Hacked Off.

We had a report from a client that his massive great pride and joy, his 4 x 4, was hit on a round-about by a small Fiat car. The 4 x 4 wasn’t dented but a shed load of scratches had shown up that required major works to be cleaned. Needless to say the Fiat just appeared to have another prang, added to the others that it had clearly collected over time. 

The problem was that, according to the insurer, the Fiat driver is a senior citizen and grandfather and because of this they are not exactly busting a gut for our client. Some Insurance companies want to investigate accidents (and where that is part of the policy we have to comply) to save them paying out to third parties, but in this instance they have done little to nothing to progress matters. 

Needless to say our client is hacked off by the delays and after reminding the Insurer of the FSA’s Treating Customers Fairly principals and still getting nowhere we have now passed the claim onto the claims management company we use, and the difference is incredible.

The grandfather has been found and things are at last moving ahead and most importantly our client is happy because at long last the end to the delays is pretty well over.

The moral of this is that whilst Insurers do try to help they have no natural incentive to see matters close, like claims handling companies, and the best interests of the client may not be so well served it's just in their DNA to work at what, to some, is a snail’s pace. 

It’s a great debating point to have over a pint or two, and clearly the likes of Jack Straw think all third parties are costly interlopers. Well to me, in that case let’s have a government by interactive TV and save the cost of the politicians and their expenses! 

As with big government, big companies don’t see the best interests of the end client/user as paramount and that is why either the insurers get their act together quickly, or the need for claims management companies is as integral as ever. 

Clearly some Insurance companies are way better than others when it comes to claims. But in a market where we get what we pay for, and price is the deciding factor for most, that’s the downside at the time of purchase because no one thinks they may have an accident. 

You Have Been Warned!

On the issue of storing fuel, I went into Halfords and asked what storage containers they had for fuel. The guy asked what type because for those like me who don’t know Diesel and unleaded require different containers to be kept in. Clearly looking surprised and the first to admit I was useless at chemistry, I was told it’s all to do with the chemicals within the fuels. 

I’ve heard stories of people accidentally filling up an unleaded car with diesel and then trying to drive off only to see the engine blow up but didn’t realise the difference was so great for storage.

So store diesel in an unleaded container and see it rot the container, you have been warned; and after all that they had run out of both anyway!! 

Whether it is your intention to store fuel now, even if the tanker drivers don’t go on strike, please realise that you need the right container for the right fuel, it’s no joke and whatever you do, please do not store it within your house or flat or garage. But away from the property and anything that might be inflammable. That may seem obvious and clearly will be nigh on impossible for those without a garden. 

But as that poor lady found out on the news who suffered, I believe, 40% burns, for refilling stored fuel to a smaller container for her daughter when the gas cooker was on its not worth it. 

If ever that was an example of how not to do it, there will be requirements from Insurers in your home and contents policy not to hold inflammable materials within the confines of your home. That restriction would include the garage where it is attached and the cellar even if it may be cool. To ignore that requirement will invalidate your policy so please don’t even think of it.

Insurance isn’t like aspirin but…

I was recently reading a paper about the hang-ups of patients when prescribed medication.

Apparently this is a big issue where patients see no benefit from some prescriptions even though they may be life-saving because they don’t deliver a quick fix.

For example you have a headache and take a pill and it goes, usually within 20 minutes; result satisfaction and you are prepared to do it again. But say you’re prescribed Statins to reduce cholesterol and have no idea if they’re doing the trick for months so may feel reluctant to continue, or possibly experience some side effects so don’t take them that often and your own doubts actually handicap progress.

I think the same problem in a very bizarre and round-about also way affects the way people see insurance, in that you don’t see the value as there is no immediate fix. So many just duck out altogether unless it’s legally obligatory; and then go for the cheapest believing that no problems have happened so far, so why go for it now and waste my money?

Maybe with this note going out over Friday the 13^th it’s an auspicious time to think how lucky we can stay. For some they may have a charmed life and somehow the odds of anything going wrong are so wide that continuing to argue the case for insurance would be a total waste of energy.

Obstinacy and denial are powerful tools when trying to put across a balanced approach, and to some they will see absolutely no value to insurance what so ever. But for those who accept there will be no immediate fix in taking out insurance or extra cover and can see it as a safety net it’s hard to argue that it isn’t worthwhile.

At Trident we know it’s your hard earned money paying for insurance, and with belt tightening across the board, if there’s a way of getting it cheaper it’s perfectly understandable. But at some point if what you’re paying for is so much cheaper than a general market price, the cover offered may be as useless as a chocolate tea pot.

We can’t say go without and take your chances; but if that’s your view we have to respect it.

All we can say is that insurance isn’t medication as we know it, and will not guarantee an immediate fix but having the right cover will keep an element of stability and peace of mind that without can’t be secured, and at Trident we honestly feel that is the better way to go.

Regardless, please steer clear of ladders!!

Horror Story of the Month.

Recently we had a Client, who had two shops, with flats above them. One of them suffered a fire where a refrigeration unit over heated and set alight the shop.

Now, with shop insurance unless there is a huge amount of stock, Insurance companies can get a pretty good idea of how much stock almost any given type of shop would hold against its square foot and cubic capacity.

Anyway the owner never reported it for a month, which alone looked odd. Then they said that the documentation we had sent months earlier was in error and the value of the premises was not as was on the policy, but substantially higher. 

It had one awful smell to this, which was becoming worse daily, and it ended up with us informing our Professional Indemnity (PI) insurance company. They were very helpful and after some serious investigation, it transpired the insured party and claimant had in fact misrepresented numerous details to us which alone invalidated the claim.

As a broker we act in good faith when given information by a client as not all policies require a site visit, and in difficult economic times, it’s a known fact that fraudulent claims will rise substantially.

 The end result was that whilst we were completely exonerated of any failings, the fact that we had PI insurance made all the difference, as the insurance company looked after us really well.

OK it’s another level of cover that you may feel is just too much to pay when times are tight, and given all the other insurances relating to your business. But having good PI cover, where you supply a service or give advice is now almost an integral cost requirement  and regardless of many end Clients now pretty well insisting on their suppliers showing proof of cover to win business, to go without is not the right thing to do. 

So if you think you might need PI cover please give us a call and we will look after you.