Facebook Twitter Linkedin
Me
Client Portal Log in

Blog

Mitigating Event Planning Risks: Expert Tips from Your Corporate Event Insurance Broker

As businesses gear up to host corporate events, whether it’s a conference, seminar, product launch, or team-building retreat, meticulous planning is paramount. While every event carries inherent risks, strategic risk management can significantly mitigate potential liabilities and ensure a smooth experience for all stakeholders involved. 

As an insurance broker specialising in corporate event insurance, we’ve witnessed first-hand the importance of proactive risk management in safeguarding businesses against unforeseen setbacks. In this article, we’ll share invaluable risk management tips tailored to event planners, empowering them to navigate the complexities of event planning with confidence and peace of mind.

Comprehensive Insurance Coverage: The foundation of effective risk management for corporate events starts with securing comprehensive insurance coverage. Corporate event insurance provides protection against a wide range of risks, including property damage, liability claims, cancellation, or postponement due to unforeseen circumstances, and even adverse weather conditions. Partnering with an experienced insurance broker ensures that you have access to tailored coverage options that align with the specific needs and scope of your event, offering financial protection and peace of mind.

Conduct Thorough Risk Assessments: Before embarking on event planning, conduct a thorough risk assessment to identify potential hazards and vulnerabilities. Consider factors such as venue safety, crowd management, transportation logistics, and the nature of activities planned. By identifying potential risks in advance, you can implement proactive measures to mitigate them effectively, thereby minimising the likelihood of accidents or disruptions during the event.

Vendor Due Diligence: Collaborating with vendors is integral to the success of any corporate event. However, it’s essential to exercise due diligence when selecting vendors to ensure they meet quality and safety standards. Prioritise vendors with a proven track record of reliability, professionalism, and adherence to safety protocols. Obtain certificates of insurance from vendors to verify that they carry adequate liability coverage, thereby mitigating potential risks associated with vendor negligence or performance issues.

Implement Robust Safety Protocols: Safety should always be a top priority when planning corporate events. Establish robust safety protocols and emergency procedures tailored to the specific requirements of your event. This includes appointing trained personnel to oversee crowd management, providing clear signage and directions for emergency exits, and conducting safety briefings for staff and attendees. Additionally, ensure that all equipment and infrastructure meet safety standards and undergo regular inspections to prevent accidents or injuries.

Contingency Planning: No matter how meticulously you plan, unexpected challenges can arise during corporate events. That’s why it’s essential to develop comprehensive contingency plans to address potential disruptions effectively. Identify potential scenarios such as inclement weather, technical glitches, or vendor no-shows, and outline alternative courses of action to mitigate the impact on the event. By having contingency plans in place, you can respond swiftly and decisively to unforeseen circumstances, minimizing downtime and ensuring the continuity of the event.

Communicate Effectively: Effective communication is key to successful event planning and risk management. Maintain open lines of communication with all stakeholders, including clients, vendors, staff, and attendees, to ensure everyone is informed and aligned regarding event logistics, safety procedures, and contingency plans. Encourage feedback and address any concerns or questions promptly to foster a collaborative and transparent approach to risk management.

Post-Event Evaluation and Learning: After the event concludes, conduct a comprehensive post-event evaluation to assess the effectiveness of risk management strategies and identify areas for improvement. Gather feedback from stakeholders, review incident reports, and analyse the overall success of risk mitigation efforts. Use this information to refine your risk management approach for future events, continually striving to enhance safety protocols and minimise potential liabilities.

Effective risk management is essential for successful corporate event planning. By implementing proactive measures such as securing comprehensive insurance coverage, conducting thorough risk assessments, collaborating with reputable vendors, implementing robust safety protocols, developing contingency plans, communicating effectively, and conducting post-event evaluations, event planners can mitigate potential risks and ensure a seamless experience for all involved. 

As your trusted corporate event insurance broker, we’re here to support you every step of the way, providing tailored coverage solutions and expert guidance to safeguard your events against unforeseen setbacks.

Safeguard Your Success: The Indispensable Role of Corporate Event Insurance.

