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The British Insurance Awards ceremony will be held 6 July 2011. The awards are destined to recompense top class performance and innovation.

After 17 years of rewarding achievement, the awards become that with which the insurance sector judges itself and allow standards to be raised.

The ceremony will be held in the Royal Albert Hall. This prestigious building was built according to Prince Albert’s (Queen Victoria’s consort) vision of a central hall to be used to promote understanding and appreciation of the arts and sciences. This building has been used, since 1871, for exhibitions, public meetings, scientific conversations and of course for award ceremonies.

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After two days of dispute over the future of  smallpox virus samples, member states of the World Health Organization decided  Tuesday to postpone their negotiations on the issue for three years.

In a draft resolution put forward Monday to the 193 WHO member states,  Russia and the US sought to conserve the samples, and wanted to begin  discussing a possible date for their destruction only in five years.    Many countries want them destroyed as soon as possible however and, with no  deal in sight after two days, the member states decided to look to the 67th  World Health Assembly in three years’ time, to reexamine the subject.

The question surrounding the destruction of the last official stocks of the  deadly virus held by US and Russian laboratories has been recurring at the WHO  since 1986.

Washington and Moscow want the viruses kept for scientific reasons, saying  that it is necessary to continue research on their vaccines in order to  prevent any resurgence of the transmissible disease which was officially  eradicated in 1980.

They fear in particular that countries may have secretly kept the virus to  be used as a biological weapon.

The European Union, Canada, Israel, Monaco, Colombia and China were among  countries that supports the US and Russia.

However, Iran speaking on behalf of 20 countries, as well as Thailand,  Zimbabwe and Malaysia, were strongly against, saying that immediate  destruction of the virus must be imposed.

Geneva, May 24, 2011 (AFP)

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People will get life insurance payments more quickly after bereavement, as the ABI issues new guidance to insurers cutting the time it takes from four months to just four weeks.

Over 32,000 life insurance claims are made by families who have lost a loved one every year in the UK, many of which will now be able to benefit from this change.

The insurance industry recognised that financial hardship can arise due to the lengthy legal process associated with winding up a deceased person’s estate.  Working with the Law Commission, the ABI found a solution to get around the legal process to ensure a beneficiary can access a life insurance payout quickly and therefore avoid any unnecessary financial stress.

The new process is simple. The life insurer will ask the main beneficiary to complete a declaration where they agree to pay back any money they receive from the policy if the legal process decides they were not the rightful recipient.

Otto Thoresen, the ABI’s Director General, said:

“Dealing with bereavement is hard enough, without the added stress of worrying about money.  This new life insurance claims process means the time it takes on average to receive a payout will drop from four months to just four weeks. We believe that this will go some way to alleviating financial hardship for a deceased person’s dependents, especially families on lower incomes who have few other assets available to rely on.”

Source : ABI

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Before the next G8 summit in France next week, European leaders are eager to nominate a new IMF chief.

Strauss-Kahn will leave jail on bail on Friday and be placed under round-the-clock house arrest after being indicted for the alleged attempted rape of a New York hotel maid last Saturday. He denies the charges and has vowed to prove his innocence.

German Chancellor Angela Merkel all but endorsed Lagarde on Friday, telling a Berlin news conference: “Among the names mentioned for the IMF succession is French Minister Christine Lagarde, whom I rate highly.

But diplomats said some European Union countries questioned whether the highly regarded corporate lawyer, who would be the first woman to head the International Monetary Fund, could be anointed before a special court for ministers decides next month if she should be investigated in a pending French legal case.

Since Strauss-Kahn resigned on Wednesday, EU governments have rushed to find a European replacement before emerging nations, which have long demanded a bigger say in running the Washington-based global lender, can mount a bid for the job.

Asian, Middle Eastern and African diplomats in Washington said emerging nations were seeking a consensus candidate, with some support for former Turkish economy minister Kemal Dervis, but it was not clear they would be able to agree.

Jean-Claude Juncker, who chairs euro zone finance ministers, and Italian Prime Minister Silvio Berlusconi endorsed Lagarde on Thursday.

Diplomats said European Council President Herman van Rompuy, who chairs summits of the 27-nation EU, and European Commission President Jose Manuel Barroso were trying to secure an agreement on her name after the three biggest European powers — Germany, France and Britain — threw their weight behind her.

“There have been preliminary contacts to check if Christine Lagarde has the support of other countries because she is considered the best candidate in Europe,” one diplomat said.

“It has to be a quick decision. It would be best to have consensus before going to the G8,” he said.

Leaders of the Group of Eight industrialized nations — the United States, Russia, Japan, Canada, Germany, France, Britain and Italy, plus the European Union — meet in the French seaside resort of Deauville on May 26-27.

STRAUSS-KAHN LEAVES VACUUM

Strauss-Kahn, a global high-flier seen as having a strong shot at the French presidency until his arrest, spent the last of four nights at New York’s notorious Rikers Island jail on Thursday.

The package of conditions set by a judge on Thursday to let him leave jail — $1 million cash bail, a $5 million insurance bond and house arrest at a New York apartment under armed guard and electronic monitoring — was due to be signed on Friday.

Once out of the Rikers cell and in the apartment, he will have unlimited access to his lawyers to prepare his defense and will be joined by his wife and daughter.

Under his IMF contract, Strauss-Kahn is entitled to a “separation allowance” of 60 percent of his last salary and a pension of the same percentage. ABC news calculated that the “golden parachute” was worth $318,000, with the same amount in pension annually for the rest of his life.

The Europeans argue it is essential to keep global finance’s top job while the IMF is so deeply engaged in helping euro zone states such as Greece, Ireland and Portugal with massive debts.

Some officials said the absence of Strauss-Kahn’s persuasive leadership had contributed to disarray in Europe this week over whether Greece should restructure or “reprofile” its debt, with the European Central Bank and Juncker publicly at odds.

John Lipsky, the IMF’s American No. 2 who is now the acting chief, said on Thursday members agreed “the process of selection of the managing director should be open, transparent and merit-based.”

