Continuum Insurance Brokers
2010 News Blog Archive
Posted on:
"PROPOSED CHANGES TO MOTOR INSURANCE LAW - JANUARY 2011"
The Continuous Insurance Enforcement (CIE) regulations are due to be laid before Parliament in October 2010, introducing an offence to be the registered keeper of a vehicle which may not be covered by insurance following a check against the Motor Insurance Database (MID), even if the vehicle is not driven on the road.
Following comparison of the MID and DVLA records, registered keepers suspected to be without insurance will receive a letter and given the following options:
- contact their insurance provider to ensure registration on the MID is accurate
- update their DVLA record
- declare vehicle SORN (statutory off road notice)
- buy insurance.
Enforcement will only follow if the keeper fails to comply with one of the above and will result in:
- an initial fixed penalty fine of £100
- their vehicle being clamped, seized and disposed of
- possible court prosecution which carries a maximum fine of £1000.
Posted on:
"Inflation is alive and well"
...............and probably sitting in a jewellery box or in your safe.
Despite the headline inflation rate remaining relatively low the value of gold and jewellery has rocketed in recent years. Take the following statistics for instance
- The price of gold per ounce in January 2007 was £315. Today it is £708 – an increase of 125% in three years *
- A 1-carat high quality diamond cost £8,415 in January 2007. Today it would cost £12,187 – an increase of 45% **
Now is the time for you to be looking at the cover that you have for your valuables and checking that they are insured for the correct amounts. If you have one of our High Net Worth policies talk to us as your insurer may provide discounted valuation services.
* International gold trader prices from Cookson’s Bullion Dealer
** Diamond prices from the Rappaport Diamond Guide
Posted on:
"Better with a Broker"
New research from the British Insurance Brokers' Association (BIBA) has revealed that insurance brokers regularly help consumers achieve better results when pursuing a claim.
The majority of brokers surveyed have secured increased payments for clients in the past year, following an initial lower offer from insurers, and 58% of brokers said that they had to fight harder to get claims paid during the recession.
The research also revealed that brokers regularly negotiate up to a 20% increase on claims offers made by insurers.
Eric Galbraith, BIBA Chief Executive, said: "Insurers are tightening their belts during the recession and scrutinising claims and policy wordings. This demonstrates the vital support that brokers give clients during a claim. "
Galbraith added: "Many consumers do not have the experience or knowledge to negotiate claims payments themselves. Brokers know how to evidence and support negotiations through their understanding of policy wordings, relevant case law and their relationship with the insurer. "
Key findings from BIBA brokers
- 91% have secured an increased payment for a claim, on behalf of a client following an initial lower offer from the insurer
- 58% have had to fight harder on behalf of clients to get claims paid during the recession
- 87% regularly negotiate up to a 20% uplift on claims
- 91% negotiate a claim payment uplift either often or occasionally
- 94% overturn a claim rejection occasionally or often.
Responding to the survey, brokers highlighted a number of examples:
- Following a house fire, the insurer offered £12,000 but after broker negotiation the claim was increased to £18,000.
- An insurer tried to reduce a fire claim settlement on the basis that not all the damage was caused by the fire. The broker disproved this and secured a settlement of £30,000. The insurer had offered £6,500.
- Following intervention, a broker achieved a payment of £20,000 for a property water damage claim which was initially rejected as a non valid claim.
- A broker increased the payment for a motor claim from £19,050 to £22,000
- On a flood damage claim the client was offered just over £12,000 but the broker negotiated a settlement of £17,377
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