Archive for October 2010

A look at Pub Insurance risks

Protect your business with public house insurance from specialist commercial insurance brokers

Pub insurance is a valuable form of insurance as it provides you the publican with protection for your employees in the event of them being injured. It also provides security against theft in the workplace.

pub insurance quotes

Pub insurance can provide cover for a variety of risks, which can be tailored to your individual business needs.

If you hire staff to work in your pub , then your public house insurance must include employer’s liability insurance, as this is a legal requirement in the UK.

You may wish to include additional forms of cover in your insurance, for example property or public liability insurance.

You might also choose to insure your stock and inventory,have protection against a loss of your license, or to protect money on the premises.

Liability for employers and public liability.

Generally employers liability insurance is a legal requirement in the UK and as such it should take priority. The next thing you may want to insure is for public liability and property liability. If a member of the public were to suffer injury whilst on your property this form of insurance protects you. This form of cover is usually taken out alongside liability insurance for property.

The latter provides you with the necessary coverage if a third party (such as a delivery driver) is injured while on your premises.

When these options are combined in your public house insurance you have protection for finances and to cover losses as the result of an accident occurring on your premises The majority of public houses will keep a large amount of stock.Inventory and stock protection.

Generally a public house holds a great deal of stock. A policy typically protects against theft, any accidents that damage stock and losses to stock and inventory that is unforeseen. Public house insurance can include cover for these items, preventing the situation where your business may come to a halt if stock is either lost in transit or stolen from your premises.

Money cover and assault insurance – Whilst every publican would hope that a theft or assault never occurs on their premises, all business owners can potentially face this situation. With insurance to fall back onto you are protected in the event that money was stolen from your premises, or if you were attacked on the way to the back with your takings for the night.

Assault cover is provides financial support to assist anyone who is injured if an assault occurs in the workplace.

Loss of Licence – Insurance against loss of licence is a very important element for public house insurance, which should be given careful consideration. Your business relies on its licence to be able to function, so a loss of licence could hit you hard. To protect against significant financial loss if you lose your licence, taking out appropriate loss of licence insurance could be essential. If you want peace of mind against a variety of events then you may wish to consider public house insurance.

When considering the range of options that are available when taking out insurance it can be confusing. If you’re uncertain about where to start and which elements you require to comprehensively insure your business, then getting advice from a pub commercial insurance broker or specialist could be the answer.

A specialist pub insurance provider will be able to help you tailor your insurance policy to meet your specific needs as a business owner.

Mobile Technology for Insurance Claims

Insuranceblogger was out walking the other day when I heard a loud bang!

First I saw two smashed up cars with steam hissing out of them…

Then I saw two elderly ladies fighting to be the first to video the scene and get it to their car insurance company before the other.

First to Claim victory mentality!

Here’s an interesting post on the subject of mobile technology and car insurance claims from the pen of the Car Insurance TV ….

Nokia 6700 Mobile Phone Makes An Instant Online Car Insurance Claim

by Car Insurance Blogger
I’m not a great fan of mobile phones. Let me rephrase that…I wasn’t a great fan of mobile phones, I don’t even own one, I get sick of the site of one stuck to my Mrs’s ear or ringing with the most absurd ‘personal’ ringtone in the train carriage on the way to the Car Insurance blog office.

No I didn’t like mobiles, they invade your personal privacy and demand to be answered even at the most inconvenient times.

As for the use of mobile phones in cars I was and still am a great advocate of the hands free rule. If you’d seen the number of car insurance accidents that were occurring before the clampdown, you’d agree!

So I wasn’t the least bit interested when my wife was going on about this new mobile she’d got for free from Vodafone, a Nokia 6700. It’s got bluetooth and she asked me to set it up for her to use in the car, which I obligingly did under threat of not getting my dinner cooked!

Well this morning my wife goes off to work as usual when I get a call on the landline.

She’s had a Car Accident! Some idiot has gone up her rear in a 20mph zone!

After establishing that she was alright, just a little shaken up and shocked, I asked her if she had got the other parties car insurance details and said that I hoped that she hadn’t admitted any liability, and did she want me to call the car insurance company and arrange making a claim…..

“Yes, No and Sorted”, came back a short retort!

“What Do you mean sorted I asked?”

“It’s done, I made the claim from my mobile at the scene. I even sent them videos of the accident and a load of stills! I copied you in! have a look on your email……

So I did!

Incredible! At last claims departments of Car Insurance companies are living in the 21st century and taking advantages of the new technologies available to minimise the loss through efficiency. I wonder how quick the said car insurance company will be in replacing or repairing her car?

I’m glad we took out the replacement vehicle extra cover as we’re off on a short breakl for our wedding anniversary this weekend. I was trawling the Internet looking for hotels when she had the accident.
Now I guess I’d better get back online and buy her some flowers. This technology may be saving car insurance companies money, but it sure seems to be costing car insurance blogger!

UK Insurance and US Insurance Regulatory Bodies Swap Notes!


The FSA and their American cousins the US Financial Industry Regulatory Authority (FINRA) have  taken an unprecedented step of entering an agreement to work more closely together. Whether this means that they will be able to compare notes on incompetency or even heaven forbid try to learn from each other’s mistakes, we will have to wait to find out. It does however show that maybe, just maybe, that they may be prepared to start listening to outside suggestions. Could this lead to the unthinkable, the mighty FSA one day actually listening to the humble broker? Well one step at a time lads, mighty oaks and tiny acorns and all that.

FSA has deaf ears

So what do we know of  FINRA?