While U.S. Treasury Secretary Timothy Geithner called for an “open process that leads to a prompt succession,” sources in Washington said the United States, the IMF’s biggest financial contributor, would back a European.

Together, the United States and European nations hold more than half of IMF votes, giving them a big say over who leads it.

The IMF board was due to hold a regular meeting on Friday to approve its part of a 78 billion euro bailout for Portugal but it was unclear whether it would discuss the process for choosing a new managing director.

TESTING TRADITION

The case marks a spectacular fall for Strauss-Kahn, who was highly regarded for his part in tackling the global financial crisis of 2007-09 and Europe’s debt crisis.

His lawyer Benjamin Brafman said at a hearing on Monday the evidence “will not be consistent with a forcible encounter.”

But prosecutor John McConnell said the maid, a 32-year-old asylum seeker from Guinea, had told a “compelling and unwavering story.”

An arraignment hearing is set for June 6, when Strauss-Kahn will formally answer the charges, but a trial may be six months or more away. If convicted, he could face 25 years in prison.

A Reuters poll of economists showed 32 of 56 thought Lagarde was most likely to succeed Strauss-Kahn.

Chairman of the U.S. law firm Baker & McKenzie in Chicago before she joined the French government in 2005, she is a fluent English speaker and has experience balancing the demands of rich and developing countries.

But Lagarde is also under scrutiny.

A public prosecutor has recommended that she be investigated for allegedly abusing her authority to sidestep the justice system and push through a 285 million euro arbitration settlement with businessman and ex-minister Bernard Tapie, overruling finance ministry experts at key stages. She denies wrongdoing and says she is victim of a smear campaign.

The Court of Justice of the Republic, a special jurisdiction created to try ministers for offences committed while in office, will rule in mid-June whether she should face a full inquiry.

Diplomats said Belgium, whose finance minister, Didier Reynders, may harbor his own IMF ambitions, was among smaller countries that had queried whether Lagarde could be nominated before the Tapie case is cleared up.

“We must be absolutely certain that the candidate is able to serve until the end of the mandate this time,” one said.

China and Japan called for a transparent process to choose a successor on merit, but a European source said Beijing was privately supportive of Lagarde. She now needed to pick up support in Latin America, the source said.

Russia and other ex-Soviet states backed the Kazakh central bank chief, Grigory Marchenko.

Source : Reuters

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Allianz Retail has launched two new legal protection products for its supporting broker partners – Allianz Family Resolve and Allianz Pro-Motor Legal Protection.

Fully underwritten by Allianz Legal Protection, both products have been designed to incorporate covers specifically relevant to private motor and household customers.

Each product includes a competitive financial package for brokers, access to Allianz’s 24-hour legal advice line, Lawphone, and specific motor or family legal protection cover benefits:

Allianz Family Resolve can be added to any broker household insurance policy, including the recently launched Allianz Clear range, and covers key areas including personal injury, consumer contracts and employment disputes

Allianz Pro-Motor Legal Protection can be added to all broker motor policies and covers up to £100,000 in legal costs per claim for the recovery of uninsured losses, including personal injury compensation protecting drivers and their passengers in over 30 European destinations. Pro-Motor also covers claims against the Motor Insurers’ Bureau (MIB).

Steve Rowley, business development manager, Allianz Legal Protection, said: “We have developed these products to meet the needs of our brokers and their customers. More and more people are aware of their legal rights and are seeking legal advice and access to justice. Being part of Allianz ensures that customers not only receive the highest level of service during their legal claim, but that they can be confident in our financial stability and AA- rating to meet our responsibilities.”

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Three staff of the Polish branch of  electronics giant Philips are on trial in Poland, facing corruption charges  over a tender for medical equipment supplies to hospitals, a prosecutor said  Wednesday.

“The people have been accused of paying sums ranging from several million  to hundreds of millions of zlotys (euros, dollars) to 16 hospital officials in  exchange for tenders won by Philips,” said Andrzej Laskowski, spokesman for  the prosecutor in the western city of Poznan.

“A witness in the affair said the company had a special fund to cover  this,” he told AFP.

Philips, listed on the New York Stock Exchange (NYSE), said it was in talks  on the matter with the US Department of Justice and the US federal financial  markets watchdog, the Securities and Exchange Commission (SEC).    Besides the three Philips Polska staff, including head of the department  for medical equipment and regional manager for southern Poland, 20 other  people will be put on trial in the southern Polish city of Katowice for the  affair dating back to 1999-2007.

“We have also started our own internal investigation and are fully  collaborating with the appropriate authorities,” Philips spokesman Steve Klink  told AFP contacted by telephone in the Netherlands.    “We cannot elaborate further as this is subject to an ongoing investigation  and court case,” he said.

In its latest annual report, the Philips group said that in the wake of the  Polish affair, it “has been conducting a review of certain activities related  to sales of medical equipment for potential violations of the U.S. Foreign  Corrupt Practices Act (FCPA).”

“The company cannot at this time quantify meaningfully the possible loss or  range of loss to which this matter may give rise,” it added.

Warsaw, May 18, 2011 (AFP)

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The MID is a centralised database of motor insurance policy information of all insured UK vehicles.

At conception, the MID was intended to be a tool in the reduction of uninsured driving in the UK.  (a problem which cost the industry £215m in that year alone and now costs in excess of £500m).

All insurers who underwrite motor insurance for vehicles on UK roads are obliged to be members of the MIB and to submit the policy details of all vehicles to the MID.

The process of getting the information to the MID is managed by MIB but the data is loaded directly by the Insurers and their representatives.

Updates are made to the database round the clock, every day of the year. Insurance companies and those acting on their behalf endeavour to get data about new policies and revisions to existing policies to the database as soon as they can. However, policy information cannot always be updated to the database immediately.

Insurers are financially penalised if their data does not reach the database within timescales set by the DfT.

Various public bodies such as the Police, the DVLA and DVA can enquire upon the database. Also by Insurers and the MIB itself.

Any driver may check that their vehicle is registered on the MID by using www.askmid.com.

