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Insurance Brokers

Important Notice

At Movo we believe everyone’s circumstances are different and that whilst the generic advice contained in our knowledge hub is helpful, it should not be relied upon on without discussion first. Talking to us is free so enjoy our articles and we look forward to hearing from you!

Cover explained. Plain talking. No jargon

Personal Accident

What is a personal accident policy?

The cover provides a lump sum benefit for injury or death of the policyholder, and is usually arranged for employees and restricted to ‘working times’. It is also often found in motor polices. Personal accident policies can also be arranged for what is known as ’24 hour’ cover which would also provide cover for some leisure activities as well as periods outside of working hours.

Who can get Personal Accident cover?

Individuals, families, businesses and motorists.

Do I need this cover?

This is a relevant cover for many businesses and self-employed individuals should also strongly consider arranging this cover. It’s important to remember that a personal accident policy will only provide cover for accident and injuries and not illness. Motorists should ensure that they have this covered wherever possible on their motor policies as in the event of a fault accident, any injuries compensation for the driver would rely on this section of cover.

Frustrations?

Some clients have complained about the need to fill in forms and the administration that’s required to make a claim. This is against a backdrop of sometimes a quite small weekly pay-out for injury (even as low as £100 a week) and therefore the administrative cost and time spent sometimes seem disproportionate to the compensation to some clients.

Warning note! Death cover is usually only covered if resulting from an accident and not from illnesses like heart attacks. These policies are not a replacement for a life insurance policy.

I would like to find out more

Give us a call.

We provide free advice to everyone, so give us a call and we will be delighted to help.

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Insurance Brokers

Should VAT be included in rebuilding costs?

Some of the time you will need to include VAT in your declared building sum insured and other times you will have the option to exclude it.

If in doubt, you should just include it as you will not be penalised in a claim situation for being over insured.

Householders – New buildings and 100% rebuild of properties are currently VAT exempt. However when assessing the correct building sum insured to declare, you should consider a partial loss which means you should err on the side of caution and declare the sum insured + VAT. Also some elements of residential rebuilding costs are not VAT exempt.

Commercial – If you generate a rental income and charge VAT to your tenants, then you will usually be able to claim back your VAT and therefore could opt to exclude VAT from your building sum insured. Usually VAT is payable in advance and claimed back and therefore you should consider the potential cash flow impact should you opt to deal with the VAT element directly.

Partial situations – It could be that your building is rented out in part and the tenants are charged VAT but the other part of the building is occupied by you or no VAT is charged. In this case you could consider selecting a portion of the VAT to be insured. however we would advise to err on the side of caution and include it.

Every client’s needs are individual so if you have a query please get in touch and we will be glad to be of assistance.

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Insurance Brokers

Protecting your tools and equipment

As one of the recommended brokers to the NCCA we are often asked for advice on how our clients can keep their tools and equipment, which are stored in a vehicle, safe from theft

The highest risk period is night time and many insurers will not even consider giving cover.

Whether or not you have chosen to insure your equipment, it makes sense to takes all the steps possible to prevent a loss.

The Metropolitan Police recommends you take the following steps to prevent thefts from vehicles:

  1. Always lock it

Fuelling up or popping back into your house to get a forgotten item are perfect examples of how easy it is to turn your back for a moment and forget that your vehicle is unsecured. Get into the habit of locking your vehicle even if you’re only going to be away from it for a moment.

  1. Close windows and the sun roof to prevent ‘fishing’

Leaving windows and the sunroof open on a vehicle invites fishing for items through the gap by hand or with, say, a bent coat hanger, which could also be used to unlock a door for thieves to get in to the vehicle. Thieves are ingenious. Don’t give them the opportunity.

  1. Secure your number plates with tamper-resistant screws

The easiest way to change the identity of a stolen vehicle or avoid speeding tickets and parking tickets is to fit stolen number plates. Using security screws to attach your vehicle’s number plates makes it harder for thieves to steal your number plate.

  1. Fit locking, anti-tamper wheel nuts to secure alloy wheels

Stolen wheels are valuable: either as parts or for their scrap value. Using locking wheel nuts reduces the risk of your vehicle’s wheels being stolen. Besides, your vehicle will always look better on wheels than on a pile of bricks.

  1. Secure anything that’s on the outside of your vehicle

Any item left on the roof-racks, tailgate racks, holiday top boxes or in tool chests are easily stolen when the vehicle is parked. The use of cable locks, padlocks and self-locking tools chests, which are secured to the vehicle, makes them more secure, but still, don’t leave items in them if you can avoid it. For further information and advice, visit Sold Secure.

