RobF

COVID Updates Clients experiencing financial difficulties On the 18th May 2020, the Financial Conduct Authority introduced new measures for insurance and premium finance firms to help clients in financial difficulty.  Should you be experiencing financial hardship, or if things change at work or home, we may be able to help by: Re-assessing your demands & needs Reviewing levels of cover Adding or removing optional covers such as legal expenses Adding or removing people on your policy Where amendments to your insurance cover does not alleviate your payment difficulties, you should contact your finance provider directly as further support may be available, which could potentially include: The possibility of deferring payments (refer to FAQ’s) Reduced repayments, or rescheduled term Waiving missed or late payment fees Amending your repayment date without any cost Reducing interest payments It is important that customers do not leave themselves uninsured, so we encourage you to [...]

Coronavirus self-employed help is a very hot topic right now. As there is such a large volume of information to digest in terms of support for businesses from the Government, as your broker we wanted to bring the below to your attention as we feel it is particularly pertinent. This scheme for self-employed will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. Who can apply for Government Support for Self-Employed You can apply if you’re a self-employed individual or a member of a partnership and you: • have submitted your Income Tax Self Assessment tax return for the tax year 2018-19 • traded in the tax year 2019-20 • are trading when you apply, or would be except for COVID-19 • intend to continue to [...]

Business Insurance Cost When choosing insurance for your business, there will be two main questions that you may be asking: How much does Business Insurance Cost? What does Business Insurance Cover me for? To answer these questions, it is important to understand that every business has its very own particular risks that may not be similar to another. Therefore, the premium may differ as it' s not a once size fits all approach! How much will my Business Insurance Cost? In order to get the best premium for your Business Insurance, it is important to show your insurer (or potential insurer) that you have been trading with little to no hick-ups along the way - and by that, we mean you have a clean record with little in the way of claims. This will demonstrate to your insurer that you know what you are doing and that you know [...]

Government support for Business Interruption As there is such a large volume of information to digest in terms of support for businesses from the Government, as your broker we wanted to bring the below to your attention as we feel it is particularly pertinent. CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME The new Coronavirus Business Interruption Loan Scheme supports SMEs with access to working capital (including loans, overdrafts, invoice finance and asset finance) of up to £5 million in value and for up to 6 years. The government will pay to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will not face any upfront costs and will benefit from lower initial repayments. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. This [...]

How to get better Landlords Insurance prices! If you are looking for a Landlords Insurance NI Policy you might ask, "What insurance do I need & how can I save money?" Always remember in addition to getting the right policy, you should take note of some of the important legal aspects, relevant laws and Fire Safety Practices that are expected not only by your tenants but by your insurer also. Apply good practice to your Landlord Property and it will even save you some money along the way! If you have a few flats in the same block - a block can be a converted house also, be sure to check out the information on our block of flats insurance page.It is common knowledge that landlords have a level of responsibility for tenants in a typical rental property. However, landlords should also know that safety and more specifically Fire [...]

Can you insure a Garage? Believe it or not, this is an extremely common question! Mostly, garages that are within the boundaries of the main property residence are insured automatically and included within the buildings sums insured specified. However there is an ever growing need for standalone garage insurance – what we mean here is, insurance for garages that are outside the boundaries of a home. This is mainly due to: Garages that are rented out to tenants Garages that are not listed on the same property deeds as the main residence Garages that are rented out to tenants Garages can be a superb investment opportunity. Once frowned upon as an investment, they are now extremely popular with a steady rental yield which will appeal to investors. The market value has also increased substantially in recent years, primarily due to a surge in their demand, driven by an increase [...]

Is it more expensive to insure a Listed Building? The two most common questions we are asked at Property Insurance Centre (PIC) in relation to Listed Building Insurance are: Is it more expensive to insure a listed building? What does insurance cost on a grade 2 listed building? To answer these questions, it is important to understand what listed buildings are & the various categories of listed buildings there are: Listed Building Categories Grade 1 – These are buildings of exceptional special interest Grade 2* - These are particularly important buildings of more than special interest Grade 2 – These are buildings of special interest, warranting every effort to preserve them Straight away you will see which one will carry to most risk for insurers & therefore might cost more if it require reinstatement! Get a Quote Insurance under one roof [...]

How much is the average house insurance? This is a fairly subjective questions and there are many factors to consider when looking at premiums for all homes, including older properties & for new build insurance policies. These factors, will or course be considered by the insurance company or insurance broker. The insurer, however which avenue you pursue, will take into consideration some of the following factors: Please note the list is not exhaustive, but it will generally give you a basic idea as to why your premium is lower of higher than that of your workmate! Age of the building How many years you have owned the building Claims experience Postcode (some areas carry a higher risk that others) Rebuilding costs Amount of contents insured Amount of personal possessions insured away from the home We get told over and over, that their friend is paying cheaper insurance – but [...]

What is the definition of Wear & Tear in a Landlord Policy? Wear & Tear is often claimed for and always turned down by insurers. That’s because Wear & Tear is a maintenance issue. Maintenance is the responsibility of the Landlord and a Landlord’s Policy is not a maintenance contract. However, wear & tear is open to interpretation and we aim to shed some light on what it actually is & what influences it! If not Wear & Tear, what am I actually insured for? Well, every policy wording will have a list of ‘insured perils’. These are what you as a Landlord are insured for. Example may be Fire, Malicious Damage or Theft. Your policy wording will expressly state that wear & tear is not covered. Get a Quote Insurance under one roof We are specialists in many types of [...]