Ho Ho Home Insurance Advice

Its Christmas at Fairweather towers. Appropriate tunes on the office radio and Secret Santa later. Tune in to find out whether everyone was happy with their gifts.

On a serious note....

As we fast approach the big day and gifts are given and received you will no doubt be increasing the value of stuff in your home unless of course after every Christmas you have a habit of offsetting the value of your new things by selling off some old stuff. Make sure after Christmas you take five minutes to make sure that your contents sums insured are adequate and the security on your house is appropriate and acceptable to the insurers. Remember that if the insurance policy says you must have window locks then having them but leaving the window unlocked is not compliant and you might find yourselves in breech of the conditions.

We hope that you have a brilliant Christmas and one to remember for all the right reasons and not because of the greed and desperation of thieves.

If you want to chat over your policy and needs whether you are insured with us or not then please pick up the phone or email or indeed pop in for a chat. I can't give you mulled wine but you might be lucky with a mince pie and a cup of tea!

Alistair

A Yacht Too Far

Leafing through the Insurance Times 'Knowledge Handbook' I stumbled across the section reviewing the insurance markets relevant to those of you who might be 'High Net Worth'. Whilst the money being spent on insurance by these individuals fell dramatically along with the economic dip the purchase of luxury cars, property stayed fairly boyant... unlike the sale of yachts which in 2009 fell by a whopping 40%. Obviously in these hard times it turns out that we feel the yacht to be just that little expense too far.

Not all Sweet at Swinton

Rarely does an email pop up from one of the insurance publications which makes me stop what I am doing and read it there and then but todays Insurance Age managed it. They reported that with immediate effect the entire executive board at National Broker 'Swintons' had been dismissed by parent company Covea. This is apparently to do with concerns over performance related share schemes. A Covea spokesperson said that they have appointed a new board to ensure the smooth running of the company..... If ever you could pick a day to be a fly on the wall today might have been an interesting one.

Fairweather Insurance Goes Bookworm

Last week saw confirmation that Fairweather Insurance will become the principal sponsor of the Chalfont St Peter Community Library. We at Fairweather towers are extremely excited about the opportunity to keep valuable community assets alive where otherwise, without funding, they would close.

Everyone recognises that in the age of the kindle, ipad, and smartphone the library in its traditional sense is seen by many as something to be left behind however along with those now running the library we feel that it remains a vital resource for many in the community. The plans in place for the library means it will meet the needs of those who currently use it and turn it into a usable resource for those who don't use it but would benefit.

We are looking forward to our future relationship. No doubt you will see lots more about the library via this blog in the near future.

Alistair

Mince Pies Are On Us!

Last Friday we took to the streets of Chalfont St Peter to meet and greet our public. As a 'local broker' we are keen to help the local community with protecting their homes, businesses etcetera it was a lovely opportunity to get out there. The Chalfont St Peter Christmas Fair saw jam packed streets with what seemed like the whole town out and about.

Many people enjoyed a mince pie (made by Halls Patisserie) and some lovely wine presented in association with Paul Fisher from Fishers of Gerrards Cross. In exchange people allowed us a little word in their ear about our services and how we might help them specifically. The reception was very good indeed and many people passed on their details hoping to hear more from us.

All in all a sucessful evening although we have plenty of mince pies left so feel free to pop in for a mug of something warm, a mince pie and a chat about any insurance issues you may have.

Snow Day = Still Being Paid Day

As we all know if more than a thimble of snow falls in on this green and pleasant land then the world comes to a standstill. We all know the day you begin hating snow is the day you pass your driving test however it seems to go up a notch when you discover you have to stay at home to look after the kids whose school has closed. Whilst their running around using all your carrots for snowman noses you while away the time having to take unpaid leave. Well fear not... a new insurance product will pay out for up to five consecutive days in order that you might not be financially out of pocket because the drama teacher can't ride her bike in the snow. With premiums starting at £30 it seems entirely worth it.

Please do not hesitate to give us a call if you would like to discuss this further.