In the dynamic landscape of corporate events, unforeseen circumstances can cast a shadow over even the most meticulously planned occasions. Whether you’re organising a grand product launch, an industry conference, or a team-building retreat, the potential for unexpected disruptions is ever-present. 

This is where corporate event insurance steps in as a powerful ally, providing a safety net that shields your investment, reputation, and overall success. In navigating the complex world of risk management, opting for corporate event insurance through an experienced insurance broker emerges as a strategic choice.

The Unpredictable Nature of Corporate Events

No matter how flawlessly you orchestrate every detail, unforeseen challenges can arise. From natural disasters and extreme weather conditions to unexpected cancellations by key speakers or vendors, the list of potential disruptions is extensive. In the absence of proper protection, such incidents can lead to financial losses, reputational damage, and legal complications.

Corporate event insurance serves as a comprehensive risk management solution, offering coverage against a wide array of potential risks. This includes cancellation or postponement due to unforeseen circumstances, property damage at the event venue, liability for accidents or injuries, and even protection for key personnel unable to attend.

The Need for Corporate Event Insurance

1. Financial Safeguard

Corporate events often involve substantial financial investments, from venue reservations and equipment rentals to catering and promotional activities. In the unfortunate event of a cancellation or postponement due to circumstances beyond your control, these financial commitments can become substantial losses. Corporate event insurance ensures that you’re protected against such financial setbacks, allowing you to recover costs and mitigate the impact on your budget.

2. Reputation Management

The success of a corporate event goes beyond financial considerations; it significantly influences your organization’s reputation. A cancelled or disrupted event can tarnish your brand image, erode stakeholder trust, and negatively impact relationships with partners and clients. Corporate event insurance provides a safety net, allowing you to address and rectify disruptions promptly, minimizing the impact on your reputation.

3. Legal Protection

Events involving many participants and various vendors carry inherent legal risks. Accidents, injuries, or property damage during the event can result in legal liabilities and costly lawsuits. Corporate event insurance offers liability coverage, protecting you from legal expenses and potential settlements, thereby ensuring that your event doesn’t become a legal quagmire.

4. Tailored Coverage

One of the key advantages of corporate event insurance is its flexibility. Policies can be tailored to suit the specific needs and risks associated with your event. Whether you’re organizing a high-profile conference, a product launch, or a team-building retreat, an insurance broker can help you customize coverage to address your unique requirements.

The Role of an Insurance Broker

While the importance of corporate event insurance is evident, navigating the insurance landscape can be complex. This is where the expertise of an insurance broker becomes invaluable. Here’s why you should consider engaging the services of a professional broker:

1. Expertise and Industry Knowledge

Insurance brokers specialise in understanding the intricacies of insurance products and the specific needs of different industries. With their expertise, they can guide you in selecting the most suitable coverage for your corporate event, ensuring that you’re adequately protected against potential risks.

2. Access to Multiple Insurance Providers

Insurance brokers have access to a wide network of insurance providers, enabling them to compare multiple policies and secure the best coverage at competitive rates. This ensures that you receive the most value for your investment, without compromising on the extent of your coverage.

3. Tailored Solutions

An insurance broker works closely with you to understand the unique aspects of your event and your risk tolerance. They then customise insurance solutions that align with your specific needs, providing a level of personalised service that off-the-shelf insurance policies may not offer.

4. Claims Assistance

In the event of a claim, an insurance broker acts as your advocate, helping you navigate the claims process and ensuring a swift resolution. This level of support is particularly valuable during stressful times, allowing you to focus on managing the aftermath of an incident without the added burden of complex paperwork and negotiations.

Corporate event insurance stands as an essential safeguard against the unpredictable nature of business events. By investing in comprehensive coverage through an experienced insurance broker, you not only protect your financial interests but also fortify your brand’s reputation and ensure a smooth path to success. 

In the intricate world of risk management, the partnership between corporate event insurance and an insurance broker is the key to orchestrating events with confidence and resilience. Safeguard your success today – because when the unexpected happens, your preparation will be the difference between a setback and a triumph.

Strengthening Your Defence: Training Staff to Identify and Combat Phishing Attacks

In the ever-evolving landscape of cyber threats, organisations must equip their staff with the knowledge and skills to defend against potential attacks. As an insurance broker offering cyber insurance, we understand the nuances of cyber threats and how crucial this is. Among the various threats, phishing attacks stand out as a common and potent danger. This article aims to guide businesses in training their staff to recognise and thwart phishing attempts effectively.

