Insurance Blog » commercial property insurance

Riots and Business Insurance Claims For Property Damage

Insurance Blogger — Thu, 11 Aug 2011 11:57:22 +0000

The impact of riots on the community can have long-lasting and unforeseen effects.

Riots may not last very long, but the time to put a community back to where it was takes a lot longer.

For a business or property owner the work ahead can be daunting.

The actual damage to each premise needs to be accessed and repaired.

This can take time and may depend on whether adequate insurance was taken out to cover the damage.
If adequate insurance is in place insurance companies need to access the damage.

Putting Things Right

There maybe damage to the property, injury to staff, residents, tenants and owners.
Tenants maybe homeless. New temporary accommodation needs to be found.

Loss Adjusters need to be appointed to look and access the damage and give authority for repair work to commence. Quotations from repairers have to be given and of how long and when work can commence once agreed.
Immediate remedial damage may need to be repaired eg windows boarded up, broken glass cleared, any unstable structures removed .

Removal of goods not stolen need to be placed in a secure area to avoid further loss. Further accommodation and storage space may need to be found.

Vehicles may need to be hired if transport or commercial vehicles have been damaged. This can also delay work be carried out if contractors have damaged vehicles as well.

Evaluating Business Continuity and Business Interruption

Shop keepers and property owners have to decide if they can continue to trade and should ask themselves the following question:

Is the structure safe?

Do they have still have goods to sell?

Is there chance of further rioting?

If thieves have raided the shop will new stock have to be ordered?

How long will the stock take to deliver?

Are supplies of gas, water and electricity working ?

Have staff been injured or mugged?

Can staff get to and from work?

Are staff involved in the riots in any way?

Have they been arrested or injured?

Will they need time out because their homes have been damaged?

Are there any customers or are they too scared to enter the area or have police closed the area?

Claim

If you have been affected by the riots it is imperative that you contact your insurance company immediately to pursue a claim. If you do not have insurance but have been affected and have suffered loss, visit your local police station and report the incident and inform them you wish to make as claim under the Riot Damages Act of 1886.

For more information on the various types of business insurance and commercial property insurance available for riot and civil commotion cover, visit UK Commercial Insurance.

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Nightclub Insurance Risks – Remembering Summerland

Insurance Blogger — Tue, 14 Jun 2011 11:17:54 +0000

Times have changed, fashions have changed, the music has changed and the dances have changed, even Insurance Blog has changed; but the risks to nightclubs remain as powerful as ever since Britain’s worst ever nightclub disaster, which killed more than 50 clubbers and seriously injured over 80 others, 38 years ago at the Summerland Resort Complex on the Isle of Man in August 1973.

The Summerland complex was opened 40 years ago in May 1971 in Douglas on the Isle of Man in the Irish Sea.
The 3.5 acre resort was cut into the cliff on the promenade and claimed to be the biggest and most innovative indoor entertainment centre in the World, providing artificial sunshine all year round for the holiday resort.

The aim was to attract British holidaymakers to the Island to compete with the threat posed by the rapid development of package holidays to Spain, that were becoming ever popular with the public.

The Summerland Resort was a spectacular success…..until it’s destruction by fire.

The Resort which was built in modern materials of concrete, steel and plastics, boasted continuous live entertainment, a plethora of restaurants and bars, an Olympic sized indoor heated swimming pool, saunas, massages and Turkish baths, artificial sunshine, a children’s entertainment and theatre, cascading waterfalls and……..an underground disco and nightclub.

The fire is believed to have been started outside by some smokers next to a plastic kiosk adjoining the main complex building which housed the nightclub. The building was packed with holidaymakers relaxing at the time and the disco was full.

The melting plastic kiosk collapsed against the side of the main complex and rapidly ignited the building that was covered in a damp proofing bitumous material called Galbestos. The fire spread extremely rapidly through the wall cavities which contained flammable materials and quickly engulfed the flammable acrylic see through roof, which came crashing down on the 3000 people inside who were trying to escape the flames.
Many were crushed to death in the ensuing panic or injured by falling flammable debris, however the biggest amount of casualties were in the underground nightclub where the majority of bodies dead through asphixiation were piled against locked security doors.