The UK Information Centre can be visited to enquire about what information is held on the database and to obtain information about the insurance details of another UK vehicle.

Solicitors, and other organisations, working on behalf of clients who are victims may be able to use www.askmid.com.
The information held on the database is supplied by motor insurance companies and reflects the information that has been supplied to them by the policyholder. If the information retrieved is found to be incorrect or the data is missing, the insurance company should be notified so that they can make the correction to their own files and the MID.

Subject to certain conditions, the UK Information Centre at MIB can search the MID on behalf of a victim of an accident or under provision of the Data Protection Act.

The MID and the DVLA

The Government is gradually introducing additional facilities that allow the public to access its services using electronic means. One of these services is Electronic Vehicle Licensing (EVL), which was introduced to England, Scotland and Wales in 2004 by the DVLA. This service allows vehicle re-licensing via the phone or Internet, although motorists are still able to go to a licence-issuing Post Office or DVLA local office to get a new tax disc should they not have access to a telephone or the Internet.

EVL uses the Motor Insurance Database (MID) to make a check on whether there is valid insurance on the date on which the licence must be renewed (or the date of the transaction, if this is later). An electronic message is sent to the MID, and if a record is found for the vehicle for the relevant date, the response is positive. No information about the policy is sent to the DVLA, but the transaction is authorised to go ahead.

Please note that motorists may not be able to use EVL if they have recently changed their name and or address, changed their insurance company or any details of their vehicle. There may also be problems verifying insurance cover if the tax and insurance are both due at the same time.

In Northern Ireland, the DVLNI have also introduced a telephone re-licensing service, which is available to callers with appropriate insurance for the vehicle to be re-licensed, as confirmed by an enquiry on the MID.

EVL helps in the fight against fraudsters who forge certificates. It also saves owners’ or keepers’ time, as they no longer have to hunt for their insurance certificate when they need a new tax disc

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AIR Worldwide estimates that insured losses to residential, commercial and industrial properties and their contents, and to automobiles from the severe thunderstorm outbreak that struck the U.S. from April 22–April 28, 2011, are between USD 3.7 billion and USD 5.5 billion.

One week after a violent severe weather outbreak across the Southern and Southeastern United States, thousands of disaster response personnel and inspectors remain on the ground to provide emergency relief and security, perform damage assessments, clear debris, and plan recovery efforts. The death toll from the events of April 25–April 28 is currently estimated at 354 across seven states, and thousands have been left homeless when entire neighborhoods were flattened to the ground. It is the second deadliest severe thunderstorm outbreak in U.S. history, after the Tri-State tornado outbreak of 1925.

Based on preliminary assessments, the Mississippi Emergency Management Agency reported 2527 homes damaged, including 993 severely damaged or destroyed, and 104 damaged businesses, including 62 severely damaged or destroyed. The Virginia Department of Emergency Management reports initial estimates of 443 damaged structures, including 137 destroyed or severely damaged. In Georgia an EF-4 tornado touched down in Cartoosa County with winds of 175 mph, damaging or destroying 75–100 homes.

In Alabama, the worst affected state where 38 of 67 counties have been declared as disaster areas, the insurance commissioner has indicated that losses could reach those from Hurricane Ivan (2004) in his state. Information compiled by the American Red Cross points to as many as 5000 properties destroyed in Tuscaloosa alone, a town particularly hard hit on April 27 by a long duration EF-4 tornado with a track length of 80 miles.

The Storm Prediction Center (SPC) of the National Weather Service (NWS) has reported more than 475 eyewitness tornado sightings over the four day period from April 25–April 28. Of these, more than 200 tornado touchdowns have been confirmed by NWS damage surveys, including two EF-5s (which are characterized by wind gusts of over 200 mph).

“These two—the Smithfield tornado in Mississippi and the Hackleburg tornado in Alabama—both occurred on April 27, marking the first time in more than 20 years that two EF-5s occurred on the same day,” said Dr. Tim Doggett, principal scientist at AIR Worldwide . “A total of 12 EF-4 tornadoes (with gusts of 166–200 mph) have been confirmed, and many of these—including the exceptionally damaging Tuscaloosa-Birmingham tornado that remained on the ground for 90 minutes—had path lengths exceeding 70 miles.”

Last week, after search and rescue efforts had largely ceased, an AIR post-disaster survey team visited the worst-hit areas of Alabama around Tuscaloosa and Birmingham to assess building performance, wind speeds, and damage footprints. (AIR will make additional survey findings available in the weeks ahead.)

AIR engineers were particularly interested in the relative performance of commercial structures in the center of the tornado’s track and those on the periphery. Structures located on a tornado’s periphery can be severely damaged as a result missile impacts (i.e., airborne debris) and strong inflow winds, with the result that the overall damage footprint is effectively widened.

“In areas of Tuscaloosa affected by the EF-4 tornado, large commercial structures were reduced to rubble,” continued Dr. Doggett. “Many properties closer to the periphery of the tornado sustained significant damage to their roofs and openings (large plate glass windows and doors). With the building envelope breached, many sustained subsequent structural damage.”

The AIR team also visited the city of Cullman, north of Birmingham, where much of the historic district was left in ruins. The area was home to older commercial buildings and churches, many of which experienced significant roof damage and structural failure.

Dr. Doggett commented, “The two Birmingham suburbs most severely impacted by this same EF-4 tornado¾Pratt City and Pleasant Grove¾were also surveyed. As one would expect from a tornado of this strength, the damage in these mostly residential areas was near total along the direct path, leaving only slabs of cement foundation in many cases. Along the periphery, the downing of large trees played a significant role in weakening homes, making them susceptible than would have been otherwise; many sustained significant roof damage and structural failure.”

This event once again demonstrates that the losses from severe thunderstorms can be truly catastrophic, and that the risk must be managed—and modeled—as any other catastrophe peril.

AIR will continue to monitor developments from this devastating severe thunderstorm outbreak and will provide updates as warranted.

Source : AIR Worldwide Press Release

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The global debt funding gap on commercial property for the period 2011-13 shrank 17 percent to $202 billion after the amount of outstanding real estate debt in the United States fell and forecast property prices there rose, research showed.