The Rising Threat of Phishing Attacks

Phishing attacks continue to be a preferred tool for cybercriminals seeking unauthorised access to sensitive information. As businesses often deal with valuable client data, they become prime targets. Phishing emails are designed to deceive recipients into divulging confidential information, such as usernames, passwords, or financial details. With the rise of sophisticated phishing techniques, it’s imperative for businesses to fortify their defences by educating their staff.

Establishing a Comprehensive Training Program

Creating a comprehensive training program is the first step in preparing your staff to combat phishing attacks. The program should cover various aspects, including the identification of phishing emails, best practices for handling suspicious emails, and the importance of reporting potential threats promptly.

1. Understanding Phishing Red Flags

Start by educating your staff on common red flags associated with phishing emails. These may include generic greetings, misspelled URLs, requests for sensitive information, and urgent or threatening language. Training sessions should emphasize the importance of scrutinising email content, sender details, and embedded links.

2. Simulated Phishing Exercises

Implement simulated phishing exercises to provide practical experience for your staff. These exercises replicate real-world phishing scenarios, allowing employees to apply their knowledge in a controlled environment. Regularly conducting these simulations helps employees stay vigilant and sharpens their ability to identify phishing attempts.

Key Elements of Phishing Email Recognition

1. Email Sender Verification

Encourage staff to verify the legitimacy of the sender’s email address. Phishers often use deceptive email addresses that mimic legitimate sources. Employees should double-check sender details, especially when the email contains urgent or unexpected requests.

2. Scrutinising Email Content

Train your staff to carefully examine email content for signs of phishing. This includes looking out for grammatical errors, generic greetings, and unexpected requests for sensitive information. Legitimate organizations usually use professional language in their communications, and employees should be sceptical of any deviations from this norm.

3. Hover Over Hyperlinks

Phishing emails often contain masked hyperlinks that redirect users to malicious websites. Teach your staff to hover over hyperlinks to preview the actual URL before clicking. If the displayed link differs from the expected destination or looks suspicious, it’s a clear indicator of a potential phishing attempt.

4. Assessing Attachments

Advise your employees to exercise caution when opening email attachments, even if the sender seems legitimate. Malicious attachments can contain malware capable of compromising the entire network. Encourage the use of reliable antivirus software and the scanning of attachments before opening them.

Reporting and Response Protocols

In addition to recognising phishing emails, staff members must be well-versed in reporting procedures. Establish a clear and straightforward reporting system for suspected phishing attempts. Emphasise the importance of prompt reporting to the IT department or designated cybersecurity personnel.

1. Internal Communication Channels

Ensure that your organisation has established efficient internal communication channels for reporting potential phishing incidents. This could include a dedicated email address or an online reporting form. Make it easy for employees to report suspicious emails without delay.

2. Incident Response Training

Equip your staff with incident response training to handle phishing incidents effectively. This includes isolating compromised systems, changing passwords, and notifying relevant authorities. A swift and well-coordinated response can significantly mitigate the impact of a phishing attack.

Reinforcing a Cybersecurity Culture

Training is an ongoing process, and building a strong cybersecurity culture within your organisation is crucial. Foster an environment where employees feel comfortable reporting potential threats, and regularly update training materials to reflect the latest phishing trends and techniques.

1. Regular Training Updates

Cyber threats are dynamic, with attackers constantly evolving their tactics. Keep your staff well-informed by providing regular updates on emerging phishing trends and techniques. This ensures that your team remains ahead of potential threats and adapts their defences accordingly.

2. Recognition and Rewards

Implement a recognition and rewards system to acknowledge employees who actively contribute to the organisation’s cybersecurity efforts. This creates a positive reinforcement loop, encouraging staff members to stay vigilant and report potential phishing threats proactively.

As an insurance broker offering cyber insurance, investing in staff training to combat phishing attacks is an essential aspect of risk management. By instilling a culture of cybersecurity awareness, your organisation can significantly reduce the likelihood of falling victim to phishing scams. The ability of your staff to recognise and respond effectively to phishing attempts will not only safeguard your clients’ sensitive information but also enhance the overall resilience of your organisation in the face of evolving cyber threats.

