us to expect flood claims as the situation in the South West worsens.

I thought I would share some practical advice for those at risk.

Pre-flood advice

• Be prepared to evacuate your property and think about where you can go for safety -will the route be passable?

• Know how to turn off your gas, electricity and water mains supplies

• Prepare a flood kit of essential items such as a broom, spade, mop and bucket; domestic detergent and disinfectant; rubber boots, gloves and protective clothing; waterproof torch and radio; bottled water for drinking.

• Agree where you will go and how to contact friends and family

• Think about what items you can move to a safe place for later and what are essential items for you to have now

• Create a list of important numbers including Floodline 0845 988 188

• You can sign up for Floodline Warnings Direct by calling Floodline on 0845 988 188 or by visiting the Environment Agency website.

Advice during a flood

• Safety comes first! Think about evacuation before it is too late to move. Make sure you follow any advice or instructions provided by the emergency services.

• If floodwater is about to enter your home, turn off the gas, electricity and water supplies if it is safe to do so. DO NOT touch sources of electricity when standing in flood water.

• Gas and electricity supplies should remain switched off until a qualified professional has checked the system thoroughly. Wiring, appliances and pipe-work should also be inspected for safety and efficiency.

• Keep listening to local radio for updates or call Floodline on 0845 988 1188

• Move irreplaceable personal or sentimental items, such as photographs – as well as portable items – to an upper storey or higher location in your property to prevent loss or damage.

• Also check your garage to see if any items can be moved.

• If possible, raise ground floor furniture on blocks or bricks to minimise the risk of damage.