Thursday 28 June 2012

International Insurance

Castlemead Insurance in Bristol recently won a client who had chosen to relocate their business to a country outside the UK. The insurances we placed had to be robust enough to cope with: -

Local Legislation in the country of domicile
  • Most countries have their own regulations which dictate the types of insurance which are compulsory to purchase in that region
  • Minimum limits must be purchased locally, but top up insurance can be bought in the UK to match the other group companies cover
Different perils available
  • Buying insurance locally in the country of domicile can leave gaps compared to wider cover available in the UK market. Care needs to be taken when combining the two portfolios
Cover requirements for the individuals based abroad
  • Special arrangements need to be made to cater for the Travel and Healthcare insurance requirements for those wishing to come back to the UK for treatment and/or for extended stays
  • Insurance cover for employees residential property in the UK may need to be amended to cope with periods of unoccupancy
Different contractual requirements
  • Establishing which division trades with each customer and the contractual terms in force is essential
  • The Territorial Limits and Jurisdiction provisions within the policies purchased must reflect the potential liabilities
  Imports / Exports
  • Marine cover needs to include all countries between which goods travel at the required limits
We were able to ensure all the above points were included within the insurance arrangements placed within our new clients’ insurance budget.


Wednesday 13 June 2012

Getting Fire Claims paid

Castlemead Insurance Brokers recently took a weekend phone call from a client who had the misfortune to be the victim of an arson attack. Once the fire brigade had departed, we calculated an anticipated loss of £150,000, with a requirement for an interim payment to keep the cash flow in order.

The insurer concerned issued the required cheque within the required timescales as at the loss adjuster meeting which we attended we were able to prove: 
Sums insured were adequate and had been recently reviewed
Policy conditions had been complied with including: -
  • Waste warranty
  • Claim reporting condition
  • Perimeter security in line with facts disclosed
  • Proposal form declarations were accurate
  • Business description matched the clients activities
  • Business Interruption declaration supplied within the specified timescales
  • Estimated Gross Profit figure therefore up to date
Had the fire occurred at your premises, are you confident you would have achieved the same result with your broker?