The Crucial Role of Cybersecurity Insurance: A Simplified Guide for Businesses

In today’s digital age, where businesses heavily rely on technology, the threat of cyberattacks looms large. As technology evolves, so do the risks associated with it. Cybersecurity breaches can have severe consequences, ranging from financial losses to reputational damage. To mitigate these risks, businesses are turning to cybersecurity insurance, and partnering with a broker is a smart move. Let’s explore why this insurance is crucial and how a broker can simplify the process for businesses.

Understanding Cybersecurity Insurance:

Cybersecurity insurance, also known as cyber insurance or cyber liability insurance, is a specialised coverage designed to protect businesses from the impact of cyber threats and attacks. It goes beyond traditional insurance policies, acknowledging the unique nature of cyber risks.

The Importance of Cybersecurity Insurance:

Financial Protection:

Cybersecurity incidents can lead to significant financial losses, including legal expenses, notification costs, and the cost of restoring compromised systems. Cyber insurance provides financial protection, covering these expenses and helping businesses recover.

Reputation Management:

A cyberattack can tarnish a business’s reputation. Customer trust is hard-earned and easily lost. Cyber insurance often includes coverage for public relations efforts, helping businesses rebuild trust and credibility after an incident.

Legal Compliance:

Various regulations mandate the protection of sensitive data. Cyber insurance helps businesses stay compliant by covering costs associated with legal proceedings resulting from a data breach.

Business Continuity:

A cyber incident can disrupt normal business operations. Cyber insurance can cover the costs of business interruption, ensuring that the organization can continue operating while recovering from the incident.

Incident Response and Recovery:

Cyber insurance policies often provide resources for incident response teams and experts to help businesses navigate the aftermath of an attack. This can include forensic investigations, legal support, and IT specialists.

Why Use a Broker for Cybersecurity Insurance:

Navigating the complexities of cybersecurity insurance can be challenging for businesses. This is where a broker comes in, acting as a trusted advisor to simplify the process. Here’s how a broker adds value:

Expert Guidance:

Brokers specialize in understanding the intricacies of insurance policies. They can guide businesses through the process, helping them understand the coverage they need based on their unique risks and operations.

Tailored Solutions:

Every business is different, and a one-size-fits-all approach doesn’t work for cybersecurity insurance. Brokers work to understand the specific needs and vulnerabilities of a business, ensuring that the insurance policy is tailored to provide adequate coverage.

Access to Multiple Carriers:

Brokers have relationships with multiple insurance carriers, giving businesses access to a broader range of coverage options. This allows businesses to compare policies and choose the one that best aligns with their needs and budget.

Risk Assessment:

Brokers conduct thorough risk assessments, identifying potential vulnerabilities in a business’s cybersecurity posture. This helps in determining the appropriate coverage and implementing risk mitigation strategies.

Claims Assistance:

In the unfortunate event of a cyber incident, navigating the claims process can be overwhelming. Brokers act as advocates for businesses, helping them through the claims process and ensuring a swift and fair resolution.

Cybersecurity insurance is no longer a luxury; it’s a necessity for businesses operating in the digital realm. By partnering with a broker, businesses can simplify the process of obtaining the right coverage, ensuring that they are adequately protected against the evolving landscape of cyber threats. As the digital landscape continues to evolve, embracing cybersecurity insurance becomes a proactive and strategic measure to safeguard the future of any business.

Why take out property insurance?

In the United Kingdom, securing property insurance through an insurance broker is a strategic and wise decision for homeowners and property owners. Property insurance, obtained through a broker, serves as a crucial financial shield against unforeseen risks and potential financial losses. To comprehend why property owners opt for insurance through brokers, it’s essential to explore the multifaceted reasons that underscore the significance of this approach.

