All you Need Is Love
There’s a scene in the Woody Allen movie, ‘Play It Again, Sam’ where Woody Allen’s character goes on an arranged blind date which turns out to be a total disaster. Asked the next day how the date went, Allen replies “I’ve spent better nights with an insurance salesman”.
The perception that our work is ‘boring but important’ does not reflect the reality.
Underwriting and broking the colossal risks facing the business community is enormously challenging, intellectually stimulating and riveting for the curious. As lives and livelihoods are on the line, it is never dull, but absolutely vital in its importance.
Many businesses like to think of themselves as being in a passionate endeavour, a higher purpose – and we’re no different. Securing the future from the jaws of random chance and human failings is among the most satisfying work you can complete. The range and diversity of risks insured within our clientele is amazing.
Many businesses think ‘the premium’ is all that matters, but on the morning after the fire, nothing matters less – it’s supremely irrelevant.
43% of all businesses suffering a disaster never recover* – that’s almost half.
Under the crust of statistics, in my experience, are the stories of businesses killed off, not by the fire – but by their own insurance company.
In 30 Years, I’ve seen some real disasters up close. Lives and livelihoods ruined, all so easily avoidable – the future, lost, for an insignificant ‘saving’, or simply not understanding that the detail of insurance is really, really important.
There is no such thing as ‘cheap insurance’. You get what you pay for. The cheaper it is, the more restrictive and conditional the cover becomes there is, literally less money to pay claims.
You have a burnt out business: they have a cheque book
Making the Small Print BIG…
Insurance Contracts are subject to a legal doctrine called ‘Utmost Good Faith’(Disclosing all the facts of Insurance). At the root of ‘Utmost Good Faith’ is an obvious truth: that you are at an enormous advantage over the insurer. You know all about your business, its history and your own background, but the insurer knows nothing – other than what you tell them.
The legal doctrine of Utmost Good Faith means that you have a positive duty to disclose all ‘Material Facts’ about the proposed insurance risk. A ‘Material Fact’ is one which would influence the mind of an underwriter or insurer in deciding whether to accept the insurance risk and at what terms.
Do’s & Dont’s
The ‘do’s and dont’s’ are a listing and explination of common behavioural policy conditions. It is absolutely pivotal to future claims settlements that you understand and comply with those that apply to your policy.
DO inform your insurer of any inaccuracies, and disclose all material facts whether or not the subject of a specific question, as failure to do so may invalidate your contract of insurance or result in a claim being rejected
Ain’t That Peculiar
In this section we will review the different sectors the Business Insurance Bureau deal with on a daily basis and the challenges that each industry can represent.
Over the last 30 years there has been a huge rise in the numbers and types of food outlet in the United Kingdom. Where there were banks, churches and shops are Restaurants, Café’s, Pubs, Clubs, wine Bars, Fish & Chip Shops, Fast Food and Take – Away outlets – all selling hot food. Indeed, the huge number of outlets and choices available to the public across many ethnic and specialist food outlets suggests the tradition of home cooking must almost be a hobby.
The Trouble With Grease A build up of grease in kitchen extract ventilation systems is a major fire risk – it is easily ignited and is quickly uncontrollable. Both the food outlet and neighbouring property are at risk as the ducting of the extraction system will inevitably lead to other occupier’s property, giving the potential for a major loss.
This section is a precis of the most common forms of Business Insurance Protection available both for Companies and Individual Business People. Some of these covers you will doubtless already have, but others may be worthy of your consideration.
It is important to consider how the full range of covers available can assist you transfer important risks that you and your business face now or in the future to the insurance market. Please take some time to have a read through our associated webpages and consider if these covers are appropriate.
What’s it All About
History, Theory & Meaning of Insurance, The history books point to the beginnings of an organised industry in the seventeenth century. Shipping merchants, gathering in Edward Lloyd’s coffee shop in Lime St, London would speculate on whether each other’s ships would successfully reach their destination – with the kitty going to those unfortunates whose ship didn’t make it.
Lloyd’s of London remains the world’s biggest insurance market and still sits on the site of Edward Lloyd’s coffee shop. The modern insurance industry evolved out of something else, however. When Karl Marx predicted that Britain would become the first communist country, he wasn’t paying a compliment.
Terms of Business
It’s boring but it’s legal