Karting, a Safe Sport
In comparison to other types of motorsport, karting is considerably safer. However, many insurers would not agree. Sometimes, kart racers suffer injuries as a result of a crash on the circuit but more often than not, these are only minor injuries resulting in a few bruises. FML has access to a UK insurance underwriter that understands this and is pricing their premiums to reflect this understanding. In the current climate with insurance costs and IPT rising, we are doing everything we can to help keep premiums economical and to show our commitment to this we have also reduced our fees on arranging Karting Insurance for kart operators based in the UK.
The Enterprise Act 2016, Yet Another Insurance Tax Increase, Phil Finally Gets His Diary and Why Your Mother told You to Wear a String Vest.
The Enterprise Act 2016
The Enterprise Act became law in May 2016, we take a look at the act and what it means to SMEs, Corporations and Apprenticeships and how effective it has been in the last 12 months. One of the notable new laws will give SME's the power in some cases to claim damages against late payments. What are the implications of the Enterprise Act for insurance? We discuss the briefing sent out by the Chartered Insurance Institute.
ATVs are not toys they are machines that need to be respected and taken seriously or the potential for injury is great. It's a fact that many ATV injuries occur every year, especially with brokers. When brokers refuse to wear protective gear, are not supervised, and do not ride in a safe manner, the potential for injury is great. However, with the proper precautions, the chances of injury are greatly reduced.
Back in 2011 FML released the following article and dare I say how accurate it seems to be when you look at the current pricing structure for high-risk trades, has the bubble finally burst?
For many years insurers have perceived that the risks faced by scaffolders with respect to injury to themselves or employees, injury or damage to a third party, combined with the loss or damage to their equipment determined that they traditionally have to pay higher premiums for their scaffolders insurance. This was generally higher than building contractors and ancillary trades for employers and public liability as well as all risks cover.
Inflatable leisure equipment and bouncy castles have become extremely popular and are a usual addition to the activities offered at children's parties, functions, events and festivals up and down the country. The first bouncy castle was actually an inflatable structure created in 1959 by John Scurlock, he was experimenting with inflatable covers when he noticed his staff enjoying bouncing around on the covers and so the idea was born. In the last few decades, inflatable equipment has become very diverse and very popular form of entertainment.
You may have heard of some of these already but there are some honest to goodness gems on our list today. The statements below are taken from real insurance claim documents, we advise not using any of these on any claims you may wish to make in the future but they are however good for a giggle. As Einstein apparently said, "Two things are infinite: the universe and human stupidity; and I'm not sure about the universe."
First of all what are professional bodies? Well, most industries today have one or more professional bodies and they often come in a variety of forms. Governing bodies usually oversee regulations and standards for professions such as the FCA (Financial Conduct Authority) for insurance and financial businesses. Then, of course, you have associations which are usually comprised of highly experienced individuals who work in the same industry and provide guidance and support as well as a wealth of information for businesses that work inside that industry, for insurance brokers we have BIBA (British Insurance Brokers Association).
Did you know that many areas of your working environment may not be covered by your insurance as you'd expect? Certain risks demand a higher level of cover or more to the point, fewer restrictions on where and how you work. There is nothing worse than assuming that you are covered only to find out your cover is lacking. Imagine for a moment you land a contract to work on a listed building and you have a small accident. No problem you have the cover, only to find out that the claim you wanted to present regarding damage to that grade 2 listed building you worked on is excluded by your insurer..
You may recall at the end of February Primo plc were at the London Classic Car Show, they took along a beautiful 1949 Ford Mercury and a fantastic Harley Davidson. But for many, the star of the Primo stand was the Porsche GT3 the prize in our prize draw, we would have loved to give away the real thing even if it was just to watch some of our brokers cry, but for the lucky winner being a sophisticated Lego model was just right.
So who is the winner?