A primary impetus for seeking property insurance is the need to protect against the financial ramifications of property damage arising from unpredictable events. Given the UK’s diverse weather conditions, which encompass storms, floods, and extreme temperatures, property owners are acutely aware of the importance of mitigating the financial impact of natural disasters. By enlisting the services of an insurance broker, property owners gain access to a spectrum of coverage options tailored to their specific needs. This ensures that repair or rebuilding costs following damage caused by adverse weather conditions are comprehensively addressed. Without insurance, property owners could find themselves grappling with substantial repair bills, potentially jeopardizing their financial stability and the integrity of their property.

Moreover, property owners confront risks stemming from human-made events such as fires, thefts, and vandalism. Insurance brokers play a pivotal role in navigating the complexities of property insurance policies, offering expertise to property owners seeking coverage against these perils. Urban areas, in particular, may pose higher risks of burglary and vandalism, further emphasizing the importance of insurance as a safeguard. Insurance brokers guide property owners through the nuances of coverage options, ensuring that their properties are shielded from financial losses resulting from criminal activities or accidental damages.

Mortgage requirements constitute another compelling reason for engaging an insurance broker in the UK property insurance landscape. Many mortgage lenders stipulate insurance coverage as a prerequisite for loan approval, given that the property serves as collateral. Insurance brokers collaborate with property owners to secure policies that align with lender requirements, thereby ensuring a harmonious relationship between homeowners and mortgage providers. This collaborative approach not only satisfies lender conditions but also affords property owners a sense of security, knowing that their investment is fortified against potential damages.

Beyond structural coverage, liability protection is a crucial facet of property insurance, and insurance brokers adeptly navigate the intricacies of liability coverage. In the event of injuries occurring on the insured property, property owners may incur legal responsibilities for medical expenses and damages. Insurance brokers guide property owners through the nuances of liability coverage, ensuring that their policies provide adequate financial protection in the face of potential legal liabilities.

Property insurance obtained through brokers extends beyond mere structural protection to encompass personal belongings within the property. Opting for contents insurance, property owners secure coverage for furniture, electronics, clothing, and other valuables against theft or damage. Insurance brokers facilitate this process by presenting tailored coverage options that address the unique contents of each property, ensuring that personal possessions are safeguarded against unforeseen events.

Moreover, property insurance arranged through brokers often includes additional living expenses coverage. In the unfortunate scenario where a property becomes uninhabitable due to covered damage, this coverage steps in to alleviate the financial burden. Insurance brokers guide property owners in selecting policies that incorporate additional living expenses coverage, offering a safety net for temporary accommodation, meals, and other living costs during the challenging period of rebuilding or repairing a property.

The intangible yet invaluable aspect of peace of mind is another compelling reason property owners turn to insurance brokers. The comprehensive coverage facilitated by brokers assures property owners that their investments and personal belongings are shielded against an array of risks, enabling them to focus on enjoying their homes without the spectre of potential financial setbacks. This peace of mind extends beyond the physical aspects of the property and contributes significantly to the overall well-being of property owners.

Car insurance premiums hit record levels due to rising costs

In recent years, car insurance premiums in the UK have experienced a noticeable upward trend, as highlighted by the Association of British Insurers (ABI). This increase can be attributed to a confluence of factors, ranging from changes in government policies and regulatory frameworks to shifts in societal and economic dynamics. To comprehend the reasons behind this surge, it is essential to delve into the various contributing factors shaping the landscape of car insurance in the UK.

One significant factor influencing the rise in car insurance premiums is the evolving landscape of personal injury claims. According to the ABI, the cost of motor insurance claims has been on the rise, driven primarily by an increase in the number and value of personal injury claims. This is particularly evident in the context of whiplash claims, where individuals seek compensation for neck and back injuries resulting from road accidents.  In an effort to address this issue, the government implemented reforms to the legal framework surrounding whiplash claims, aiming to reduce the frequency and cost of such claims. However, the impact of these reforms on insurance premiums is a complex and ongoing process.

Additionally, advancements in vehicle technology have led to higher costs associated with repairing or replacing damaged vehicles. Modern cars often feature sophisticated safety and connectivity systems, which, while beneficial for driver safety, can substantially increase the cost of repairs following an accident. The ABI notes that the cost of vehicle repairs and replacement parts has been a key driver of the overall increase in insurance premiums.