Property consultancy DTZ said much of the drop from $245 billion (150 billion pounds) in November 2010 could be pinned on outstanding U.S. debt falling from $49 billion to zero, driven down by a 6 percent drop in debt and a 9 percent rise in forecast values.

“Partly offsetting this are Japan, France and Ireland which saw increases in their (funding) gaps. But, Japan, the UK, Spain and Ireland continue to have the largest absolute and relative gaps globally,” DTZ said in a statement on Thursday.

The debt funding gap is the shortfall between debt needing refinancing and the money available to do so.

DTZ also said there was $403 billion of new equity available for property investment over the next three years, up 7 percent from its estimate in late 2010 and almost twice the funding gap.

“Efforts are now well underway on both the debt and equity side to bridge the shrinking debt funding gap, particularly in Europe,” DTZ said.

“Loan provisioning has the potential to cut Europe’s debt funding gap by 8 percent to $109 billion from $118 billion. Additional lending capacity to refinance loans is available from 80 billion of new equity available from insurance companies.”

Global insurance companies are taking an increasing role in property financing, plugging the gap created by capital adequacy minded banks seeking to limit their exposure to the sector and comply with incoming solvency regulations.

In March, AXA Real Estate, a unit of French insurer AXA, said it planned to raise more debt funds to take advantage of a squeeze on European commercial property finance.

DTZ’s research showed the rump of the outstanding debt at end-2010 was owed to banks — 96 percent in Asia Pacific, 75 percent in Europe and 55 percent in North America.

Outstanding debt linked to commercial mortgage-backed securities CMBS.L accounted for 4 percent of the outstanding debt in Asia Pacific, 6 percent of that in Europe and 22 percent of that in North America, DTZ said.

“This diversity means the lending market is less reliant on just one main source of finance. With life insurers becoming particularly active again and the CMBS market opening up, the refinancing of loans is less of an issue,” DTZ said.

At country level, Japan had the largest debt funding gap at $84 billion, up $14 billion since November 2010, followed by the UK at $42 billion, down $12 billion. Spain was ranked third with a $28 billion funding gap, down $5 billion.

The research also showed that in 2011 the UK had a $52 billion refinancing requirement, of which just $39 billion was available. In 2012, the requirement was for $71 billion, with $56 billion available, while in 2013 it was $87 billion, with $73 billion available.

Source : Reuters

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The somewhat surprising move by Lloyds Banking Group to pull out of the banks’ appeal to overturn the High Court ruling on the mis-selling of Payment Protection Insurance (PPI) is great news for consumers, says uSwitch.com, the independent price comparison and switching service.

Stefan Maryniak, lending expert at uSwitch.com, says: “Today’s announcement is great news. If the banks manage to appeal the decision, consumers’ victory will be short-lived. By retreating from the battle, Lloyds has left the other banks with less firepower to get their own way. It is admitting its part in the mess and has even set aside over £3 billion to pay for its mistakes. This shows that it is taking it on the chin rather than trying to duck the blow. Considering it stands to lose the most from the PPI decision, its announcement today is something of a surprise.

“It’s a smart move by Lloyds, who in admitting defeat will avoid any other costs involved in appealing the decision if the banks are unsuccessful. It could also be a clever tactic to help it re-build its reputation as a more consumer-friendly bank – by attempting to draw a line in the sand Lloyds is looking to re-build trust for the future. This is much needed in the industry, but whether today’s move is too little too late remains to be seen.

“Whatever the reason for the move, consumers should be celebrating as Lloyds’ defection today is a serious blow to the case being presented by the other banks.”

Source : uSwitch Press Release

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Liberty International Underwriters in Europe, a member of Liberty Mutual Group, is organising a charity football match at Charlton Athletic’s Valley ground on Thursday 19th May at 3pm, in a bid to raise £10,000.

The two competing teams, organised by LIU Europe’s London Market Directors’ & Officers’ and Financial Institutions divisions, will pitch LIU Europe staff against each other as well as brokers from the D&O and FI markets.

As well as playing for the footballing honours on the day and the specially mown ‘Turf Trophy’, the two teams will be competing to raise the most money for their nominated charities, the Teenage Cancer Trust (D&O) and the Make a Wish Foundation (FI).

Commenting, organiser Emma Pearce, Vice President for D&O, said: “The competition is fierce but friendly and both teams are excited about outdoing each other. We have already enjoyed tremendous support from our trading partners with brokers and underwriters keen to get involved in the fundraising for two such worthwhile charities.”

Spectators on the day are welcome. Tickets are a £10 minimum donation and those supporting the D&O team should contact Emma Pearce, while FI supporters should call Sarah Tappenden on 020 7860 6600.

Donations can be made online at www.justgiving.com/emma-pearce0 for the D&O team and their charity the ‘Teenage Cancer Trust’, or www.justgiving.com/LIU2011 for the FI team and the ‘Make A Wish Foundation’.

Source : Liberty Mutual Press Release

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Warm holiday season being an ideal moment to travel abroad, it is the also the best moment to understand why ravel insurance is important. Be sure you travel with insurance and be sure you know what you are covered for. Here are Churchill Travel Insurance exclusions:

General exclusions concerning health :

For any pre-existing medical condition that:

– you suffer from; and

– you did not tell us about; and

– we did not agree cover for it in writing.

 

1 We will not pay claims related directly or indirectly to you:

– Travelling against medical advice or if you would be travelling against medical advice had you asked for advice before starting the trip;

– Travelling to get medical treatment (including surgery or investigation) abroad.

2 We will not pay claims related directly or indirectly to stress, anxiety, depression or any other mental or nervous disorder unless it has been investigated and diagnosed as such by a consultant specialising in the relevant field.

3 We will not pay claims related directly or indirectly to a medical condition of a close relative, travelling companion or business associate (whether they are travelling or not) who:

– Has been a hospital inpatient in the last 12 months or been put on a waiting list for hospital treatment.

