Archive June 2011

High Value Homes on the river? An impossible insurance risk?

28/06/2011 in High Value Homes

Being a true specilalist in insuring high value homes, we are frequently asked to arrange insurance for homes located close to rivers.

Given the horrendous flooding that some parts of the country have suffered in recent years, it’s not surprising that insurance companies are wary of such risks, but there are certain measures that a chartered broker can take to help reduce these fears and achieve the best possible terms for their clients.

Taking time to understand the risk, and it’s positive risk management aspects is paramount. Below is a selection of questions that we ask our clients when insuring such risks:

What is the distance of the house from the water edge?
What height is the property built above the water level?
If the property has flooded previously, what was the cause of the flood?
Have the relevant authorities carried out any measures to reduce the risk of further flooding?
Have you implemented any other risk management features, such as Floodguards?

Once we have an in-depth and accurate picture of the risk, we work hard with our specialist underwriters to provide you with the cover you need.

Macbeth Private Clients is a dedicated team specialising in insuring high value homes, fine art and antiques, jewellery and high value cars.

For more information, please contact our Managing Director, Paul Macbeth on 0118 945 2944 or complete an enquiry form.

Don’t get caught out by new legalislation to crackdown on uninsured motorists !

20/06/2011 in Prestige Car Insurance

20^th June 2011 sees the biggest single change to compulsory third party motor insurance since the advent of the Road Traffic Act

The goal of Continuous Insurance Enforcement (CIE) is to reduce the number of motorists that drive uninsured. The latest estimates suggest that around 1.4 million people in the UK are driving without compulsory third party insurance and that uninsured drivers are costing honest motorists an estimated £500 million in extra premiums.

The new law means that it will be an offence not to insure a vehicle even if it is kept on private property and not being used. The possible consequence for ignoring the legislation ranges from a £100 fine to having a vehicle seized and destroyed. The only exception will be vehicles that have a valid Statutory Off Road Notice (SORN)

Motorists can check for free that they have valid insurance by visiting www.askmid.com

Macbeth Private Clients is a niche Chartered Insurance Broker specialising in prestige vehicle insurance, but we are always happy to discuss with standard private car insurance with our clients, and work with a number of trusted partners in this respect. Contact Carl Sharp, Client Manager on 0118 9452 944 or complete an enquiry form.

Further bad new for insurers that specialise in the waste/recycling sector

14/06/2011 in Recycling Insurance

The recent massive fire at the Eco-Oil Ltd facility on the Kingsnorth Industrial Estate at Hoo in Kent, highlights how risky the waste and recycling industry is. With other high profile incidents such as the recent scrapyard fire at Brent Cross that close the M1, it is no wonder that insurance rates for recycling and waste risks continue to rise.

Many insurance brokers will shy away from recycling insurance risks as they do not have the experience, knowledge or access to the right insurance markets. Macbeth are experts in the recycling/waste risk industry, including cover for a tyre recycling company working from a  building constructed of wood!!!

For impartial advice regarding waste and recycling insurance, contact Tony Gibbs on 0118 9452944 or complete one of our enquiry forms.

Building insurance for Right to Manage (RTM) properties

14/06/2011 in Property Insurance

Arranging building insurance for a right to manage property can be an arduous task.  The main issues that we find RTM’s normally experience surround placing a correct rebuild value on the property, and obtaining details the previous claims experience.

Our recommendation is to always have a proper building valuation survey carried out by a chartered building surveyor. Although there is an initial expense, this will prevent the likelihood of under-insurance in the event of a claim.

We have seen a number of risks in the past, where because of no management structure in place, individual owners have been forced to arrange cover solely on their particular flat. Where there are mutiple insurers covering one property or block, there can be huge problems in the event of a loss. Our recommendation is to have the entire risk covered under one single policy to avoid potential problems.

By using an insurance broker, it is possible to obtain a full range of quotations. Our friendly team will make a final recommendation based not only on the premium but on the quality of the cover. We work directly with RTM’s or with their managing agents.

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

Office Insurance – Avoiding the pitfalls

02/06/2011 in Office Insurance

Office insurance policies generally offer a high level of cover at a reasonable premium. Most office insurance packages will meet the needs of the majority of businesses by combining insurance for all the major contingencies, such as loss or damage to office contents and computers, public and employers’ liability and business interruption.

There are however a number of pitfalls that need to be avoided to ensure that the insurers provide settlement in the event of a claim.

• Shared offices i.e. offices which are not self-contained cause some insurers a major problem and in our experience the majority of insurers are not prepared to offer cover. We tend to find that the limited number of insurers who do offer cover will restrict the insurance for theft to claims involving forcible violent entry or exit to the premises. Insurers do this as they are not prepared to provide cover for items that mysteriously disappear. It is therefore very important that you let your insurers know if you are office sharing.

• It is also of the utmost importance that your insurers are aware of all the business activities. An office insurance policy will generally only cover work of a clerical nature. If there is any element of manual work it is unlikely that you will be covered in the event of a claim for public or employers liability.

• All office insurers will impose a minimum level of security. This is normally imposes or requirement for a 5 level mortice deadlock on the final exit door and window locks fitted on all accessible windows. If there is a break-in and the minimum level of security is not complied with, the insurers are unlikely to settle a theft claim.

For more information regarding office insurance, please contact Senior Client Manager David Mann on 0118 9452944 or complete one of our enquiry forms.