Archive March 2011

How to calculate your building sum insured

29/03/2011 in High Value Homes, Private Clients

Establishing the accurate re-building sum insured of your home can be a difficult task. At Macbeth, our private client team provide assistance in this area and can recommend expert professional services from local Chartered Surveyors. However, if you would like an approximate idea of the costs, please read our useful guide below.

Firstly, you need to find the external floor area of your home – both upstairs and downstairs. The best way is to go outside and measure the length and width of your home and multiply these figures together. If you cannot measure outside, measure inside and add the thickness of the walls. You can measure either in feet or metres. An integral garage would be included in this calculation.

You now know the ground floor area. For upstairs, you may be able simply to double the ground floor area. If the other floor area is a different size then calculate the upstairs area separately and add the figures together. For three storey houses, only 70% of the floor area of the third storey need be included. A third storey of a house does not mean the attic in a two storey house, unless the roof space has been converted into a third storey.

If you have a separate garage or a garage built on the side of the house, an appropriate amount will need to be added to the rebuilding cost of the house. You will also need to allow an appropriate figure for fences, gates, walls, patios, paths, drives, swimming pools, etc.

It is important to take into consideration the quality of the fixtures and fitting and adjust more particularly for expensive designer kitchens and bath rooms.  Properties that are listed need special attention and our recommendation would be to seek advice from a building surveyor.

The link to the Association of British Insurance rebuild calculator is http://abi.bcis.co.uk/ - this calculator is provided by BCIS, The Building Cost Information Service of the Royal Institution of Chartered Surveyors.

If you would like help from a professional, please contact our team by calling 01189452944 or complete an enquiry form and we will recommend a local Chartered Surveyor to you.

Theft of Oil- Practical Advice

15/03/2011 in High Value Homes

Ecclesiastical Insurance have seen a significant increase in the theft of heating oil. They have produced a guide providing some practical advice.

http://www.ecclesiastical.com/Images/2310%20OilTheft-commercial%5B2%5D.pdf

Macbeth Director makes CII Young Achiever shortlist

12/03/2011 in The Macbeth Team

It was announced this week that Ben Butler, Operations Director at Macbeth Chartered Insurance Brokers has been shortlisted to the final three of the prestigious Reading & Oxford Chartered Insurance Institute’s Young Achiever of the year award.

Ben is a product of Macbeth’s acclaimed trainee development programme, joining the ambitious firm at the age of 16. His dedication, talent, and knowledge has surpassed our own expectations and he is now a true driving force behind our recent growth and success.

Paul Macbeth, Managing Director commented; “Ben is an outstanding individual and a very talented businessman. We are incredibly proud of his achievements to date and he would be a truly worthy winner of this prestigious award which rewards the finest young talent throughout Berkshire, Oxfordshire and the M4 corridor. We remain the only Chartered Insurance Broker in Reading and are committed to improving professional standards within our industry. Ben is a fantastic example of what our company represents.”

Great Insurance idea for Provisional Drivers

12/03/2011 in Motor Fleet Insurance, Private Clients

Insurance for Provisional Drivers has always been a problem. The main concern for parents being that if the young driver has an accident it is going to impact on their no claims bonus. Some insurers are also not keen to provide the cover or limit the cars they will insure to lower grouped vehicles.

Insurance Marmalade is an insurance scheme, whereby provisional drivers can take out a policy in their own name to cover a parent’s car or a vehicle on a fleet policy. The policy can be arranged on a month by month basis and the insurers will cover up to group 16 vehicles to a value of £20,000

Insurance for Provisional Drivers

Insurance for Right to Manage (RTM) companies

02/03/2011 in Management Liability Insurance

The directors of Right to Manage limited companies (RTM) have the same responsibilities and duties as the directors of any other limited company. It is probably more important for them to consider the risks a directorship brings as these roles are often un-paid.

Our recommendation is that directors & officer insurance cover is place to provide defence cost and settlements if a director is held personal responsible for his or her actions.

D & O premiums for RTM companies or generally less than for normal limited liability companies and the premiums are calculated on the number of units within the development.

Macbeth has a range of options, including access to some insurers who will automatically provide the D&O cover as part of a buildings portfolio policy.

For more information contact Tony Gibbs on 0118 9452944 or complete one of our enquiry forms.