 

Other general exclusions :

Will not pay claims directly or indirectly arising from the following:

1 You deliberately harming yourself, committing or attempting suicide, or putting yourself in unnecessary danger (unless you were trying to save a human life).

2 The influence or effect of alcohol or drugs (unless the drug was prescribed by a healthcare specialist and taken as instructed), solvent or substance abuse or a sexually transmitted disease.

3 You deliberately committing an unlawful or a criminal act.

4 Travelling or intending to travel to a country, area or event declared unsafe by the Travel Advice Unit of the Foreign and Commonwealth Office if this information was public knowledge before you booked or departed on your trip.

5 Any loss not specifically covered by this policy (for example, loss of earnings because you are not able to return to work after an injury or illness that happened on a trip).

6 Any loss or damage to property in the UK or any expense or liability caused by such loss or damage or contributed to by: the radioactive, poisonous, explosive or other dangerous properties of any nuclear equipment or its nuclear parts; or ionising radiation or radioactive contamination from any nuclear fuel or waste.

7 Any restrictions caused by the law of any country.

8 A terrorist act. This exclusion does not apply to Section 1 Medical and other expenses or to Section 6 Personal Accident except where nuclear, chemical or biological weapons/agents are used.

9 Injury, illness, death, loss, theft or damage which is covered by another insurance policy. In these circumstances we will only pay our share of the claim. (This does not apply to Section 6 Personal accident.)

10 Any costs associated with returning your vehicle to the UK. If you decide to take your vehicle abroad, we expect you to have arranged suitable breakdown insurance to cover your vehicle.

11 War, invasion, act of foreign enemy, hostilities (whether war is declared or not), civil war, rebellion, revolution, insurrection, military force, coup d’état.

 

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As the warm holiday season approaches, we all wish to organise a fantastic trip to foreign countries. What is important to know about is your travel insurance. Here is Churchill travel insurance at a glance :

Under most sections, you will not be covered for the first £75 of any event unless otherwise stated.

Medical and Other Expenses.

The most Churchill will pay in total for each person is as follows:

– Medical expenses £10 million

– Emergency dental expenses £250

– Funeral expenses £2,500

– Hospital benefit £1,000

What medical expenses are covered :

– If you are ill or injured or you die on a trip, we will pay all necessary and reasonable expenses, up to the policy limits above, for:

– Medical and hospital treatment (including ambulance and rescue services to take you to hospital); and

– Emergency dental treatment to treat sudden pain up to £250 only.

Extra travel and accommodation expenses

– Extra travelling expenses to return to your home in the UK.

– Extra accommodation expenses if your illness or injury forces you to stay longer than you had originally booked.

– The travel and accommodation expenses for one person to stay with you and travel home with you, if this is medically advised.

Cancellation

The most Churchill will pay in total for each person is as follows:

Cancellation £3,000

What is covered :

Will pay you for all unused travel and accommodation costs (including excursion, car hire and other charges) that you have paid or are under contract to pay, if it is necessary and unavoidable for you to cancel your trip before you leave your home or place of business, whichever is later, for one of the following reasons.

– You become ill or are injured and a qualified doctor certifies that it is medically necessary for you to cancel your trip.

– You die.

– A close relative or close business associate of yours living in the UK is ill, injured or dies.

– Anyone you had planned to stay with or travel with is ill, injured or dies.

– You or anyone you are travelling with are not able to travel or are instructed to stay at home by the police (or other recognised emergency services) due to serious damage to your home or place of business in the UK caused by fire, aircraft, explosion, storm, flood, subsidence, vandalism or theft.

Curtailment (cutting short your trip)

The most Churchill will pay in total for each person is as follows:

Curtailment £3,000

Important to note the following

– Payment for a claim for unused accommodation, travel or other costs will cover the proportional costs for the number of days of use lost and will be worked out from the date you return home.

For example, if you curtail halfway through your trip, we will only consider paying half the amount you originally paid for the trip.

What is covered :

We will pay you all reasonable travel expenses and any unused pre-booked travel and accommodation costs (including excursion, car hire and other charges) that you have paid or are under contract to pay, if it is necessary and unavoidable for you to urgently return to the UK for one of the following reasons.

– You become ill or are injured and the doctor treating you certifies that it is medically necessary for you to return to the UK.

– You die.

– A close relative or close business associate of yours living in the UK is ill, injured or dies.

– Anyone you had planned to stay with or travel with is ill, injured or dies.

– You have to go into hospital due to an accident, illness or injury that occurs during your trip and you spend over 24 hours as an inpatient.

Personal possessions, luggage, money & passport

The most Churchill will pay in total for each person is as follows:

Personal possessions and luggage £1,500 (This can be increased to £3,000 if you buy extra cover – annual policy only)

Delayed luggage – emergency replacement items £200

Important extra limits are shown below

– £300is the most we will pay for high-risk items in total for each person.

– £300is the most we will pay for any single item. A camera with attachments or a matching set of earrings and necklace, for example, are considered as a single item.

What is covered :

– Loss or theft of or damage to your personal possessions and luggage.

– The extra expenses you may have to pay to replace your passport or travel documents if they have been lost, stolen or damaged outside the UK.

– Replacing essential toiletries, medication and clothing if your luggage is delayed for more than 12 hours after your arrival at your final outward destination.

Personal money

This covers your travel money against loss or theft. If you make a claim, you will need to provide evidence that you had the money, so keep any receipts you have.

If your money is lost or stolen and you report it to the police, we will pay a single emergency cash advance of up to £100 for each insured adult, for each incident. You must then repay this amount when you return home or Churchill can take it from the amount they pay for your claim. Churchill will not offer a cash advance under any other circumstances. Churchill will pay you up to £500 if your personal money is lost or stolen while you are on your journey.

The cash or bank note limit is £250 for each adult and £125 for each child.

What is covered :

– Loss or theft of your money.

Passport

– If you lose your passport during your journey, Churchill will pay you up to £500 for reasonable extra travel and accommodation costs abroad while you arrange a replacement.

Important exclusions

Churchill will not pay for any claim unless you report the loss to the police or British Consular Representative within 24 hours of discovering it.  Excess is £75 .