Another contributing factor is the Insurance Premium Tax (IPT), a tax levied on general insurance premiums, including car insurance. The ABI has been vocal about the impact of successive increases in IPT on the affordability of insurance for consumers. Since its introduction, the IPT rate has been raised multiple times, adding to the financial burden borne by policyholders. The government could help ease the financial burden by reducing this rate at the looming autumn statement mini-budget.

Moreover, societal changes and economic factors play a role in shaping the car insurance landscape. The ABI highlights the impact of changes in the discount rate used to calculate compensation for serious personal injury claims. A reduction in this rate, as witnessed in recent years, leads to higher compensation payouts, further contributing to the upward pressure on insurance premiums.

Statistically, the ABI reports that the average price paid for comprehensive motor insurance in the UK increased by 29% in 2022. According to their data, the average premium paid in the first quarter of 2023 was higher than the average for the whole of 2022. The body highlighted a study by accountancy giant EY that showed for every £1 motor insurers received in premiums last year, they paid out £1.10 in claims and operating costs.

Mervyn Skeet, director of general insurance policy at the ABI, said: “We appreciate that another quarter of increased motor insurance premiums will be concerning for households who are already grappling with rising costs in other areas.

“Insurers continue to do all they can to keep motor insurance as competitively priced as possible, despite facing substantial increases in costs outside of their control.”

Ways to improve your property valuation

Property valuation is a crucial factor that every homeowner must consider. Whether you are planning to sell your property or rent it out, you want to ensure that you get the best possible value. Property valuation can be influenced by various factors, such as location, condition, size, and amenities. However, there are ways to improve your property valuation, and in this article, we will discuss some of the most effective ways.

1. Renovate and upgrade

Renovating your property is one of the most effective ways to improve its value. You can start by upgrading the kitchen and bathroom, as these are the most commonly used areas in a home. You can also consider adding a new coat of paint, changing the flooring, or replacing the windows. These improvements will not only improve the value of your property but also make it more attractive to potential buyers or renters.

2. Enhance curb appeal

The first impression of your property is critical. Enhancing the curb appeal of your property can make a significant difference in its value. You can achieve this by adding some plants and flowers, repainting the exterior walls, or installing new lighting fixtures. A well-maintained lawn and garden can also increase the value of your property.

3. Maintain the property

Keeping your property well-maintained is essential to its value. Regular maintenance can prevent minor issues from becoming significant problems. It also shows potential buyers or renters that you have taken good care of the property, which can increase their confidence in purchasing or renting it. You should ensure that all the appliances, electrical and plumbing systems are functioning correctly, and the property is clean and tidy.

4. Add energy-efficient features

Energy-efficient features can not only improve the value of your property but also save you money on energy bills. Adding features such as solar panels, energy-efficient windows, or insulation can make your property more attractive to potential buyers or renters.

5. Find a reputable valuer. 

Third-party chartered surveyors are considered the gold standard in property valuations by insurers, as they offer reassurance that calculations were conducted by experienced and objective professionals. As such, it’s vital to secure a trusted and reputable surveyor.

6. Consult other parties. 

Determining the value of a property should be a team effort. Make sure to compile a variety of property data from multiple qualified parties (eg accountants, contractors, estate agent professionals, risk managers, insurance professionals and chief financial officers) when making valuation decisions.

Cruise Insurance

CANCELLATION

Cruises need significantly increased cancellation insurance limits. We are aware of some schemes that provide cancellation cover up to £100,000.

A typical travel insurance policy will normally not provide cancellation periods more than 1 year in advance, whereas some specialist Cruise policies allow cover for bookings for departures.

This caters for the fact that cruise operators often now require full payment 180 days in advance of departure. Cruises are often booked 2 years in advance of departure and with the travel period added on, can easily mean a client requires cover for up to two and a half years in total.

MEDICAL

Medical Evacuation – many standard travel insurance policies exclude cruises because in the event of a medical situation an on-board doctor may be able to provide treatment but in the event of a more serious emergency condition a medical air evacuation from the cruise liner may be required.

Medical Disembarkation – the cruise ship doctor has the right to deny boarding or to disembark a passenger they feel is too ill to continue the cruise.  This could result in the insured having medical expenses not only on-board the cruise liner, but at the port hospital where they are disembarked as well as additional travel and accommodation costs.