  1. Take it with you or hide it

Your mobile phone, coins for the car park, sunglasses, packs of medication or other items that can earn quick cash are irresistible to the opportunist thief. Remember, the cost of replacing a window is often much more than the cost of the stolen item. Obviously wallets, handbags, purses and credit cards should never be left in an unattended vehicle.

  1. Hide electrical items and leave no clues

Leaving sat nav mounts, suction cup marks on windows or cables on view gives it away that you have left a sat nav, smartphone or other device in your car. Even if they can’t see the sat nav or iPad they might still break in to see if it’s stored in the car, out of sight.

  1. Take your documents with you

Having a vehicle’s registration and insurance documents available could let a thief pretend to be the owner. Which means they could sell it on quite easily. Never leave any documents in the vehicle.

  1. Park in well-lit and busier areas

It can take less than 30 seconds to break into a vehicle. Parking in well lit areas and busy streets increases the chances of a thief being seen, so they’ll probably steer clear.

  1. Choose your car park wisely

If possible, always try to park in well-lit and staffed car parks or those with a Park Mark safer parking award. To find one, simply check out Park Mark.

There are also other steps you can take to protect your vehicle including:

  • Using a property marking solution like Selecta DNA. This may deter thieves as this concerned with being unable to sell on your property as it is identified as stolen.
  • Installing van deadlocks – These are additional locks which can be, in most cases, easily fitted to most vans and give added physical protection.
  • Installing van security boxes – These will provide extra security should a thief enter your van. These should be ideally bolted on to the van itself, rather than be portable.
  • Installing a tracker – You could consider putting a tracker on your vehicle in case it is stolen. This will greatly enhance your chance of recovery.
  1. Advertise that no tools are left in the van overnight

Simple signs which can be transposed onto your van or fleet of vehicles, advertising the fact that no tools are left in the vehicle overnight, could be enough to deter a would be thief.

The best way to protect your equipment form theft in vehicles is to not leave any item in an unattended vehicle. We understand, however, that this is not always possible.

Many insurers will also give equipment cover whilst in vans if the vehicle is kept in a garage or locked compound.

At Besure we understand everyone’s needs are individual so for a thorough review of your insurances please get in touch.

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Insurance Brokers

For those that are eligible, the Ombudsman service provides the simplest way to tackle issues that you are having with your insurers.

The Ombudsman website says:

We were set up by Parliament to sort out complaints between financial businesses and their customers. We can help with most financial services – including banking, insurance, PPI, loans, mortgages, pensions and investments. If something’s gone wrong, we have the power to put it right.

At Movo, we have a lot of experience in dealing with claims. Since the beginning of 2018, we have dealt with 2,056 claims.

It’s only natural that some disagreements will occur and if you are eligible, the best and easiest way is to make a complaint via the Ombudsman.

This is completely free to you and we will help you every step of the way. The role of the Ombudsman is to make sure fair outcomes are reached.

Before you do go full steam ahead though with approaching the Ombudsman, it is important to follow the correct procedure which is:

  1. Talk to us and let us know what is the issue. We will try our best to be persuasive and get it resolved to your satisfaction.
  2. If your issue is not resolved, we will make a formal complaint and the insurers will have eight weeks to respond to us with their final decision.
  3. If the outcome you are looking for doesn’t arise, then we can help you make a complaint to the Ombudsman.

https://help.financial-ombudsman.org.uk/help

Who is eligible?

All private individuals and micro enterprises, that is all business with a turnover of under €2M and fewer than 10 employees.

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Insurance Brokers

What happens when an insurer declines a claim?

When dealing with claims it is important to embrace the principle that insurers must only pay valid claims and that the consequences of not doing this is higher premiums for everyone.

A claim being declined can have varying degrees of impact. For example, it could be a mobile phone which is lost and valued at £200. A claim being declined in this instance is unlikely to create distress although it may annoy a customer.

The other end of the scale can create increased levels of stress for clients, for example, when a catastrophe strikes and a claim is declined.

A recent story which shocked me is available to read below:

https://www.thesun.co.uk/money/5918332/family-of-six-whose-house-burnt-down-have-insurance-claim-refused-over-number-of-bedrooms-dispute/

It is my opinion that brokers are too often judged on the premiums which they deliver, and not enough on their ability to deal with contentious claims.

All declined claims will reach my desk for assessment as I am the Chartered Insurance Broker for Movo Insurance.

In the first instance I will work with our clients to establish whether the claim has been fairly or unfairly managed.

If the claim has been fairly declined, we will usually run through the options with the client and look at alternative solutions, such as passing costs to a third party.