Abandoning your trip, delayed and missed departure

Your Churchill Explorer policy does not provide any cover under this.

Personal accident

The most Churchill will pay for any one accident is £30,000 in total for each person.

Age of insured person :

– 16 to 64 : £30,000 for death / £30,000 for permanent and total disability or loss of a limb or an eye.

– 15 and under : £2,500for death / £2,500for permanent and total disability or loss of a limb or an eye.

– 65 and over : £2,500 for death / £2,500for loss of a limb or an eye (no payment will be made for permanent and total disability).

What is covered :

If you suffer accidental bodily injury and, as a direct result, you are disabled or die within 12 months, you will receive one of the relevant payments shown above.

Personal liability

The most Churchill will pay in total for each policy is £2 million for personal liability.

What’s covered :

If you are found legally liable to pay compensation for any claim or series of claims arising from any one event that happens during a trip and that causes accidental:

– Bodily injury, illness or death to any person; or

– Loss or damage to someone else’s property.

Legal assistance

The most Churchill will pay in total for each policy for legal expenses is £50,000 .

What’s covered :

Legal costs to help you claim damages or compensation:

– For injury, illness or death, which happens during your trip

– Following a dispute about an agreement you have for your trip

If you are arrested or held by authorities during your journey, Churchill will pay up to £250 for your first consultation with a local solicitor.

Catastrophe

The most Churchill will pay in total for each policy for catastrophe is £1,000.

What is covered :

If, during your trip, you are forced to move from your pre-booked and prepaid accommodation because one of the following events means you can no longer stay there.

– Fire, lightning, explosion, earthquake, tidal wave, storm, avalanche, hurricane, flood or medical epidemic.

 

 

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A recent survey has found that home insurance premiums have risen by almost 50% in certain areas of the UK with the increase in fraud and the recent spate of bad weather being blamed for the sharp rise in premiums.

Where you live has a huge bearing on how big of an increase you’ll see in the cost of your annual home insurance. In Glasgow home owners have seen an increase of 36% from £111 last year, to £151 this year, while Dorking in Surrey saw a rise of 46%.

Greater London boroughs have been worst hit out of the whole of the UK, although the town of Dorking has seen the very biggest jump in the cost of their cover with home insurance up by a massive 46% compared to last year. In 2010 the average annual cost of a home insurance policy in Dorking was £119, compared to £174 in 2011.

The insurance industry say the increases have come about as a result of the large number of claims they received for repair work following the extreme cold snap which hit Britain this winter, and also because of the increased level of fraud.

On average the cost of home insurance has risen by 6% for UK homeowners, and according to industry experts, premiums are likely to continue rising year on year.

Source : Lady Motor News

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    Financial Fraud Action UK (FFA UK) has been made aware that out of the 70 million Sony PlayStation accounts compromised worldwide in the Sony PlayStation Network incident, 3 million are based in the UK.

    Sony has not yet confirmed if card details have been compromised but FFA UK is liaising closely with Sony with regard to this.

    The banking industry has robust processes in place to protect its customers’ accounts by monitoring for suspicious or irregular card transactions. If Sony confirms that card details have been compromised, and provides details to us of those accounts, card issuers can place alerts on these accounts. Further steps, such as blocking the account and/or issuing new cards can be taken if necessary.

    There is no need for customers to contact their bank or card company at this stage. However, customers should continue to do what they should normally be doing – checking their statement and keeping a close eye on their account for any unusual activity – if they spot any they should then contact their bank or card company.

    Many customers may use the same passwords for their PlayStation account as they do for other financial accounts – FFA UK recommends that they should change these passwords to something else as soon as possible. Similarly, customers may have had their email addresses and telephone numbers compromised in this incident, so they should be wary of responding to any unsolicited emails or telephone calls that ask for sensitive or financial information.

    In the event that anyone is the innocent victim of fraud as a result of this incident, customers can have peace of mind that they will get their money back from their bank or card company.

    Source : Financial Fraud Action Press Release

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    Every major insurance company now uses the 1.7 million UK postcodes to help determine how much pension you get when you retire.

    The result is that those in postcodes deemed to be better off, such as the Home Counties, are receiving worse pensions than, for example, those in less wealthy parts of Bolton or Birmingham.

    The rate you are quoted for an annuity — which gives an income for life from your pension pot — depends on how long the pension company thinks you are going to live. The more healthy you are, the longer your money has to stretch and so the lower the rate you will get.

    Until recently, annuity rates were based solely on your age, sex and health. But increasingly insurers are looking at postcodes to make a decision about life expectancy. And this is creating huge differences in payouts around the country.

    According to official figures, average life expectancy is highest in Kensington and Chelsea in London at 89 for women, and lowest in Glasgow at just 77. And for men it is 84 and 71 respectively.

    Figures from annuity specialist William Burrows Annuities show someone living in Birmingham or Glasgow will get more than £400 more a year in retirement — just under £10,000 over 20 years — than someone living in Chelsea or Cobham in Surrey. This is based on two healthy 65-year-olds with a £100,000 pension pot buying the best annuity available.

    Postcoding is meant to reflect the higher life expectancy enjoyed by more affluent people. But Billy Burrows, director of annuities at William Burrows Annuities, says: ‘It’s a lottery and it is people in middle England who are being squeezed. We often see a low-paid worker from Guildford in Surrey being offered a worse rate than a rich businessman living on the outskirts of Newcastle.’

    In 2007, Legal & General started the trend for using postcodes. Insurers claim this ensures poorer people with lower life expectancies do not subsidise affluent people who are expected to live longer. But John Lawson, head of pensions policy at Standard Life, says: ‘Postcodes are a very crude way of pricing risk and it throws up as many problems as it solves.’

    To complicate matters further, insurance companies all have their own views of life expectancies in different postcodes. A male saver, aged 65 with a £100,000 pension pot living in Cheltenham, will get a monthly income of £587 from Aviva and just £517 from Prudential. This adds up to a £16,800 difference in income over 20 years. And it is becoming increasingly difficult for investors to find the best deal.

