Latest News : Kennett Insurance - Commercial Insurance in Hull & East Riding

The right insurance cover at the best possible price

How to get the best from your insurance broker - in a recession

In a difficult economic climate, it is more important than ever to ensure you have the right insurance cover at the best possible price. As your broker, it is our job to help you achieve this. By working with you to gain an in-depth understanding of your business, we provide a conduit to leading insurers, helping them to understand the risks facing your business and your business’s risk management.

Our view of your business should cover your future plans, along with any short-term changes you are making. In current times, this may often include new activity to generate additional revenue or improve business efficiencies. If you are considering any such changes, please contact us at an early stage to discuss the insurance implications, which will help us do a thorough job.

Your attitude to risk management is important to insurers, so please provide us with as much information as possible. Good management, risk awareness and robust health and safety procedures can go a long way towards boosting your company’s risk profile and reducing premium costs.

Now may also be a good time to consider long-term deals with insurers. These can remove some of the uncertainty of premium costs, giving you some budget stability. We can talk through the benefits and terms of such arrangements.

In difficult financial times, some companies may consider cutting back on their insurance. Whilst you might be able to cut costs by cutting cover, providing a short-term financial gain, it may result in a disadvantage longer term. If a loss occurs, it is important that your insurance responds to enable you to get back to business as soon as possible, with minimum financial outlay and disruption to your business.

We want to be able to support your growth plans in all economic climates. If you would like to discuss how we can help you with your insurances, please contact us.

Employers liability

Changes to the regulatory framework

The regulatory framework governing Employers’ Liability insurance certificates has changed. Under the new regulations* which came into effect on 1 October 2008, the requirement for employers to retain copies of their Employers Liability (EL) certificates for 40 years has been removed. Further, whilst employers are still legally required to display their EL certificate in each place of business, under the 2008 Regulations this requirement is satisfied if the certificate is made available in electronic form and each employee to whom it relates has reasonable access to it.

The requirement for employers to retain their EL certificates for a 40-year period was originally introduced because it was felt that there was a need to cement in legislation employers’ responsibility to keep records of their employers’ liability insurers. However, because it could not be effectively enforced, the Government have removed the requirement. This change in legislation should not, however, result in any slippage in your business’s current practice relating to the retention of EL Certificates. Given the long tail nature and latency periods of some occupational diseases, you are strongly encouraged to retain a record of your EL insurance history as far back as possible and keep that information alongside current data.

The same principle applies should you acquire other businesses. It remains in the employer’s best interests to retain insurance information because if no records can be found, it is the employer who will be responsible for payment of the claim.

For further information on the Employers’ Liability Regulations 2008 visit www.dwp.gov.uk

* Employers’ Liability (Compulsory Insurance) (Amendment) Regulations 2008

Protecting the management

Is your company protected?

Against a backdrop of difficult economic conditions in an increasingly litigious society, there has never been a greater need for U.K. companies and their directors to have suitable protection from legal actions brought against them. With many employers being forced to downsize in recent months, leading UK Insurer Hiscox has experienced a sharp rise in claims on its policies made by redundant employees for unfair dismissal or discrimination.

This trend is expected to continue throughout 2009. With alternative employment hard to come by, more ex-employees are taking the legal route to resolve their issues, perhaps taking the view that they have nothing to lose by taking their former employer to tribunal. Last year ACAS saw an increase of 25% in the number of employment tribunals and claims that were passed to them for conciliation* Increased protection for employees in the shape of recent regulation has further increased the risk of experiencing legal action, even for the smallest employer.

These regulations include the Corporate Manslaughter Act, greater maternity and paternity rights and laws forbidding discrimination on the grounds of age, religion or sexual orientation. Further, many companies are not aware of their vicarious liability for the actions of their employees; an ‘off the cuff’ remark made by an employee, even in apparent jest, can lead to a company facing expensive legal action, potentially paying a six figure award if its defence is unsuccessful.

Standard Directors and Officers’ insurance will cover individual directors and officers against many forms of action. However, this may no longer be sufficient to protect companies against new and changing laws. In addition, some policies will respond only when the insurer believes they have a high chance of winning the case. This means that at the very time you need it most, the cover may not be available, leading to costly and unforeseen expenses.

Policy wordings are now available that will offer you protection even if the employee’s case is strong. Management Liability products offer comprehensive protection for UK companies and business owners, including cover to protect against actions from employees and regulators, plus many other areas of potential legal action including shareholder disputes, taxation claims, pollution claims and breach of data protection rules.

Please contact us to discuss your current cover and options available to you.

