When cheap prices leave you unprotected

Price seems to be the main reason for people to choose which insurance broker and policy they use. The insurers have realised that some brokers will peddle any policy if the price and the keyfacts document look good.

We have recently seen a client, who is looked after by a superficially reputable national broker, sold a policy that we would consider unacceptable in its terms.

Our audit's findings relate to the following clauses covering the Employers and Public Liability sections of the policy.

“HSE RECOMMENDATIONS CONDITION

It shall be a condition precedent to ALL Liability Sections that the Insured shall ensure that they and their Employees, and any third parties acting on the Insured's behalf, comply with all applicable statutory requirements, and Health & Safety Executive (HSE) regulations, approved codes of practice, recommendations and guidance, or those of any equivalent bodies in Northern Ireland, the Channel Islands or the Isle of Man, applicable to the operations and processes conducted in connection with the Business”

In the event of a serious injury taking place the client will have to demonstrate compliance with a moving target of HSE guidance delivered via website which changes daily.

“PERSONAL PROTECTIVE CONDITION

The policy also required suitable PPE, maintained in working order, employees trained in its use, signed off and a disciplinary regime in place for non compliance”

We believe insurance is there for the times when accidents happen and processes fail, however in this case:-

• No safety boots - no cover
• No goggles being worn whilst grinding - no cover
• Workplace noise over 85db and a loss of hearing suffered - no cover 

The largest claim for personal injury in the UK is £15m - a business does not need to be fighting these claims by itself or employing a solicitor to get its claim paid by the insurer.

Castlemead Insurance Brokers offer an audit to customers who have concerns over their small print. 

Insurance Fraud - Courts siding with insurers to stem the tide

Two recent cases show that the Courts will not accept claimants grossly exaggerating their injury.

David Ribchester from Tyne and Wear said wrist injuries from a workplace incident stopped him from carrying out basic tasks including opening jars and driving, claiming £923,000 from insurers. He was jailed for 12 months when he was secretly filmed by insurance investigators on a number of occasions between February 2008 and October 2009.

You can see the footage on YouTube here. 

He was filmed at his local rugby club where he was seen to "grab the ball with both hands and go into a hard tackle" despite claiming he was unable to tie his shoelaces. The 31-year-old, who previously admitted fraud by false representation, was sentenced at the Old Bailey in London on Thursday.

In another case James Shikell submitted an inflated £1.35m claim for damages for injuries in a car crash. He was also sentenced to one year’s imprisonment after the courts found him guilty of contempt of court. The decision came after footage of him playing football revealed that he had exaggerated his symptoms. His father Robert Shikell also received a year's imprisonment for his role in supporting his son's claim while a third man, Simon Fennell was fined for providing a false statement in Mr Shikell's personal injury claim.

If only the industry can deal with minor whiplash claims - there are new Ministry of Justice changes coming into force from the end of the month to help reduce the value and fees on less serious injury claims.

We will blog about this in a few weeks’ time and add the link to this article.

Flying Felix

As we all marvel at the death defying jump made last week by Felix Baumgartner, have you ever considered  covering your own “high flying” staff in event of absenteeism through accident or
sickness?  The loss of a member of your team for even a short period can have consequences not just to your business  operations but also to your company profit as the wages for those affected still
need to be paid. 
At Castlemead Insurance Brokers in Bristol we have insurance solutions to cover your business. 

A Personal Accident policy can be arranged to provide payments to you to cover the more ordinary accidents which can befall your staff which can include payments to your business to cover;

• Death
• Permanent Total Disablement  
• Permanent Disabling injuries 
• Temporary Total Disablement 

Additional benefits to cover sickness can also be included. 
These covers can be purchased easily and inexpensively – please contact us for further information.

Conference Cover

As the political conference season nears its end, have you ever considered the costs of having to cancel, postpone or abandon your own company conference?  Additionally, have you considered the costs involved as a consequence of damage or destruction to equipment you may hire for the event?

 Whether arranged as an AGM or a fund raising event the costs involved can be substantial for any business.

 

Cancellation cover can be purchased to cover a multiple of risks, which can include;

• Costs of cancellation or abandonment, which can include the failure of key speakers to appear at the conference
• The Liability for you as an employers and your liability for injury to third parties visiting your conference. Cover will also include any damage you may cause to the venue
•  The costs of any equipment your hire in, such as specialist lighting or microphones

Please contact us about arranging insurance for your next conference.

 

 

Kidnap and Ransom insurance cover

With many of Castlemead's clients expanding their operations into new territories, we have been increasingly talking about the need for kidnap and ransom insurance.

The policies indemnify the insured for: -
• ransom monies paid from kidnapping or extortion
• Loss of ransom monies whilst in transit/delivery
• Expenses involved including travel and accommodation costs
• Medical services and hospitalisation
• Business Interruption losses
• Consultants costs

Helpline numbers and access to International Crisis Response teams are provided as part of the arrangements.The quotation process also involves a review of the travel plans and security arrangements, highlighting and addressing areas of weakness.

We have recently placed cover for companies travelling to countries including Somaliland and Puntland so, if you need someone experienced to look into this area of business insurance for you, get in touch with us....

Are your gold medals covered?

Would your valuables be covered to their full value in the event of a theft at your property? When did you last review your household contents sum insured?

At Castlemead Insurance Brokers, we review the sums insured with all of our private clients to ensure the standard policy limits are amended where applicable and claims are paid in full. Common areas of review include: -

Jewellery, watches and valuables whilst away from the home

• Standard overall limit of £3,000
• Individual limit of £1,500
  Items over this limit to be specified and valuations obtained

Paintings, antiques and works of art

• Standard overall limit of £10,000
• Individual limit of £2,000
  Items over this limit to be specified and valuations obtained

Sports Equipment

• Standard overall limit of £1,500
• Replacement set of golf clubs normally exceed this limit

Rebuilding sum insured for your property

• Must be accurate to avoid deductions in the event of a claim
• Castlemead can help you in this valuation

Increasing Motor Fleet Premiums

Motor insurers are attempting to apply rate increases to their motor fleet premiums to combat the rising costs of personal injury claims and fraud. At Castlemead Insurance Brokers in Bristol, we look after clients in the haulage, retail, manufacturing and service industries, many of whom run large vehicle fleets. Keeping premiums to a minimum and reducing claim costs ensures our clients remain competitive in their particular field, this done through: -

• Maintaining a independent broking philosophy using over 15 motor insurers
• Providing an in house claims service ensuring non fault claims are dealt with by the negligent parties insurers
• Analysing claims costs
• Targeting specific drivers and/or divisions
• Calculating optimum excesses
• Implementing risk management measures
• Discounts available for cameras
• Driver licence checking
• Driver training
• Vehicle reversing sensors
• Plant and vehicle security

Castlemead are here to help with your motor fleet insurance needs.