    Most firms — including Aegon, Scottish Widows, Friends Provident and Standard Life — do not publish their rates on City regulator the Financial Services Authority’s website.

    The post code system is also open to abuse. Mr Burrows says: ‘We’ve had clients with two homes registering using the less affluent postcode to get a better pension.’

    Insurer Legal & General says it uses the full postcode when determining annuity rates. This ensures someone living in a poorer part of town is likely to receive a bigger pension than someone living in a wealthier neighbourhood. But L&G admits it could mean one person is offered a worse pension than his neighbour.

    Phil Naylor, head of individual annuities at L&G, says: ‘We don’t pretend postcode modelling is perfect. But it is proven that average life expectancy varies across the country.’

    The UK’s biggest insurer, Aviva, estimates that under the new pricing system a third of customers are better off, a third worse off and a third are in the same situation.

    Source : Daily Mail

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    The study of 1,000 consumers aged 18 – 45 indicates that our current culture of austerity has spurred many to consider a move overseas with over half (54%)1 of respondents now saying they would contemplate doing so.

    Last year Aviva UK Health revealed that over 5.5 million people were considering mid-term breaks abroad. However this year’s findings show that many believe there could be better long-term prospects outside the UK. A staggering 46% of people are considering a permanent move compared to last year’s 39%. One in five (21%) people remain more cautious and would only be prepared to go for between one and three years.

    There is no doubt that the UK economy is playing a role in this trend. Nine out of ten (89%) respondents believe the last three years has seen a decline in the UK job market, with a further 54% admitting the government cuts have adversely affected their lifestyle. Over half (54%) of people claim this is a key trigger to them considering a move abroad.

    The long winter has also taken its toll, with 45% motivated to move abroad by the promise of a better climate. A further 31% believe a healthier, less stressful and more varied lifestyle awaits them, while 33% are hoping for a better quality of work/life balance.

    When asked about their concerns, a quarter (25%) were worried they might have worse benefits abroad. And, 37% think they would have less state funded privileges.
    Health still appears to be a key concern for people considering a move abroad. Just over a third say the NHS is one of the things they would miss the most. This is compared to a quarter (25%) saying the same last year. Almost a half (46%) of respondents think the UK has better health benefits than other countries worldwide.

    This prompted six in 10 (59%) to say that they would factor heath insurance into their planning. By contrast, 38% of people would not arrange any sort of health insurance before they moved.

    Teresa Rogers, business lead for International PMI at Aviva said:

    “When times are tough, it might seem natural to set one’s sights on moving abroad. But our survey shows that there are certainly pros and cons to moving and people need to plan carefully if they are considering making their dream a reality. Health is clearly a primary concern for people and whether you’re thinking of moving abroad for a short time or on a more permanent basis you need to take care to ensure you and your family are always properly protected

    “Healthcare provision varies greatly around the world and even routine medical care can prove costly in countries that don’t offer a similar service to the NHS. Although it’s very encouraging that over half of the people we spoke to would consider taking out international health insurance, over a third (39%) would sort their health insurance out only once they’ve arrived. This could leave them in a difficult position should the worst happen. “

    Aviva’s research reveals that the same five countries identified in its 2010 study still remain the re-location destinations of choice:

    1. Australia
    2. America
    3. Canada
    4. Spain
    5. New Zealand

    Other popular destinations include; France, Italy, Dubai, Switzerland and Germany.

    Source : Aviva Press Release

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    They say a dog is a man’s best friend and new research from More Th>n pet insurance shows the attachment men have with their pets appears to be greater than that of their female counterparts.

    The study among British pet owners found that over 13% of men have taken a week or more off work to get over the upset caused by a pet going missing or being stolen, compared to just 5% of women.

    Men are also more likely to cancel social engagements due to a pet going missing (15%) compared to women (12%) – and 6% of men have even gone as far as cancelling special celebrations such as birthdays and weddings.

    No one is immune to the pain of a lost or stolen pet.  High profile celebrities such as Paris Hilton, who was distraught when her pet chihuahua Tinkerbell went missing and Jesse James who was inconsolable when his adorable four legged friend Cinnabun suddenly disappeared last year have both suffered stress from a lost pet.

    Pete Markey, Head of Insurance at More Th>n, said: “People who own pets are often very attached to them and coping with their sudden disappearance can often be akin to losing a family member. This seems to be the case for men especially, with the impact of a missing pet taking its toll emotionally.”

    In addition, men are prepared to spend more on trying to find their pet, with almost 20% willing to spend between £100 and £1,000 for the safe return of an animal, compared to just 14% of women.

    However, the findings also reveal a third of pet owners do not invest in pet insurance, which can help ease the financial costs associated with finding a pet.

    Leading chartered psychologist, Beverly Stone said: “These findings highlight the inherent differences between men and women. Whereas women tend to fear for the potential loss of their pet when it goes missing and mourns the loss if their pet dies, a man not only experiences a similar fear and mourning but may also feel a strong sense of responsibility.
    “As a consequence, they are likely to feel that they have failed to protect their pet. Men need more time to get over the guilt, and they would not want to be exposed to people asking what happened in social events, if they feel responsible”.

    Source : More Th>n Press Release

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    A wide range of motor warranties are available to protect you against the costs of sudden and unforeseen failure of specified components of the motor vehicle.

    A motor warranty protects you against unexpected failure. They are not always maintenance contracts and do not cover breakdowns that arise through normal wear and tear. The policy terms and conditions should always make these points clear.

    The components covered by a warranty vary according to the age and mileage of the vehicle. A range of policies is available from wide protection on new or very young, (low mileage) used vehicles to more limited cover for older or higher mileage vehicles.

    You may be offered a choice of the level of cover for the vehicle you are buying. Generally, a policy covering a wide range of components will be more expensive than more restricted cover.  Cover applies strictly to the failure of specified components only; if the component is not listed for cover in the policy, the repair is not covered.

    Policies usually pay for parts and labour charges incurred in the repair or replacement of an insured component. Policies often have a maximum amount payable for any claim; you should check these limits in view of the cost of breakdown for major components.

