Nigel A Adams

Its serious, when it goes legal!

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If a writ arrives on your doorstep, you can’t just bury your head in the sand.

When you own property, the major concerns are dealt with by the cover for physical damage, loss of rental income and liability for injury or damage. We’ve ticked those boxes, so what next?

There are of course other events which can cause concern as a landlord.  They can result in substantial cost, because taking legal action or defending it, is never cheap. It could run into tens of thousands of pounds.

These also need consideration and insurance cover.

A landlords legal expenses policy can cover the cost associated with most of them, whilst also removing the anxiety about unknown events, #becauseaccidentshappen to nice people all the time.

Here are a few of them:

  • Breach of tenancy agreements
  • Pursuit of rent arrears
  • Eviction of tenants
  • Legal defences
  • Rent guarantees
  • Boundary issues
  • Legal advice

You can call the helpline 24 hours a day and discuss any matter that might be affecting you or your tenants. You will have peace of mind that a specialist team of lawyers will deal with these matters Immediately on your behalf.

You are never on your own.

 

Booted & Suited

It’s a building, so what’s the problem

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It can’t get up and hurt someone, or can it?

When you take out property owners insurance, in addition to the cover for the building, you get cover for your liabilities, for injury to people or damage to other people’s property.

Public liability covers members of the general public, including tenants, visitors and the like and employer’s liability takes care of people you employ, such as, gardeners, handymen and cleaners.

If someone were to trip up on a loose paving stone, or a stair carpet, then they may have a case against you for the injury sustained, private treatment and any loss of earnings. The total could run into tens of thousands of pounds.

The same applies to employees who are injured whilst doing work at your direction and would extend to and the provision of a safe working environment, PPE, scaffolding, cleaning and garden equipment.

Cover also includes damage done to property, for instance if tiles fell of a roof which had not been maintained properly and crashed down on a parked car, god forbid landing on a person.

Public liability cover is included, #becauseaccidentshappen to nice people all the time, whereas employer’s liability is optional, so check carefully.

Have a great week 😎

Insurance Review

A Full Open Market Review.

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When di you last have a full, open market review of your business insurance programme?

  1. In the last 12 months
  2. Over 3 Years ago

If the answer is (2) you could be missing out on saving £1,000’s of pounds in premium.

The insurance market is dynamic and prices move all the time, some insurers come into sectors and some move out.

If you haven’t reviewed your programme for over 3 years just follow this link to book a full review:-

Save 30% on your insurance – Severn Bay

Have a great day

Various Buildings

Property Owners and Landlords take note!

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One of the simplest package policies on the market is for property owners, sometimes called landlords insurance. Everything you need in one policy. So, what is included and what is left out?

To start with you want to protect the physical structure of the building and this is done by providing cover for a specific range of “perils” such as:

  • Fire
  • Lightning
  • Aircraft
  • Explosion
  • Earthquake
  • Storm or Flood
  • Theft or attempted Theft
  • Impact
  • Escape of Water
  • Riots
  • Malicious Damage

Even with these covers there are exclusions, so it is vital you read the wording in detail #becauseaccidentshappen, to nice people all the time.

Cover is also available for “other” accidental damage, as well as subsidence, ground heave and landslip, but these are usually options, so check the detail.

Standard exclusions include: War, Radioactive contamination, Sonic Bangs, Changes in Water Table, Electronic Risks, Wear and Tear, deterioration, and any gradually operating cause.

Cover can be restricted for unoccupied property, or in the course of renovation, sale or repair.

Land for development can be covered, but for liability only.

More on property owners liabilities, business interruption and legal expenses this week.

Booted & Suited

It can’t be that simple, can it?

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I constantly talk to my clients about business, it’s what I do.

Whether that is on the business continuity, insurance, risk management or consulting side of life.

I always try to add value, so my clients get more than they expect. I want to educate them so they can make better informed decisions in business.

40 years of knowledge and experience, often distilled into a single sentence, bringing clarity and awareness.

Lightbulb moments are often a thing!

My mission in consulting is simple: –

“I help founders and directors create detailed plans, to support growth and development in their businesses.”

Pretty neat, eh?

Well, it would be if all businesses were the same, but of course they are not.

They will however all go through 6 distinct phases, and understanding what is needed at each stage is key.

  1. Start-up
  2. Expansion
  3. Stable
  4. Mature
  5. Exit
  6. Sale

First you need to know where you are, evaluate how much have you achieved, and what is left to be done, before you can move on to the next stage.

I can help you avoid the common mistakes, that you don’t need to make, but will, when you don’t know, what you don’t know.

If you follow this simple model supported by detailed plans at each stage, and then execute them effectively, I can almost guarantee success and a profitable and happy future.

Accountability is guaranteed through every stage, so you don’t wander of the path to success.

Advice and guidance are available 7 days a week, at the end of the phone.

Prices start at very affordable levels, £100’s per month, not £1000’s and there is no contract tying you in, regardless of effect i your business.

You engage for as long as you like and find value, in business or personally.

If you’d like to know more, then just message me here.

Have a great week 😎

 

SB Logo

A lost profit, or a loss of profits?

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One of the most complex parts of insurance cover is business interruption, so maybe a short explanation is in order?

For most business the cover will be based on “Gross Profit” and that is turnover, less the cost of raw materials with nothing else deducted, especially wages, as you will need to pay your staff.

For service businesses its “Gross Revenue”, which equals turnover and for landlords it can be loss of gross rental income.