Following the tragedy Business Insurance Companies tightened up their cover offerings for nightclub insurance, specialist insurance providers emerged and many new building regulations were put into law. Specifically, building materials of flammable quality were forbidden in construction and many health and safety regulations for nightclubs were introduced. The industry is now very well regulated and the covers offered under a nightclub insurance policy sit well with the establishments legal responsibilities of risk management.
Fortunately the measures have worked in the UK to date which has avoided such a similar nightclub disaster although that cannot be said for other places around the world……

* Rhythm Nightclub fire 23 April 1940; Natchez, Mississippi; 209 dead
* Cocoanut Grove fire 28 November 1942; Boston, Massachusetts; 492 dead
* Club Cinq-Sept fire 1 November 1970; Saint-Laurent-du-Pont, France; 146 dead
* Beverly Hills Supper Club fire 28 May 1977; Southgate, Kentucky; 165 dead
* Stardust fire 14 February 1981; Dublin, Ireland; 48 dead
* Alcalá 20 Nightclub fire 17 December 1983; Madrid, Spain; 82 dead
* HappyLand fire 25 March 1990; New York City, New York; 87 dead
* Kheyvis Nightclub fire 20 December 1993; Olivos, Buenos Aires, Argentina; 17 dead
* Ozone Disco Club fire 18 March 1996; Quezon City, Philippines; 162 dead
* Gothenburg Nightclub fire 29 October 1998; Gothenburg, Sweden; 63 dead
* Luoyang Christmas fire 25 December 2000; Luoyang, People’s Republic of China; 309 dead
* E2 Nightclub stampede 17 February 2003; Chicago, Illinois; 21 dead
* The Station Nightclub fire 20 February 2003; West Warwick, Rhode Island; 100 dead
* Cro-magnon Republic Nightclub fire 30 December 2004; Buenos Aires, Argentina; 194 dead
* Wuwang Club fire 21 September 2008; Shenzhen, People’s Republic of China; 43 dead
* Bangkok Nightclub fire 1 January 2009; Watthana, Bangkok, Thailand; 61 dead
* Lame Horse club fire 5 December 2009; Perm, Russian Federation; 149 dead

Insurance Blog thinks it is rather ironic that the Summerland fire was started by smokers outside the building, when the current policy of most nightclubs is to force smokers to outside areas.

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Commercial Insurance Risks Explained

Tradesmans Insurance – What does it cover?

Insurance Blogger — Mon, 14 Feb 2011 10:01:11 +0000

A Guide to Tradesmans Insurance Online

It’s the oldest online commercial insurance and the widest sold type of business insurance in the UK, but what exactly is Tradesmans Insurance?

If you own or manage a small business, you will require at least some type of liability insurance to protect your company against the various risks and possible claims, that your business will face.

Small businesses and tradesmen are required by law to have employers liability insurance at the very least in order to carry on business. Employer’s liability cover protects the workforce and allows the business to pay any claims against it which may be brought by a worker who was injured carying out his or her duties.

Public liability insurance is essential if you work with members of the public who may pursue claims against you and motor insurance or van insurance is also likely to be a necessity.

If the business has plant or machinery which must have a periodical statutory inspection, it will be usual to arrange for this to be done by a specialist engineering insurer under the terms of an engineering inspection contract, with or without insurance.

Tradesman’s insurance is more often than not sold online as a small business insurance package policy. A package will include all elements of cover required by a small business or self employed trader such as basic employers liability and public liability covers and theft of tools. Trademans insurance quotation systems allow you to vary the levels of indemnity required for liability insurance in a typical range of between £1 million and £10 million. The higher the levels of indemnity required the higher the premium. Tools cover is usually rated on a replacement new for old, sum insured basis, where you define the value of your tools.