Well we know that they have a habit of over extending their reach into areas where its not particularly welcome. Towards the end of 2009 a group of prominent Financial Planners were moved to petition US congressional leaders to amend a bill including them within FINRA’s authority. On the surface a strikingly similar situation to the UK General insurance industry being shoe horned into the FSA’s remit. Certainly both bodies have shown an overzealous one size fits all attitude to financial regulation when it is clear that a more refined, considered and cultivated approach is more suited to such intricate industries.

Somewhat ironically it was FINRA’s broker bias that had upset the apple cart with those pesky  financial planner fellas who claimed  that the “conscious or subconscious conflict of interest could result in a broker bias in FINRA” claiming that their involvement would further “deepen the differences in how broker-associated advisers are regulated versus independent advisers.” Some may argue this could be a positive influence on the FSA, however in my opinion regardless of where the bias lies, there is no space for such an imbalance in any form of regulatory body.

They must remain impartial, whilst understanding the markets they are supposed to serve.

As I and many others have stated many, many times we need an industry regulator that understands  Insurance. A generic financial regulator lumping us in with the banks simply will not work. Now these two bloated bodies have established a memorandum of understanding which is intended to establish a stronger framework for regulating the worlds two largest markets.

Of course I thoroughly support the move in principle as an opportunity to further strengthen bonds between these two dominant markets and the intention to ease the exchange of information on firms and individuals under common supervision, is of course a very sensible which reflects the global nature of the industry. However, I cannot help but feel that this is nothing more than a bit of back slapping by two organisations that are causing more harm than good to their respective markets.

Perhaps I am being overly critical of poor old FINRA, but if you will lie with dogs…

The FSA have successfully managed to alienate insurers, bankers and IFA’s alike throughout their relatively short existence and show absolutely no signs of bucking the trend any-time soon. Can we really be expected to take an organisation seriously when they are currently even failing to run their own business prudently? Figures bandied around of late have indicated that they are limping towards the end of their financial year at an estimated £14m in debt. It has also been suggested that they have indulged in some £20m plus in bonuses. Now tell me that is in compliance with proper standards.

I hope I am proven wrong and that this benefits us on both sides of the Atlantic. However, I see little of value other than raising the profile of two overgrown, megalomaniac organisations, both more concerned with the amount power they hold, than how effectively they use it for the greater good.

I do genuinely hope wrong, but somehow I doubt it.

Comparing Yacht and Boat Insurance Quotes

With the recession affecting goods in particularly the luxury end of the market, if you own a yacht or a boat, it pays to shop around at the moment for boat insurance, and to compare the numerous offers to get the best value for your money in what is a bouyant competitive market.

Yacht insurance covers loss or damage to yachts and/or damage or loss caused by the yacht to third parties. Yachts can be a significant investment hence requiring comprehensive cover to prevent losses due to unforeseen events is essential. As a yacht owner you need the composure which you will get when you know that you are covered, should anything untoward happen.

Providers of yacht insurance in most cases tailor make the policies for your individual needs. You should therefore assess the risks you and your yacht will be exposed to during intended use. You should also figure out the cruising range for your yacht. Will you use your yacht abroad or in the confines of your country coastal areas? How often will you travel abroad? Such questions should guide you in assessing your needs. When you know what you need you can obtain quotes from the different insurers.

The sum insured for your yacht can be based on a value that is agreed on or on the actual value of the yacht taking into account any depreciation. Most policies however are based on the value that is agreed on. That way the losses due to depreciation are not incurred in the event of total loss of the yacht. Repairs can also be made with new components.

It is important to understand the terms and conditions in the proposed policies so that you do not overlook something that may return to haunt you. Normally, every policy has exclusions that try to guard against unjustified or fraudulent claims. In the event of claims you will need to satisfy the insurer that you took reasonable action to prevent the occurrence of the risk. Try to ensure therefore that you understand the exclusion clauses as failure to adhere to conditions may result in the policy being voided. Some insurers can have restrictions on the models that they insure. Make sure your particular model is covered. Policies may include geographical limits. This however may be extended when needed.

It is beneficial to join a yacht club in your locality so that you can get information on issues pertaining to yacht ownership. Usually as a member of a yacht club, you will be entitled to a discount from partner insurance firms. They may also provide you with tips and advice on what to watch out for when selecting a suitable policy. You could also benefit from checking out insurers that do not specialise in yacht insurance as they may be cheaper than yacht insurance companies.

Things to consider when getting yacht and boat insurance quotes online

 Different companies provide a variety of policy wording and you may be confused what sort of policy you require. The cover offered by an insurance company and the service provided by it can differ greatly. Hence remember that if you buy a cheap policy, you may end up spending more money in the long run, if you make a claim. The most important points to consider before you buy insurance for your boat are:

  • Third party liability: You must always go for liability insurance as this covers you in case you have caused damage to another boat or have caused injury to a person.
  • Comprehensive cover: This insurance covers you for any accidental damage, theft, fire and vandalism.
  • Theft cover: When your boat is not in use, this policy covers you against theft. However, each insurance company has different requirements and you have to adhere to them or you may be left uninsured.
  • Towing: Most policies cover expenses which cover towing waterskiers, kneeboards or inflatable toys, though restrictions may apply.
  • Policy excess: This is the amount you have to pay if any claim is made.


Speedboat Insurance

Ways to save money on your boat and yacht insurance

 Another way of reducing the cost of boat insurance policy is going for voluntary insurance excess. But remember that in an event of a claim you will have to pay the excess. So ensure that you are able to strike a balance between cost of the insurance and the excess you choose when trying to reduce your boat insurance premium in the UK.