Unfortunately I am now able to count myself as a victim of crime. The weekend before last some lovely people decided their evening was not exciting enough and so broke into my car by smashing the window and taking my bag. Similarly on Friday I had a call from a client who had some tools stolen from his van whilst locked and in a car park. The fact that these crimes were committed in areas where the public are also freely going about their business is testiment to the brazeness of criminals. Luckily for me there was nothing valuable in the bag and my glass excess for the smashed window is only £50 but for our client who had their van broken into a significant value was taken.

Insurance is only part of the answer and to minimise the impact of a loss like this we would encourage you to keep an inventory of your tools and equipment along with proof of purchase. This will ultimately mean that any claims process is speeded up as all the required information is there. Similarly be aware of where you could obtain these items again so as to ensure that you are back on your feet, trading as soon as posisble. We won't just sell you a piece of paper saying that you're covered but we will go that extra mile and assist you in building a plan around your policy so that you have the peace of mind knowing that, if you experience a loss of any kind you will have as little interruption to your business as possible.

That being said often prevention is better than cure and so please follow these bullet points to ensure that you don't make your possessions attractive to theives.

• Ensure your vehicle is not parked in an icolated position.
• Try and park somewhere you can keep your eye on the vehicle or as close to where you are going to be as possible.
• If possible park in a public place or in the arc of a CCTV camera.
• Ensure all windows are secure and doors are locked. 
• Ensure your vehicle is alarmed and that it is functioning.
• Remove any personal possessions from view (even if of no value).
• Any wires or leads which might suggest your vehicle contains phones or satnavs should be put away.
• Clean the inside of the windscreen to remove any marks left by a satnav.
• If you can, take items such as satnavs with you when you leave a vehicle.

Alistair

Lock Up Your Hamsters

So Freddie Starr is in the Jungle however it was more of a case of 'I am a Celebrity Get Me In Here' rather than 'Out of Here'. It turns out that Freddie and the production company struggled to get insurance for the 68 year old comic who underwent bypass surgery last year. The producers managed to persuade the insurers to provide cover at the final hour and Starr joined the other nine later on Sunday night...

... I wonder if there is an exclusion for Kangaroo Testicle poisoning?

Pause for Perspective.

At 11:00 today we observed a 2 minute silence in the office. Whilst our job is to protect your homes, vehicles, businesses and assets with  things such as policies and bonds it is the service personnel that protect not just these things but our way of life and the freedoms we enjoy. They do this not with policy schedules, endorsements and the like but often with their lives.

We at Fairweather Insurance Services Ltd are very grateful for their courage and their sacrifice.

No Win, No Fee, No Insurance?

With some new providers, as far flung as Iceland, entering the mix Solicitors spent a whopping £255.7 million on Professional Indemnity Insurance this year. This compares with a spend of £213.5 last year - an increase of £42.2 million, lots of cash in anyones book. XL Insurance seem to be sitting pretty with over 18% of the market share. I am sure XL's Christmas Party will be a good one whilst I fear a number of solicitors will be digging out the budget crackers and paperhats in an effort to save for next years premiums?They better make sure they win a few of their no win no fee cases.

Alistair

Adding Strings to the Bow

One of the things that keeps a job in insurance interesting is the introduction of new products. We are constantly looking at ways of assisting you (our clients) in as many ways as possible. I am therefore pleased to confirm we will be looking to deal with some new and exciting products in terms of bonds, rights to light and all manner of interesting other things. More specific details will follow in the News section in the next week or two so keep your eyes on this site.

Alistair

On a wing and a prayer –

According to a recent survey 20% of holidaymakers travelling abroad don’t take out travel insurance. Currently there are somewhere between 13,500,000 and 15,000,000 trips abroad by UK residents. Whilst this number is some two or three million less than in 2008 it does mean that up to 3,000,000 uninsured trips being made each year.

To me this is staggering given that insurance for a week on the continent can cost less than £20.00. We can all take a hit on losing what we paid for the cheap flights however when it comes to exciting tropical diseases or a bit of dodgy lobster who knows what is around the corner.

So as an additional expense it isn’t going to break the bank and literally could save your life. At the same time make sure that the benefits of the policy are sufficient. We can all click the ‘include insurance’ button when booking the holiday but it is always worth speaking to your broker because two or three pounds could mean an extra few thousand pounds of cover.