Most trades and small business will have premises that need protection against buildings perils such as fire and flood. Small commercial property insurance is available to cover all buildings insurance risks and is often sold as a package for a particular type of trade. For example Shops Insurance, Dentists and Surgeries or Builders Insurance Packages.

Trademan’s premises packages contain commercial contents insurance for business premises, which covers office and business equipment including files and data processing against the common perils. For companies and trademan that keep stock, this type of business contents insurance can be extended to cover risk such as deterioration and damage.

For the small tradesperson who works from home these covers are often available with strict limits of indemnity, as a bolt on to a standard home buildings and contents policy. This type of cover is often only effective for self employed people with just a computer and a home office.

Other tradesman insurance covers

One of the largest problems faced by a small business or trades with premises is that of how to continue in business should a catastrophe happen, for example a fire that destroys the premises or machinery or stock. In order to deal with this Business Insurance companies have devised a cover called ‘Business Interruption Insurance’.

Premiums are based on your previous years annual turnover. BI covers your company against all losses caused by interruption to trading due to any of the perils mentioned on the policy and will pay out on a indemnified basis for the period of cover agreed in the policy. Most policies will also offer some type of alternative trading accommodation to enable you business to continue whilst the premises are being repaired.

Additional small business and trades insurance risks

Because commercial insurance is designed to cover all classes of business, there are many various trade or business specific covers available which can be added to a combined policy.

Examples of these covers include loss of licence to trade, book debts, hauliers cover, warehouse cover, and plant inspection services. Various people protection policies are also available for businesses including Keyman insurance which provides cover against the loss of key people within your organisation. Business mortgage protection provides a monthly payment for business premises should you suffer and accident or sickness. Group ASU policies are also available to protect your staff and employees.

Buying Tradesman Insurance Policies

Commercial insurance and tradesman risks covers for tradesmans insurance are widely available online today and it is a simple process to find a website where you can compare trademans insurance quotes.

However, purchasing trademans liability insurance can be a daunting experience for the uninitiated small business owner or tradesman just starting off in business, and unless the risks are straightforward and can be underwritten online, it is advisable for all companies to approach the services of a local or regional commercial insurance broker who deals with speciifc tradesman liability insurance and covers for risks in your particular trade.

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Commercial Insurance Risks Explained

Insurance Blogger — Tue, 03 Aug 2010 16:14:47 +0000

If you run a small or medium sized business you will need to understand the risks that your enterprise is exposed to in order to avoid financial loss. We asked our resident insurance expert to give us an overview of Commercial Insurance risks:

Understanding Commercial Insurance Risks and Business Insurance Covers

By Dave Healey

If you own or manage a business, either large or small, you will require some type of insurance to protect your company against the various risks and potential multitude of claims, that your business will face.

Commercial insurance or Business insurance as it is commonly known, is a complicated area of underwriting and because all businesses are different, and face different risks depending upon the nature of the company, various packages and combined policy covers have been introduced by insurance companies and commercial broker schemes, to make the process easier.

An example of a small business insurance package which is commonly sold online is the Tradesman’s insurance package, which includes all elements of cover required by a small business or self employed trader such as basic liability covers and theft of tools.

Other small business insurance packages that are trade specific and can often be obtained online are available for shopkeepers, offices, surgeries, hotels and guest houses, restaurants, public houses and builders.

Large companies will be offered what is known as a commercial combined policy which has many different elements of cover which can be combined to make a bespoke policy for the enterprise. Most large companies will require some degree of risk assessment before the policy is underwritten, which may often include a visit to the business premises or site, and for this reason these types of larger business usually employ the services of specialist commercial insurance brokers.

Business Risks

The largest risk that a business faces is from liability to others, and the potential costs and damages a company could face if a claim was made against it.

All companies are required by law to have in place liability cover, called Employers liability insurance or EL, to protect their staff against all potential risks and accidents while in the workplace.

Business liability insurance is usually sold as a package and will always include Public Liability, often just known as PL, which protects the company against claims from the public whilst on the business premises.

