You don’t want insurance companies to pay fraudsters – especially if they’re using your premium

Posted by on 15 February, 2010 No comments as yet

Have you contributed to Madoff’s legal defence costs?

 

Not all insurance disputes should be won by the insured, especially if they are fraudulent.

Usually I’m furious when I hear that an insurance claim has been declined. This time I was pleased; Lloyd’s of London successfully defended themselves in a US court when Madoff tried to appeal that Lloyd’s were wrong to cut off the funding of his defence costs.

Lloyd’s had already parted with $4million whilst the legal eagles prepared their cases. They pulled the plug after one of his cohorts pleaded Read the rest of this entry

or subscribe to receive new posts via email or using RSS
Categories : Accountants Insurance,All Risks Insurance,Business Insurance,Company Insurance,General Requirements Tags : , , , , , , , , , , , , , , , , ,

Professional Indemnity Insurance – Discover how to avoid losses

Posted by on 25 January, 2010 No comments as yet

Professional advisers are not always protected by their insurance

 

Want to know why some indemnity insurance claims are declined? I have two examples of claims being declined, one more extreme than the other, yet both prove small errors can prove costly. And I’m going to tell you why they were declined and how to avoid it happening.

The first is the most recent, only a few months ago an insurance company refused to cover a claim for a company that was being sued for £47,000. The claim related to an incident that occurred in July 2005 when they had translated a document (allegedly incorrectly) yet it would have been covered if the insurance company had been made aware of it earlier. Read the rest of this entry

or subscribe to receive new posts via email or using RSS
Categories : Accountants Insurance,Business Insurance,Company Insurance,Customer Service,General Requirements Tags : , , , , , , , , , , , , , , ,

Discover how your business network can help your clients

Posted by on 6 January, 2010 No comments as yet

Your network can help you keep clients as well as find new ones

Here’s a simple way to add value to your product or service.

From time to time your clients will reach the limit of your product or service. With a good sales and marketing process you will have already set the parameters of where those lines are drawn. However, you can add value if you have worked out who can help your clients where you can’t. Read on for examples. Read the rest of this entry

or subscribe to receive new posts via email or using RSS
Categories : Business Insurance,Company Insurance,Customer Service Tags : , , , , , , , , , , , ,

Business Insurance has a hidden weakness – does your policy protect you properly?

Posted by on 4 November, 2009 No comments as yet

Insurance claim departments are taking a hard nosed approach – make sure you’re covered

 

I recently heard about three businesses who have been robbed of £250,000 assets and their company insurance is not paying out. Today, I heard about another case of a business getting caught out and insurers used terrible judgement to decline the insurance claim.  I am trying to use the information superhighway to show you how to ensure this doesn’t happen to you or people you know that run businesses.

The scene of the crime

Criminals have been climbing into manholes and cutting telephone lines at targeted premises. This triggers the alarm and Police and a member of staff attend the premises. There’s absolutely no evidence of a break-in so the Police and staff withdraw. After everyone has left the premises are then broken into yet the alarm doesn’t sound because the lines have already been Read the rest of this entry

or subscribe to receive new posts via email or using RSS
Categories : All Risks Insurance,Business Insurance,Company Insurance,Contractors Insurance,Uncategorized Tags : , , , , , , , , , , , ,

Want to secure cashflow despite bad luck?

Posted by on 5 October, 2009 No comments as yet

 

Fire risk assessments are not exactly high on the list of priorities for everyone. Some small businesses might think fire evacuation procedures are not important. So spare a thought for the business owner in Scotland who didn’t think a fire would ever affect his organisation.

The business was unlucky enough to suffer a fire and they didn’t have an evacuation procedure, they probably couldn’t find the time to do it – especially as there 101 other things to do every week to keep the business afloat.

 

The fire brigade arrived yet the absence of an evacuation procedure (which should be tried and tested) meant that no-one at the premises could tell the brigade if anyone was left in the building. Read the rest of this entry

or subscribe to receive new posts via email or using RSS
Categories : All Risks Insurance,Business Insurance,Company Insurance,Contractors Insurance,General Requirements,Health & Safety Tags : , , , , , , , , , , , , , , ,

Can contractors insurance enhance a reputation?

Posted by on 16 September, 2009 No comments as yet

 

Here’s a brief explanation of how accidents can happen, the benefits of quality service and how reputations can be enhanced when bad luck turns up.

There seem to be a lot of people damaging windows in Bond Street these days. Not all of them are sinister. Here’s a true story about what can be done to prevent accidents turning into disasters.

A client had the misfortune of damaging the window of a jeweller on Bond Street whilst he was working there. The windows are supposed to be “bullet proof” yet it didn’t stop a sparky’s screwdriver – he was working inside when it happened.

This electrical contractor has a great reputation. Often working at high class restaurants and retail outlets in airports, they have always been careful to ensure they have adequate cover. And they insist we arrange insurance with companies that are willing to help as soon as a claim occurs.

This happened on a Sunday and a call reassured the jeweller that they had adequate insurance and they could order an immediate replacement window because the damage would be covered without admitting legal liability of course. They were able to do this because they understood the claim process and knew who to call to check they had the right cover. How many people can say that?

The new window was installed without delay yet we were asked to intervene when the cost of the glass (£18,000 from Germany) increased because the pound had weakened between the time the order was made and the settlement cheque delivered. We contacted the loss adjuster and they arranged for the increased settlement. And the insurance company benefitted from their willingness to see reason.

The end result was a win for everyone. The contractor had increased his credibility, the jeweller is certain they used the right contractor, the insurance company paid the claim and secured the client’s business for years to come. The insurance company also learned to settle claims promptly or suffer the consequences of currency fluctuations.

These are not the only challenges contractors face, click here for an article highlighting how subcontractors can avoid problems with HMRC.

Top Tip: Always ensure you know your claim process. It’s extra prudent to try the claim reporting number and enquire about the claim process before you buy. And get your broker to check the insurance of anyone working on your premises – you don’t want to suffer a dent to your finances because they haven’t insured themselves properly.

See our top tips section for simple ways to help yourself today.

or subscribe to receive new posts via email or using RSS
Categories : All Risks Insurance,Business Insurance,Company Insurance,Contractors Insurance,Liability Insurance,Uncategorized Tags : , , , , , , , , , , , ,