If the claim has been unfairly declined, we will usually ask for the opinion of Fenchurch Law who will advise on the prospects of challenging the insurers decision. If there is a good prospect of success, Fenchurch Law will provide legal assistance to challenge insurers. This service is an invaluable asset for our clients.

For those eligible, there is also access to Ombudsman service which is free and can award up to £150,000 in compensation.

Having support during the claims process is, for me, the main reason one should opt to use an insurance broker. Always ensure your brokers have the experience and expertise to deal with your potential claims.

Every client is an individual, with their own needs, so if you have a query please get in touch and we’ll be glad to help you.

Categories
Insurance Brokers

Important Notice

At Movo we believe everyone’s circumstances are different and that whilst the generic advice contained in our knowledge hub is helpful, it should not be relied upon on without discussion first. Talking to us is free so enjoy our articles and we look forward to hearing from you!

Cover explained. Plain talking. No jargon

Professional Indemnity Explained

What is Professional Indemnity?

This policy covers the legal costs, expenses and awards in relation to any action that may be brought against you in a civil court subject to being covered by the policy.

This cover is also known as professional liability, PI insurance or PII. It is not the same as Public Liability cover.

I am still not clear what professional indemnity covers

When a business carries out professional duties for their clients they still owe them a duty of care. One example is a professional advisor whose clients rely on his advices when selecting the products that they eventually purchase. Imagine if important factors were not considered, which a professional advisor should have considered and the product did not perform as intended. In this scenario, you may experience a loss and would have a claim which would be brought in a civil court. Your professional advisor would rely on his professional indemnity policy to provide them with protection.

Accountants, architects, insurance brokers, IT professionals and business consultants are some of the professions that are more likely to need their Professional Indemnity policies more than Public Liability.

What is the difference between Public Liability and Professional Indemnity?

Public Liability policies respond when a 3rd party suffers injury or damage only. An example is a builder who damages someone else’s property whilst building an extension.

Public Liability Insurance would be insufficient if the pharma steroids for sale cause of the loss was not 3rd party damage or injury. Taking our builder as an example again, imagine it was discovered that the foundation they dug were deemed not deep enough. Whilst there has been no ‘damage’ to the building, the builder’s client would have to have the foundations fixed and therefore may suffer a loss. In this scenario, the builders Professional Indemnity policy would provide them with cover.

I would like to find out more

Give us a call.

We provide free advice to everyone, so give us a call and we will be delighted to help.

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Insurance Brokers

Knowledge is power

The very nature of insurance requires that only a few individuals have losses, whilst the many contribute. For this reason, some customers can go through a lifetime with no issues on any of their insurances. This is one of the reasons we often shop and select products based on price. However, when there is a problem, it can often be a distressing time for the customer.

When to defend a claim and when not to

It’s easy when you are insurance brokers to get in the habit of just relaying the insurers communication to the client without challenging the end outcome for customers.

On this occasion, a minor incident had occurred at the premises of one of our clients to a visiting guest. The resultant injury was minor in nature and we were notified of the circumstances.

Insurers felt that the client had grounds to defend this claim and most brokers would just opt to tell the client to go along with these instructions.

Our advice to the client was a bit more comprehensive and we gave them our opinion which was different to the insurer’s point of view.

The issue was that the client had a £5,000 excess and that even if a formal claim was brought in, the costs would most likely fall within this sum.

From the insurer’s point of view, this meant that they had very little exposure.

We advised the client to seek settlement terms with the injured party and potentially look to agree for less the £1,000 as a goodwill gesture to ensure no claim was forthcoming in the future and that no reputational damage was done to the business. Allowing a formal claim to come in may have brought the costs closer to the £5,000 mark meaning a potential increase in premium at renewal date and a blot on the client’s claims experience.

In this case there was no clear right or wrong decision. However our role was to provide a balanced range of options to the customer with pros and cons of each action.

This is the true role of the broker: to be your expert advisor.

In the end, the clients settled for the cost of the treatment which was less than £1,000, mainly to avoid any negative publicity. We received the agreement from insurers to proceed on this basis.

Knowledge is power: make sure you have it on your side.

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Insurance Brokers

Movo Insurance Brokers AWARDED FEEFO GOLD TRUSTED SERVICE AWARD 2018

February 2018, Movo Insurance Brokers has won the Feefo Gold Service award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real customers.

Created by Feefo, Trusted Service is awarded only to those businesses that use Feefo to collect genuine ratings and reviews. Those businesses that meet the high standard, based on the number of reviews they have collected, and their average rating, are awarded. A badge of honour, this accreditation remains unique, as it is based purely on the interactions with verified customers.