A further type of liability insurance called Product liability is also available to companies under a commercial liability policy which protects the company against claims made for design or manufacturing faults in the product.

Company directors can also protect themselves against liabilities with Directors and Officers insurance (D&O) cover.

Property Damage

Most business large and small will have premises that need protection against buildings perils such as fire and flood and commercial property insurance is available to cover all buildings insurance risks. Similarly commercial contents insurance for business premises is available which covers office and business equipment including files and data processing against the common perils. For companies that carry stock, this type of business contents insurance can be extended to cover risk such as deterioration and damage.

For the small businessman who works from home these covers are often available with strict limits of indemnity, as a bolt on to a standard home buildings and contents policy. This type of cover is often effective for self employed people with just a computer and a home office.

Business Contingency Cover

One of the largest problems faced by a business is that of how to continue in business should the worst occur, for example a fire that destroys the premises. In order to deal with this Insurance companies have devised a cover called ‘Business Interruption Insurance’. Based on your previous years annual turnover, this protection insurance covers your company against all losses caused by interruption to trading due to any of the perils mentioned on the policy and will pay out on a indemnified basis for the period of cover agreed in the policy. Most policies will also offer some type of alternative trading accommodation to enable you business to continue whilst the premises are being repaired.

Additional Commercial Risks

Because commercial insurance is designed to cover all classes of business, there are many various trade or business specific covers available which can be added to a combined policy. Examples of these covers include loss of licence to trade, glass cover, goods in transit cover, book debts, commercial vehicle insurance, hauliers cover, warehouse cover, engineering insurance and plant inspection services, and theft by employees.

Outside of most combined policies are additional risks more often sold under separate policy covers, that should be considered to protect your business against all eventualities.

Examples of these are, Commercial Legal Expenses insurance cover which protects the company against claims made by employees for unfair dismissal and allows you to bring cases against suppliers.

Various protection policies are also available for businesses including Keyman insurance which provides cover against the loss of key people within your organisation. Business mortgage protection provides a monthly payment for business premises should you suffer and accident or sickness. Group ASU policies are also available to protect your staff and employees.

Purchasing Business Cover

Purchasing commercial risks insurance can be a daunting experience for the uninitiated small business owner and unless the risks are straightforward and can be underwritten online, it is advisable for all companies to approach the services of a local or regional commercial insurance broker. Insurance Brokers will not only be able to assess the complete range of risks that your business is exposed to, and provide the correct levels of cover, they will more often than not have a unique local knowledge of the risks involved and will be able to negotiate premiums that reflect the nature of the risks. Furthermore, in the event of a claim, and as most businesses will be faced with claims at some point in their trading life-cycle, the broker will handle all the settlement negotiations with the insuring company and allow you to continue what you do best – running your business.

Commercial insurance and tradesman risks covers for small business insurance are widely available online today. For larger commercial enterprises it is strongly advisable to visit commercial insurance brokers for a detailed assessment of the risks your particular business is exposed to.

Article Source: http://EzineArticles.com/?expert=Dave_Healey
http://EzineArticles.com/?Understanding-Commercial-Insurance-Risks-and-Business-Insurance-Covers&id=2601731

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UK Housing Market Home Insurance Mini Boom

Insurance Blogger — Tue, 01 Jun 2010 15:01:32 +0000

Wthether it’s a sign of Spring or the green shoots of recovery, recent activity in the UK housing market has seen an appropriate response from the major UK home insurance companies, with a multi million pound spend on prime time TV advertising.

The home insurance market had gone quiet in recent months but recent positive indicators in the housing market have led to this bombardment on every TV and commercial Radio station. Home Insurance is definitely the flavour of the month with the market under capacity due to many people cutting levels of cover or dropping covers completely because of the recession.

So what’s been happening in the UK housing market recently to have caused this big budget spend?

Well in April house prices had risen by 8.5 % since January which is a startling recovery in itself, and the figures for the number of valuations carried out in May confirm the trend with Valuation activity in May up by over a quarter compared to May 2009, according to the latest research by Connells Estates Survey team.