So remember to call us when booking your trip and our personal lines team will be only too happy to help. 

Source: http://www.insurancetimes.co.uk/

When one trade just isn't enough.....

Comedy legend Eddie Izzard talked about a shop that used to be open for business in Tooting that sold musical instruments and firearms 'get your guns and banjos here'. Harry Hill commented on the combination of key cutting and shoe repairs 'what would they do if I went in wearing a massive pair of keys on my feet', would they re-sole them or cut me some new ones?

We have been asked to insure some interesting combinations in the past, Electricians & Pest Control etcetera, here are some that slipped the net....

Smokes and Pets (Toronto, Canada) - where else can I buy quality cigars and a goldfish?
Greg's Clear Cuts and Guitar Lounge (Santa Rosa, US) - Who wouldn't need their hair cut whilst choosing a new six string?
Pie and Pi (Sydney Australia) - I always like to munch on a pastry snack when purusing the latest in stationary and mathmatical equipment.

Perhaps we should branch out.... poultry and insurance? Duck and Cover?

I'll take two pairs of these in the brown and some potential exposure to asbestos please....

A whopping fine totalling £1.15 million has been demanded from high street giants Marks & Spencer and three of its contractors for unsafe work. A Bournemouth court found M&S et al guilty of placing customers and construction workers at risk of exposure to harmful asbestos during recent refurbishment works to their Bournemouth and Reading stores. The prosecution was brought about by the Health and Safety Executive. As far as I know no-one has physically shown any signs of asbestos poinsoning.

.... I only went in for a packet of percy pigs.

Bear with me...

It seems I can't go half way round the world without ending up in a conversation about insurance. I was in Canada recently, Ontario specifically, visiting some friends who as it happens, had an accident. There are some crazy motoring laws in Canada such as being able to turn right at a red light. That is the equivalent of us being able to turn left at a set of lights even if it shows red, providing nothing is coming obviously. On this occasion in Canada something was coming... it was my friend who the other driver had clearly not seen. The police where called (it seems rare to have a traffic collision that they do not attend there) and details exchanged.

 

Following this incident I was chatting to him about insurance. His wife, a 31 year old Canadian national with a number of years no claims proof. She has had no accidents and no motoring convictions yet her insurance for a mid-range family Mazda costs $1800. At present this equates to about £1200. The same car and details in this country would probably set you back between £400 and £800. The difference is not due to bear attacks or low flying moose its the extreme winter weather. The huge amounts of snow and ice cause accidents galore and costs the Canadian insurance market a ridiculous amount of money. If this was solely charged to those who had those accidents insurers would be repossessing belongings left right and centre because people couldn't afford to pay the premium and so it is shared (although those with the accidents have a heavier cost to bear).

 

It is the same in this country. Unfortunately the millions of pounds worth of damage done to London during the riots will cost innocent London shop owners money moving forward. The rise in personal injury claims (some dubious) has also cost the insurance industry vast sums which have to be passed on by way of rate increases.  Perhaps the governments decision to ban referral fees for passing contact details to personal injury solicitors (more on that later) will go some way to improving the situation for motorists? 

 

The simple fact is that even with the dominance of the internet for car insurance it is always worth talking to a broker who can provide you with frank and objective advice, guidance and all being well, a competitive and perhaps most importantly peace of mind.

 

 

 

Not enough Fairweather away from Fairweather....

Well its now September and most of the staff here have returned from various summer vacations and it appears here at Fairweather we are the exception that proves the rule. According to Virgin Atlantic, who obviously have too much time on their hands, insurance professionals are most likely to suffer from extreme sunburn.

 

Clearly we are all too risk aware and have mitigated our loss by applying adequate swathes of sun cream.... or just not left the office. Maybe for the rest of the industry Nivea (other leading sun-protection products are available) should introduce a new range targeted at people in the insurance industry. Perhaps 'Consequential Loss Cream' or 'Sums Insured Sun Screen'...... better suggestions welcome on a postcard. 

No Such thing as a Free Lunch.....

