Archive for the: Insurance category
Posted by Jon Tyler on September 3rd 2018 in Insurance, Thought Leadership
Many property owners still have a widely held belief that the market value of their property is the main driver for the sum insured but only rarely will you find that the actual market value is the same as the rebuild cost.
The rebuild cost has to include many different factors including hard standing areas, underground services and demolition. In some cases you can find the market value is higher than the rebuild cost but in the large majority of cases it will be the opposite, so it is recommended that you seek professional advice and have an independent valuation carried...
Posted by Jon Tyler on July 29th 2018 in Featured, Insurance, Thought Leadership
Underinsurance is, simply put, what happens when you have not taken out enough insurance cover to meet your needs. Underinsurance is a common problem, specifically in relation to the contents of a domestic or commercial property or for the property itself.
Recent research by The Building Cost Information Service found that UK commercial property underinsurance on policies is as high as 80%.
With this in mind, we spoke to Jon Tyler, Head of Claims, about the consequences of underinsurance and the steps you can take to mitigate against it.
What does underinsurance mean?
Underinsurance is pretty self-explanatory. It is when the level of...
Posted by Graham Brown on June 29th 2018 in Featured, Insurance, Thought Leadership
Business Interruption Insurance is a non-compulsory form of insurance that is intended to protect businesses against the financial loss suffered as the result of a claim.
It is designed to cover your business against a loss of income that is a result of being unable to trade due to an unexpected insured interruption, such as damage to your property.
Business interruption exists to cover the income a business would have received had the incident not happened.
For businesses affected by (amongst other events) fires, theft, storms or a flood, business interruption insurance can be a critical protection for your business.
Recent research by...
Posted by Simon Haywood on February 19th 2018 in Insurance
As a Landlord, the risk is always there; when your tenant suddenly can't pay the rent and is unable to pay what is already due. Even if you have undertaken the best checks and references, you can never predict a tenant facing troubled times such as losing their job or becoming ill, ultimately resulting in them not being able to pay the rent.
If this was to happen, would you be able to cover your expenditure and costs over a prolonged period of time?WHAT IS RENT GUARANTEE?
Certain insurers we work with for property owners and landlord insurance, allow cover to be...
Posted by Sam Eynon on January 30th 2018 in Insurance
For business owners insurance is often seen as an expense which comes straight off the bottom line and can’t be passed on to customers. However it is also your safeguard in the event of an incident, offering protection for the businesses most valuable assets, your employees and your customers.
We all say ‘it won’t happen to me’, but what would you do if it did? After all, disasters don't just happen to other people. They could strike at any moment to even the most successful and vigilant of businesses. The chances of being hit by a flood or impacted by a...
Posted by Jonathan Cox on December 12th 2017 in Insurance
Jonathan Cox is a Chartered Insurance Broker based in our Exeter Office at Peninsula Park. Working as an Account Director, Jonathan manages the insurance portfolios of many businesses in the South West. In this article Jonathan shares his expertise on how cyber crime and data breaches are becoming a common threat for businesses in Devon.
“One of the first known computer virus to spread ‘in the wild’ was named ‘Elk Cloner’. Written in 1982, by a 15 year old student as a practical joke, the virus was written to target the operating systems of the Apple II Systems, the leading computers...
Posted by Simon Haywood on November 29th 2017 in Insurance
Underinsurance occurs when you have not taken out the right amount of insurance cover to meet your requirements. There are occasions where business owners try to reduce their insurance premiums by only covering a percentage of their contents or building value. This may be cheaper in the short-term, however insurance is there to protect you in the event of an accident or incident – taking such a risk, can have a detrimental effect should you need to rely on your policy to get you back up and running.
We’ve all read the horror stories of rental properties going wrong and it...
Posted by Sam Eynon on June 26th 2017 in General News, Insurance
The weakest point in your online presence is usually your passwords. They are your protection against fraud and loss of confidential information. With the latest methods of password attacks able to attempt up to 350 billion guesses per second – it’s important you get yours right. We’ve put together a few basic tips on how you can reduce the risk to yourself and your business.
- Make your password as long as possible: Most online websites will require you to choose one with a minimum of 8 characters, however most recommendations are between 12 & 14. The more characters in your password...
Posted by Sam Eynon on May 18th 2017 in General News, Insurance
On Thursday 11th May in conjunction with Sampson Hall, we held a Business Breakfast seminar at Exeter Racecourse. Our goal was to educate and inform our guests on the practicalities of how you can safeguard yourself and your business before, during and after a potential cyber-attack or data breach.
The session required no technical background and was aimed at Business Owners, Board Members, those responsible for information security, HR Directors, Leaders and Managers of teams and those responsible for the companies insurance. We even had a guest presenter; Adam Atkins from Global Insurer Hiscox who discussed the importance of cover and the benefits of having access to a crisis management team.The seminar...
Posted by Sam Eynon on March 16th 2017 in Insurance
When victims of life-changing injuries accept a lump sum compensation payment, the actual amount they receive is adjusted according to the interest they can expect to earn by investing it.
In addition, when finalising this amount, the Courts apply a Personal Injury Rate, also known as ‘Ogden’ or ‘Discount’ rate, designed to help calculate future losses for life (such as care costs) and future loss of earnings. The rate is applied using multipliers specific to each claimant taking into account their age and other factors such as their education, retirement age and life expectancy.
Last month the Lord Chancellor announced that commencing 20th...