Senior travel insurance – Cruise holidays is a fast growing sector of the travel market especially for the more mature with high levels of disposable income, and with medical conditions.  A specialist Cruise Insurance will generally be able to cater for increased age limits and people with medical conditions (subject to the normal medical screening).

OTHER

Missed Departure – a standard travel insurance policy will typically cover the costs of missed departure travelling from the UK on holiday or return to the UK at the end of a holiday.  Many cruises are arranged with cruise liner departures from foreign ports and cover may not operate in the event of a flight delay causing a missed departure connection with the cruise liner from a foreign port.  A Cruise Insurance will normally be able to accommodate such cover but typically the insurer would want a minimum of a 6 hour difference between the arrival at the foreign airport and embarkation at the foreign port.

Actual travel period – a cruise policy may generally allow up to 180 days of travel – a round the world trip can last up to 145 days depending on the itinerary.

Dangers of Underinsurance

The dangers of underinsurance can have serious consequences on you personally and your business.

Insurance policies are there to protect you and your business.  Without adequate cover you could end up out of pocket – which could run into thousands if your property isn’t valued properly.

Depending on the severity of property losses and associated rebuilding operations, paying these costs out of pocket could lead to major financial setbacks and—in certain scenarios—bankruptcy.

Additionally, property undervaluation can sometimes result in co-insurance penalties. Most commercial property insurance policies include co-insurance clauses, which encourage policyholders to carry reasonable and accurate amounts of cover.

Under a coinsurance clause, a policyholder is subject to a penalty—generally, a reduced payout—if their cover limit is not at least equal to a predetermined percentage (eg 80%) of the value of their property.

Travel Insurance to include Winter Sports

SKIING AND WINTER SPORTS

Insurance cover will differ if you’re skiing, boarding or taking part in other winter sports. Please follow the checklist below to make sure you are fully covered.

Have you:

  • Ensured that your travel insurance policy covers winter sports?
  • Checked that your insurance adequately covers all potential activity while on the slopes?
  • Checked that your policy does not require a local guide and/or a helmet to be worn?
  • Checked that your policy provides the cover that you need and that you can afford the excess?

Make sure you:

  • Keep an eye on your equipment and if leaving skis outside a restaurant or bar you don’t leave them in pairs – if you mix and match them with a friends’ they are less favourable to a thief
  • Read what your policy says about items left unattended   –   (left in vehicle, in public or even at a table), there may be exclusions. Ask your broker if you’re unsure.

Did you know?

  • If you are not skiing with an instructor or guide you should check that the area and snow that you wish to ski is suitable for a skier of your level – get advice from the local ski school. Never ski or board in closed areas – it is extremely dangerous and insurance cover may be invalidated
  • If you have a current European Health Insurance Card (EHIC)  that remains valid  or a Global Health Insurance Card these only apply to state provided medical care and many injury clinics on the slopes are private – check your insurance cover.
  • Skiing and boarding is fun but  its important to stay safe and follow local rules on the piste. The International Ski Federation has a ‘highway code’ for the snow  to help everyone to stay safe on the slopes, and should be followed at all times. Find out  more from the Ski Club of Great Britain. 
Personal Lines
Business Lines
Business Lines
About us
Home
Needham Insurance contact us

Business Lines

02476 326 213 Call Now

Personal Lines

02476 354 569 Call Now

The Needham Group Offices

Needham Insurance - Nuneaton

18 Arbury Road
Nuneaton
CV10 7NA

02476 354 569

enquiries@needhaminsurance.co.uk

Corporate Insurance - Nuneaton

18 Arbury Road
Nuneaton
CV10 7NA


01455 550707

advice@insurancesolution.co.uk

Baldersons Insurance - Sheffield

772-774 Chesterfield Road
Sheffield
S8 0SF

0114 2582561

team@baldersons.co.uk

PJ Insurance - Weybridge

113 Queens Road
Weybridge
KT13 9UN


01932 852225

email@pjinsurancebrokers.co.uk

PJ Insurance - Petersfield

4 College Street
Petersfield
GU31 4AD


01730 264664

email@pjinsurancebrokers.co.uk