The next thing to understand is that in 99.9999% of cases you cannot have a claim for business interruption, unless physical damage has occurred.

This has to be for one of the identified perils, such as Fire, Lightning, Explosion, Flood, or Storm!

There are a number of extensions, but these vary greatly between policies. In some cases the cover is as little as £25,000.

These extensions normally include the following:

  • Failure of public utilities.
  • Denial of Access – Physical Damage.
  • Damage at supplier’s premises – Can’t supply you with what you need.
  • Damage at customer’s premises – Stops buying from you.
  • Murder, death or suicide – Premises closed whilst police investigate.

In some cases, there are other extensions, but these vary greatly with very low sums insured.

If you really want to know, you have, talk to a professional and take the time to understand what cover you need, #becauseaccidentshappen to nice people all the time.

Feel free to message me or call the office on 029 20 470 375 for a free, no obligation consultation.

It could be the most valuable phone call you ever make 😎

 

Nat Relax Day Image

Its National Relaxation Day!

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It’s National Relaxation Day! 😀

I don’t know about you, we’ve just had the weekend, but I feel like I need a day off.

Especially when you’re thinking about moving house, as Karen and I are at the moment.

Its just about sorting stuff, packing boxes, tip runs and car boot sales, where incidentally we got soaked to the skin, packed up and went home. Better luck next Saturday.

We don’t like to move with anything we don’t want in our new home.

At one period in our 24 year marriage, we moved 5 times, in 7 years.

We are pretty much experts now at getting rid of stuff.

After all, in 1880 English textile designer William Morris famously declared to his Birmingham audience:

“Have nothing in your house that you do not know to be useful or believe to be beautiful.”

That about says it for us.

So, if you’re weekend was not relaxing, maybe take a few times out during the week to relax.

Maybe get some ideas here?

National Relaxation Day (August 15th) | Days Of The Year

Whatever you do to relax, chill out, and let the stress all wash away..

I will probably go for a run, not everyone’s cup of tea, but it works for me.

What’s more if you’re properly relaxed, you will probably be far more productive, when you are in work.

Have a great week 😎

#RelaxationDay

#NationalRelaxationDay

Nigel

Is it covered?

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I once remember getting a call from a landlord who wanted to know if he was covered!

He was asking if he could claim for a new boiler because his wasn’t working any more. I asked why it wasn’t working and it transpired that it was simply old and had worn out.

I then had to explain that all insurance policies were designed to respond to defined “perils” such as Fire, Lightning, Explosion, Storm, Theft, Malicious Damage and that these events had to happen on an identifiable date.

What they are not designed to do is replace routine maintenance, or simply pay for things which have reached the end of their natural life.

Its why all policies covering damage to property always have a condition excluding damage resulting from any gradual cause, including deterioration, wear and tear.

This includes mildew, fungus, climatic or atmospheric conditions, frost, wet or dry rot.

An exclusion also exists for vermin, insects, chewing, scratching or tearing, or fouling by pets.

There are other exclusions routinely applied and in the contents section of your policy, look for “Exclusions that apply to the whole of your policy” or a similar wording.

Most of these are common sense applied to things which ae never meant to be covered, or in some circumstances where compensation would come under law, or from the government, such as sonic booms, war, or nuclear explosions.

If you’d like to know more about the detail of your policy wording, and what is and is not covered, in any particular circumstance, I’d relish the challenge!

I don’t think there is a question I can’t answer, so have a go!

SB Logo

What a liability!

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In business you insure STUFF you can see touch and feel!

You insure your LOSS OF PROFIT or REVENUE if the worst happens!

Lastly you insure your LIABILITIES, for everything you’ve ever done or will do.

This last category, Liabilities is by far the most important as this is where the biggest losses are likely to be and now with the advent of No Win, No Fee lawyers it is easier then ever for someone to have a go at you, often at no cost to themselves.

 

There are 4 main concerns, they are:

El = EMPLOYERS LIABILITY – Injury to employees or damage to their property

The only Liability cover required by Law, with heavy fines or even jail terms for non-compliance

Pl = PUBLIC LIABILITY – Covers damage to property or injury to people outside your business.

PD = PRODUCTS LIABILITY – Covers damage to property or injury to customers, by the product you manufacture, sell or supply.

PI = PROFESSIONAL INDEMNITY – Covers financial losses of your clients, where they allege the loss results from your negligence, errors, or omissions.

 

LIMITS of LIABILITY

EL – £10 Million as standard & £5 Million for terrorism, although only £2 Million required by law.

PL/PD – £2 Million base level, although, £5 more standard. Extra layers as required.

PI – £100,000 base level, with limits up to £5 Million not unusual

 

Obviously, there are lots of specific circumstances, for instance medical negligence PI often covers bodily injury also. If you can think of a situation where a Duty of Care arises, and that is almost any situation where you take some money off someone, to do a thing or sell a product, then an insurance contract will exist to cover the liability that arises.

If you want to know more, then jump on over to book your FREE discover session @

🔵Save 30% on your insurance – Severn Bay

Solicitors & Accountants Offer

Professional Indemnity – 30% Savings Year after Year!

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🔵 Would you like to get a 30% reduction in the cost of your Professional Indemnity Insurance, this year, next year and every year thereafter?

Between now and the 15th of August I am looking for 5 Solicitors or Accountants, to get that result!

Just for your information we recently saved a client over £7,000 on the previous years spend of £25,000, that’s a 28% real saving.

If this of interest send me a direct message, email me nigel@severnbay.com or contact me on 029 20 470 375.