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.       

Ignorance can cost.

There is problem many folk have when expressing an opinion in that it is presented as expressing a fact.

Much the same can be said with the present situation and the possibility of a tanker driver’s strike and the suggestion that we should fill up the car or van, and fill up a Jerry can as well.

Was that the right thing to say by the Prime Minister Cameron or his Cabinet Minister Angus Maude? Well let’s look at the facts. Most cars run on a third full because it’s more fuel efficient. I saw on the news last night that oil companies are obliged to keep 56 days of supply in reserve.     

I just looked on google and according to one article I read there are approximately 33 million cars vans buses and trucks on UK roads, we know 5% aren’t insured but that’s another issue.

If all the cars were running at a third full, which I personally doubt, and we now fill up fully how long would the supplies actually last. I would suggest probably way less than 15 days.  What facts do I have to support my thinking absolutely none but if I am thinking like others then it’s not surprising folk are already waiting in line to fill up. I did last night I have to admit.

Was it an ignorant thing to say? Well from a politician who should know or be advised better, particularly of the possible consequences I would say yes absolutely it was a dumb thing to say.

 What I would put to you is that much as it seems logical to store surplus petrol over and above what’s in your petrol  or diesel tank, and what you can hold in a Jerry can - that’s of course if they haven’t sold out!  - .To store inflammable liquids within the confines of your home in a store room or garage that I part of your home, may be in breach of your insurance policy unless you check with your insurance company first. 

Ok you could say that a bottle of vodka or whiskey is inflammable, so what difference a Jerry can of petrol or diesel? Good point, but that’s being a bit naïve and I kind of think you know that too.

All I would say is that if you have a garden, store the Jerry can there in a shaded place and if you live in a flat then please, please check with your Insurer what their position is on this. Whether you have always had the best intentions and never had a problem in the past, as an observer having a massive potential fire hazard slopping about within you home just can’t be the right way forward

As for other things well to all those who came to the Business 2012 exhibition I hope you found it interesting and it was a pleasure to meet you. We will in May this year be at the Business Show, which is being held at the Exel Centre. It is an exhibition set up for Business Start-ups and all sizes of business from a few thousand pounds turnover to up to £100 million. It’s been going for 12 years so they must be getting it right and appealing to all sizes. It would be a pleasure to welcome you to our stand.

In the meantime enjoy the good weather, have a great Easter and let’s hope the tanker driver’s strike doesn’t happen.        

"You haven't failed if you've tried"

I recently saw the film "The Best Exotic Marigold Hotel" with Judi, Dench, Maggie Smith and a classic British cast.  I thought it was brilliant and if you go I hope you find that too. Everyone gets great one-liners usually reserved for Maggie Smith alone, which makes it so much fun to watch.  

One line I remember was “you haven’t failed if you’ve tried” and that is our belief here.  

So what is our message? 

Well first there are no meerkats , or moustached opera singers here, just ordinary hard working men and women trying to do the best for you.

We don’t offer bull, just service and good pricing, accepting reluctantly that we can’t always be the cheapest.    

To most people insurance sucks, it’s like a tax, and it’s boring.  As an industry which covers almost every area in society, its reputation is hopeless. That’s because it’s a very British thing to knock the powerful when the screw up and insurers have a knack of doing that regularly. 

But there’s nothing else available on offer that can compete with what insurance as we know it does. So we need to make it work for us not us for it.

If you bought a £1000 suit you would expect something pretty good for your money and maybe look at every stich in the garment just to be sure you were getting your money’s worth.  Yet with insurance most just take the paperwork and file it in a draw, only checking if the name, house number, postal code and maybe registration details are correct, forgetting to bother with all the terms and conditions, exclusions and exemptions!

The same approach applies to commercial insurance products too. Most just think it all magically must be correct, so limit checking details to what they’re covered for with the same few lines.  

Lethargy is what all companies pray for and we don’t accept that as good practise.

We know we have to fight to command your respect.  We all have to be alert to changes in what is going on around us and act to defend our best interests. That is what we do for you at Trident Insurance; we look to protect your best interests and not sell you something that’s not worth the paper it’s written on.   

We can’t compete with classic stage and screen actors for entertainment value or brilliant one- liners from "The Best Exotic Marigold Hotel".  But I’m proud to say everyone here’s an individual and not a telesales droid. We don’t see the need for pre-set scripts and we understand where you’re coming from and believe we know what we’re talking about. We are prepared to think outside the box to get you the right cover and leave no stone unturned.

We have been around long enough to know we won’t stop trying to secure better deals for our Clients, on and off screen. 

So and when it comes to looking after your insurance needs please remember Trident Insurance are here for you.

   

  

     

Horror Story of the Month.

Well I don’t know whether this should be called horror story of the month, but it certainly got me worried and seriously upset, and I really don’t know what to make of it. 

I got a typical letter at home you know the half A4 size, white no identifying markers. I assumed just another enveloped flyer and was just about to throw it away when curiosity got the better of me.

It was from a mail order company and about 4 lines in, ‘please call’………as soon as possible. This is because information we have received suggests that your name/personal identification details may have been used by another person to impersonate me.  

Well I went stone cold, I called them up and they were very matter of fact about it having confirmed who I was. I was told in short that someone had looked to steal my identity, and that it was so easy.

If we are on the electoral roll then our basic details are already registered freely with the local authority and if someone wants credit today they only need to give an address and against that address will be a credit score.

Since the letter I now know that if I want any credit I will be called by the company I applied to and have go through a telephone interview.  For sure that may be more time consuming but it’s a hell of a lot better than finding out there’s someone securing credit in my name. I have to tell you it spooked me all day when I found out and I still feel upset. 

For those who want to know what the fraudsters were trying to buy t was just over £500 of Lacoste clothes, under the guise of the separate internet orders which they didn’t want delivered to my home address (obviously) but to a store!!.

Fortunately the mail order company smelt a rat and didn’t make the delivery but it really raises as serious issue that we all hear about and then think it wont be us until it is. 

Can you insure against identity theft and the answer on credit cards mostly yes but just think of all the occasions where someone is slowly using your name and address maybe even setting up a bank account in your name and so it goes on. Home insurance should cover the potential damage but you need to check with your Insurer.

We think we are all secure and believe me I am pretty anal on security, but then this happens and I feel massively deflated. All I can say is that was told to check what is shown on either Experian  0844 481 8000 or www.experian.co.uk or Equifax 0844 335 0550  www.equifax.co.uk or Callcredit Ltd.  0870 060 1414 www.callcredit.co.uk and go through everything they have on me. I believe there is a charge but I don’t have any choice nor would you. 

The killer is, this really is a massive problem, and I was the 15th person the lady had spoken to that day, and we all need to protect ourselves as best we can.

I’ve written in the past that insurance plays on fear just as the stock market plays on greed. I also think you can be taken in and buy a lot of policies that you don’t need. But the point is that whilst insurance can be costly and we don’t see the point of it. There are going to be times when we kid ourselves that it won’t happen to us and it may, so please don’t ignore insurance can help.