I have heard of people paying thousands at Charity auctions to dine with their favourite actors, pop stars or sports personalities. I myself have parted with the odd nifty fifty or cool £100 to hear a haggard rugby legend spin a yarn or two. How much would you be willing to part with to have a steak lunch with your favourite insurance industry personality? According to industry press an 'unknown individual' paid a bargain $2.6m (£1.59m) in an ebay auction to have lunch at Smith and Wollensky in Manhattan with Warren Buffet, chief of Berkshire Hathaway and known as the 'Oracle of Omaha'. I am not sure whether or not this meeting was worth the money to the 'winner'.

In case you were thinking about it I am generally available between 1pm and 3pm and I like tapas.

I Like it When a Plan Comes Together.

I just wanted to share some wording of an email which came into the office last week.

'Many thanks again for your help on this and the PI.  I have been very impressed with the service that you and your firm have provided.'

I don't want to appear as if I am blowing our trumpet too much here, but just wanted to point out that feedback is very important to us - it allows us to see both what we are doing well and what we could do better.  We pride ourselves on the service that we offer our customers.  As part of this commitment, we are constantly striving to improve our service on every level and your feedback is an invaluable part of this.   

To provide your feedback, please email your regular contact at the appropriate office or alternatively, email webfeedback@fairweatherinsurance.co.uk leaving your thoughts and comments (good or bad) along with some contact details.

The Curse of the Enraged Soap Character!

It might interest you to know that a study has revealed that plot lines in soaps over the last three years have resulted in a fictional insurance bill of at least £1,000,000!  The single most costly incident being the siege, fire and explosion at Weatherfield's knicker factory which would have given rise to an insurance claim costing in the region of £150,000. This kind of wanton destruction is not limited to the North of England, with the inhabitants of Albert Square racking up a criminal damage bill of over £70,000.  On a similar theme, residents of Hollyoaks have been the victims (and, one would assume, also the perpetrators) of 32 thefts and five muggings.

According to bods at esure who undertook this research, Coronation Street represents ten times the claims cost of an average street in Manchester. 

It is probably safe to say that plans to open a Weatherfield branch of Fairweather Insurance are presently on hold.

The Soup, the Laptop and the Dog (adding value).

As the tin of Baxters - other manufacturers are available - Carrot and Coriander soup careered towards the laptop no amount of leaping across the kitchen was going to stop the inevitable. Whilst time seemed to stand still, the weighty tin smashed into the keyboard dispersing letters left right and centre. The dog got to the H, J and > before I could, wolfing them down as if they were some alphabet themed tasty treat. The scene now represented a road traffic accident between soup and scrabble delivery lorries. Perhaps I am over dramatising the event? The short of it is that my laptop suffered extensive accidental damage. Much of my extra curricular activities rely on being able to use my laptop and as such I was aghast at the situation that had unthinkably unfolded in front of me.  

I have worked now in insurance for over five years and am constantly assessing the needs of others and talking about how exciting a given new insurance product is. I'd use words like innovative and market leading as if I were describing a physical product, a car, a vacuum cleaner or similar. I suppose that it is difficult to see what you are buying as a physical product, as something tangible which protects your business, home or car. You pay your money and get a certificate or schedule in return. The truth is that insurance products should be seen as a physical product, something tangible that isn't there 'just in case' but forms part of your disaster recovery plan . Whether we are providing cover for your business or your home or, indeed, any other insurable risk it is important to recognise that what you have bought is always there to support the continuity of your business or the lifestyle to which you are accustomed. It is our job then to assist you in understanding how this is achieved.

This is where the added value comes in. There were times when dealing with the insurers over the injured laptop that I relied on my experience as a broker and was able to use my 'product' knowledge to secure a quick and satisfactory settlement (although I had to replace the soup out of my own pocket). I am confident that had I not had the understanding of the policy I would have found this a difficult and challenging process.

As part of adding value I want to make insurance matters accessible and present interesting and relevant thoughts, news and issues as part of this blog. If there is a subject you would like me to comment on or if you have any queries regarding anything raised in any of the posts then please get in touch.

Alistair