* ACAS Annual report 2007, © ACAS 2008

Delighted by our service, and not even a customer !

Kennett's Barry Knaggs walks the extra mile ...

In January 2009 one of our clients was involved in a minor traffic accident. The other party accepted full responsibility and rather than lose their own no claims bonus, they agreed to pay for the cost of the repairs having obtained a quotation from a local repairer.

Despite this amicable arrangement, getting the repairs authorised proved trickier than had been imagined. After a month there was still no progress. Although there was no insurance claim so we were not directly involved, Kennett's Barry Knaggs stepped-in and used his experience to get the matter sorted out to everyone's satisfaction.

The owner of the vehicle also took the time to thank Barry even though we don't handle his insurance!

"I would like to thank you for your efforts and reiterate that I wish there were more people of your capabilities and attitude. You are a "can do person" whilst others just talk about getting things done and nothing happens.

Thank for walking that extra mile for me , I consider you an asset to your company"

Des Golach

Property Owners Cover

High standard of cover for clients in the Property Investor sector

If you operate in the property sector, your premises represent a substantial investment. As such, you need to be confident that you are getting the right insurance protection for them. Why not speak to us to find out more about the comprehensive property owners’ insurance we can organise for you?

We have access to a new market-leading offering that aims to provide a consistently high standard of cover for all clients operating in the property sector and reflects a broad understanding of the risks faced by property owners. It includes, as standard, a number of cover features designed to afford you greater protection than that typically provided under insurers’ standard wordings. As such, this product is not widely available.

To demonstrate the difference, many insurers’ standard offerings include a number of negative conditions and warranties. For example, it is not unusual for insurers to apply a security condition to the effect that they will not pay a claim unless the intruder alarm is maintained and in operation at the time of the loss. Many of the negative conditions have been removed from this product.

For more details click here for a PDF of our Winter 08 Covernotes Newsletter.

Highway Robbery

Rise in company car related business frauds

The economic climate has been difficult for many businesses this year. The uncertainty, along with rising fuel and living costs, is being blamed for a rise in fleet car fraud. Insurers are warning that instances of fuel fraud and insurance fronting are on the increase.

Fronting: This is on the rise in commercial motor insurance. It involves company owners or directors insuring drivers not connected with company business on its fleet policies to save money. Typically, this may be their children who have not earned their own 'no claims' discount, or spouses with a high claims history.

This type of misrepresentation constitutes insurance fraud and can invalidate the company's motor insurance, leaving the business to pay for any damage to its vehicle, and your insurer will almost always seek to recover any costs rarising from an accident directly from those who colluded in the fraud.

Fuel Fraud: The cost of fuel is also leading to an increase in company vehicle drivers attempting to defraud their employers by submitting personal fuel receipts alongside their business ones or filling up their company car and then filling up a second car at the same pump, whilst the fuel card used shows them as one purchase.

For more details click here for a PDF of our Winter 08 Covernotes Newsletter.

Sat nav 'must have'

Satellite Navigation system thefts on the increase

The increasingly popular satellite navigation (sat-nav) systems that are a 'must have' accessory for many drivers are fast becoming a 'must have' for car thieves as well.

Sat-navs' high street value, combined with ease of theft, has made the devices popular amongst opportunist thieves. To help protect your sat-nav from theft, you should consider:

Removing it from the vehicle rather than putting it in the glove compartment or under your seat. Most units are small enough to fit into a jacket pocket or handbag.
Placing a roadmap on display in the car to give the impression that you do not have a sat-nav.
Being mindful of suction marks or a cradle on your dashboard or windscreen. An opportunist thief may risk breaking a window even if the system is not visible.
Marking your device using an anti-theft marking kit or with your postcode, house number or vehicle registration number. This will make resale to honest buyers more difficult.

For more details click here for a PDF of our Latest "Insurance News".

a place in the sun

Insuring a Holiday Home abroad is not the same as insuring in the UK

To get the right insurance for your holiday home you need to understand the assets you own, the liabilities they are exposed to and what external events may put your home at risk. If your property is overseas, local policy variations and exclusions also need to be taken into account.

International Catastrophe Cover: Insurance cover can differ greatly from country to country. In Spain, for example, natural events such as storms, floods and earthquakes are covered by a state-backed insurance pool. The cover is, however, restricted and you could end up footing a large part of the claim yourself.

Liability Insurance: If you rent out your property or employ domestic staff , check the extent of liability cover in place should a guest or employee be injured. Liability cover under Spanish, Portuguese and Italian policies typically provides only £200,000 of cover; this may be inadequate if a guest is seriously injured.