As all reviews are verified as genuine, the accreditation is a true reflection of the commitment of the business to outstanding service.

Movo Insurance Brokers met the criteria of collecting at least 50 reviews between 01 January 2017 and 31 December 2017, with a Feefo service rating of between 4.5 and 5.0.

Nick Hems from Movo commented: “It’s a real honour to receive this award from Feefo. To be recognised for delivering exceptional experiences to our customers is a great achievement. We’ve been working hard to ensure that our customers receive the best service possible, and being able to listen, understand and respond to their needs has enabled us to improve our offering in 2017. We’re looking forward to another successful year ahead.”

Speaking on this year’s award, Andrew Mabbutt, CEO at Feefo, commented: ‘The Trusted Service award has always been about recognising those companies that go the extra mile. Once again, we have seen many incredible businesses using Feefo to its full potential, to provide truly memorable experiences for their customers – and rightly being awarded with our most prestigious accreditation. I look forward to the continual success of the businesses that work in partnership with Feefo throughout 2018.’

Feefo is a ratings and reviews, and customer analytics platform that provides the tools to collect genuine, purchase-verified reviews on behalf of over 4,000 businesses. Feefo ensures that all feedback is authentic, by matching it to a legitimate transaction; this is in order to increase consumer confidence, and combat the rising issue of fake reviews.

About Feefo

Feefo is a global reviews and customer analytics solution to boost business and build trust. Feefo collects reliable customer feedback to deliver up to date insights so businesses and consumers can make better decisions. Feefo does this on behalf of 4,000 companies, providing reviews and customer analytics for more than 5,000 websites. Clients include Expedia, AXA, Next, The White Company, Moss Bros, Notonthehighstreet.com and Tepilo.

For more information please visit: www.feefo.com

 About Movo Insurance Brokers Ltd
Movo Insurance Brokers Ltd are an independent insurance brokerage who are able to place the following classes of insurance:

  • Commercial
  • Fleet
  • Private Insurances
  • Private Medical
  • Life Insurances

We have grown rapidly since we began trading in April 2010 and now place over 12 million of premium into over 90 insurance markets and have 30 staff members.

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Insurance Brokers

We read with interest a recent article in the Daily Mail which described how Vicky and Steven Huddleston’s claim for critical illness was declined by Aviva:

http://www.dailymail.co.uk/money/news/article-5784565/Father-three-finds-hes-not-eligible-65K-insurance-payout.html

The crux of the story was that Steven’s cardiac arrest was not covered. However Aviva had subsequently improved their policy wording to cover this condition.

What stands out in this case is twofold.

Firstly, this is likely to have been a very stressful time for Vicki and Steve. The reality is that whilst no broker could probably have made a difference to Aviva’s decision making; what a broker can and should do, is be there to support you even if it is just to just lend an ear when needed.

Secondly and most importantly, a good broker should keep you updated on current policy benefits. A good broker should also ensure that your cover is reviewed periodically.

We regularly review our client’s policies in the hope of bringing you the right products at the right time so that when you need them most, they will work as intended.

Categories
Insurance Brokers

Important Notice

At Movo we believe everyone’s circumstances are different and that whilst the generic advice contained in our knowledge hub is helpful, it should not be relied upon on without discussion first. Talking to us is free so enjoy our articles and we look forward to hearing from you!

Cover explained. Plain talking. No jargon

Cyber Liability

I am not sure anyone will have been able to avoid hearing about cyber-crime or cyber liability cover over the last year. We are constantly reminded of the need to protect our business but what exactly is covered by a cyber liability policy?

What covers are available:

Whilst there are many products available that provide differing levels of cover and many providers, the predominant features are that data breaches or attacks by hackers are covered.

What exactly might be covered?

Costs of breach: Some insurers will provide practical support if your data is breached and will provide legal and investigatory help. More importantly, some insurers will also offer your customers support.

Ransomware: A very topical subject, one of our clients recently benefited from this cover, provided by QBE. Ransomware was installed on their servers and they were unable to get access to their data and suffered a trading loss. Eventually, new equipment had to be purchased.

Hacker Damage: repair or replacement from damage by hacker(s) to your website or servers.

Business Interruption: One of the biggest issues is the potential for a disruption caused by a cyber-crime. Some products allow you to cover these.

Do you need cyber cover?

That’s a difficult question as that varies depending on your business and circumstances. This is one area where the benefits of having an experienced broker can assist you. We will help guide you through the various products and tailor a product to your needs.

I would like to find out more

Give us a call.

We provide free advice to everyone, so give us a call and we will be delighted to help.