    Some policies have a betterment clause that requires you to pay something if your vehicle is improved following repair. They may also have a maximum amount payable during the term of the policy. Some components may have specific claim limits applied as well.

    For new cars, cover is usually for 12 or 24 months after the manufacturer´s guarantee expires, but longer periods of cover are also available.

    For used cars, periods of cover offered will vary from 3 to 36 months from date of purchase.

    Is there anything I should think about when buying a motor warranty?

    Additional Benefits

    Mechanical breakdown policies may include additional benefits, such as towing-in charges, tyre care, MOT insurance, car hire costs or overnight accommodation.

    These benefits only apply in conjunction with a valid mechanical breakdown claim and are often subject to separate conditions and limits.

    Vehicle servicing

    Most motor warranties require the vehicle to be serviced by an appropriate dealer, at minimum intervals as specified in the policy. This is a crucial condition of the policy and the policyholder is responsible for making sure that correct servicing is carried out at the intervals specified.  Failure to do so could result in a claim being refused.

    Common exclusions

    Only components specifically listed in the policy will be covered.  If a breakdown occurs due to a component not specified in the policy, the repair will not be covered.

    Where can I buy a motor warranty?

    When you buy a new car through a dealer, you will get details of the policies they offer. Cover may also be available from the manufacturer and the dealer may be able to provide details of this too.

    For a used vehicle, the cover available will depend on the age and mileage. Your dealer will be able to provide details of the policies they offer.

    Cover is also available from some insurance companies, brokers, motoring organisations, banks or other financial institutions (especially if you are borrowing money to buy the car).

    Some mechanical breakdown insurances have an option to renew the cover for a further 12 months when your policy runs out.

    Other useful information

    How do I make claim on my extended warranty?

    Refer to the claims procedures in the policy terms and conditions before you arrange repairs. These will give you full details of how to claim and what to do.

    Some policies pay the repairer direct. Others will ask you to pay the repairer and send the invoice to the insurer/administrator for reimbursement.

    What other types of extended warranties are available?

    Breakdown or warranty policies are available for a wide range of other items. Office machinery, yachts, earth-moving equipment, fitted kitchens and household furniture are all examples where policies are available. The basic principles of cover are similar to those for household appliances and cars, but the policies have different specific conditions.

    Understand your cover

    All insurance policies are important documents. Read your policy carefully as soon as you receive it. If you do not understand, you should ask the person who sold you the policy, or the insurer, to explain. All policies have a cooling off period, whereby you can cancel the policy with a full refund, subject to no claims being made, if you wish to reconsider your decision.

    Is it insurance?

    Some warranties are not insurance contracts. These usually have names such as service contracts or guarantees. With service contracts, your payments are put into a pool that is used to pay claims.  In many cases this pool is protected, so that if the retailer/insurer goes bust your claims would still be paid.  But that is not always the case. You should receive information at the point of sale whether you would be covered in the case of insolvency.

    Recent developments

    In December 2003, the Competition Commission published the report of its enquiry into the sale of extended warranties for household appliances. The DTI implemented the Competition Commission´s recommendations from April 2005.

    Key DTI changes are:

    1. The price of the Electrical Warranty has to be prominently displayed on or near the electrical goods it applies to.  This requirement is applicable to in-store, catalogue or on-line retail sales.
    2. The customer has a right of cancellation after purchase of their electrical goods of up to 45 days for a full refund and pro-rata thereafter.
    3. Customers have to be reminded by the retailer about their right to cancellation.  This reminder must be provided at least 20 days before the cancellation period ends.
    4. A written quotation setting out the purchase terms of the EW must be valid for up to 30 days after purchase of the goods.
    5. Relevant policy information must be provided at point of sale.

    Further to the report, the Government decided that extended warranties sold by electrical and furniture retailers will not come under the scope of the FSA regulation of general insurance. Motor retailers are now regulated.

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    Everyone relies on appliances and machinery, from simple products like toasters and irons to complex equipment like cars and computers. Sometimes a breakdown is merely a nuisance, but it can cause inconvenience and may result in considerable expense.

    When you buy something new the law requires it to be up to its job. Usually, the manufacturer or retailer will guarantee it for a period of time, generally a year.

    An extended warranty is a type of service contract or guarantee that covers you for repair costs after the manufacturer´s or retailer’s guarantee has expired.  These policies are also sometimes called mechanical breakdown insurance.

    Household appliance warranty cover:

    Policies are available to cover repair costs following breakdown for most household appliances. Most policies cover the cost of parts and labour. There is usually a maximum amount payable during the term of the policy and some may have a limit on each claim.

    If the appliance cannot be repaired, some policies will replace the appliance with a new one of similar specification, or pay a cash equivalent if a similar model is no longer available. These are often called “new for old” policies. Other policies will make good up to the current value of the appliance after depreciation. If any appliance is replaced the policy will usually end.

    What should I think about when buying an extended warranty for a household appliance?

    Additional benefits :

    Some policies provide additional benefits, such as accidental damage or frozen food spoilage. This cover may be available on your home contents insurance.

    Common Exclusions :

    Policies usually exclude misuse and non-domestic use and cosmetic items such as damaged paintwork or trims. Consequential losses, such as water or fire damage, are not covered as your home insurance will probably meet these claims.

    Where can I buy an extended warranty for a household appliance?

    When you buy new appliance, the retailer will give you information about policies they sell and may also be able to provide details of policies offered by the manufacturer. Details may also be enclosed with the appliance or sent to you when you return the guarantee registration card.

    Cover is also available directly from specialist insurers, insurance brokers, banks, your credit card provider or other financial institutions that lend you money to buy the appliance.

    You may want to obtain breakdown insurance for appliances you already own but which are not currently insured. Insurance companies can offer this cover, subject to the age and condition of the appliance. With this type of cover there is usually a ‘no-claim’ period immediately following the start of the cover during which claims for breakdown will not be met.

    When extended warranty insurance on certain appliances expires, your existing cover supplier may write to you with an offer of renewal. They may also invite you to extend cover to other appliances you own.

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