This confirms that both the supply side of housing and the demand side from potential buyers appear on the face of it bouyant. It remains to be seen if the Bank Assurers are prepared to underwite this economic activity with the supply of mortgages necessary to complete all these potential deals.

The most up-to-date figures currently available from the Land Registry show that during February 2010, the number of completed house sales in England and Wales rose by 49 per cent to 40,502 from 27,190 in February 2009. It will be interesting to see if there were as many sales during the period since February of rising house prices.

The new Government are also sending out mixed messages about the housing market.

On the one hand they have scrapped the regional development of 600,000 houses for low paid workers around the country, presumably to let the vacuum be filed by property developers.
Then on the the hand they intend to hit the private landlords and developers hard in the pocket with large increases in Capital Gains Tax.

Some commentators are saying that 30% of the housing demand is from private investors and forcing a CGT tax-hike on property investors will drive many from the housing market at a time when its recovery is still perilously fragile.
What utter tosh – these are the same people that have seen the values of their properties increase by 400 percent plus over the last ten years. Some of these so called investors, whose greed initially generated the demand that created the massive price rises and forced ‘joe public’ out of the market, own portfolios of 10 20 30 or even 500 properties!
Either way the home insurers are not bothered, because where they once sold a specialist home insurance product to a Landlord they can now sell a standard home insurance policy to a home owner.

Were they all bankers at Monopoly when they were kids?

These people are just as much to blame for the current recession as the Banks that made credit readily available for them to play their easy money games. The toxic debts were only toxic because house prices were artificially inflated by these pariahs and normal people looking for a home were tricked into buying into negative equity without even realising it!

Personally Insurance Blogger thinks CGT should be raised even higher! Those who made all the profits that caused this recession should be made to pay now!

As for the detrimental effect on the housing market and possible falling prices leading to new negative equity….
Well that’s market economics for you and you can only temporarily stop the deflationary pressures that must happen in order to bring new entrants to the market. A market that sorely needs affordable housing where the profits are not going into the hands of a few unentrepreneurial feudal landlords!

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Commercial Insurance Explained – Small Business Insurance Advice

Insurance Blogger — Thu, 23 Jul 2009 15:14:00 +0000

Small business insurance or commercial insurance for enterprises has suffered in parallel with the decline in commercial and entreprenuerial activity in the UK and worldwide during the last six months.
Consequently those offering cover have to be more inventive, cutthroat in pricing or superior in their risk assessment in order to maintain decent profit levels.
This background to UK Commercial Insurance has been altered largely by the large number of new Internet suppliers, finally offering commercial insurance for small business propositions online.
This has not only impacted upon consumers as a wider choice of business insurance products, but the downturn in the economy has meant that what should be hard premium rates are in fact fairly soft.
Add to this the number of illegal claims that businesses always make during a recession and you are potentially sitting on a very explosive if some what interesting market.

Despite the recession there are many small business start-ups hasppening at the moment so we reprint on of Insurance bloggers articles here that explains to small and large businesses the wide and varied range of commercial risks that need to be assessed on an individual company level and purchased appropriately.

Understanding Commercial Insurance Risks and Business Insurance Covers
By Dave Healey

Business Insurance Risks

The largest risk that a business faces is from liability to others, and the potential costs and damages a company could face if a claim was made against it.

Company directors can also protect themselves against liabilities with Directors and Officers insurance (D&O) cover.

Property Damage

Business Contingency Cover

Additional Commercial Insurance Risks

Outside of most commercial combined policies are additional risks, more often sold under separate policy covers, that should be considered to protect your business against all eventualities.

Examples of these are, Commercial Legal Expenses insurance cover which protects the company against claims made by employees for unfair dismissal and allows you to bring cases against suppliers.

Purchasing Business Cover

Article Source: http://EzineArticles.com/?expert=Dave_Healey
http://EzineArticles.com/?Understanding-Commercial-Insurance-Risks-and-Business-Insurance-Covers&id=2601731

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