Insights

UK Govt. reverse Vnuk motor insurance rule
UK Govt. reverse Vnuk motor insurance rule 1920 1280 James Hallam

he James Hallam Sport team is pleased to note that the UK Govt. is to withdraw from the ‘Vnuk’ legislation passed by the EU in 2018, which has been a regular talking point and threat to the UK motorsports industry since 2014, when the law was first considered.

The law, which forms part of the EU’s MID, requires all motorised vehicles to be insured for compulsory and unlimited liability risks, including those whilst being used on private land, so captured the use of racing vehicles, pit scooters, and all other working vehicles operating within the confines of a motor sports venue, including whilst on track.

Securing coverage at the limit of liability required is just not feasible, from either the specialist motorsport liability market who cannot provide such capacity limits, or the motor insurance providers who have no appetite for such risk exposure, so it is timely that the Govt. has made their decision to scrap the ruling.

Our team had highlighted this matter to our clients over the preceding years, and encouraged them to support the Motorsports Industry Association’s campaign to lobby both EU and UK legislators to overturn the ruling, so its good news for the industry to see common sense prevail, at least in the UK.

Within the EU, there is no such liability insurance for motorsport risks available either, and it is understood that there is an appeal to exempt motorsport from the law, let’s hope their policy makers follow ours to keep motorsport on track!

Preventing Storm Damage
Preventing Storm Damage 1920 1440 James Hallam

If your home has been damaged by a storm, dealing with the aftermath can be emotionally and financially exhausting.

To help you avoid the worst, we’ve compiled a list of ways you can help protect your home from suffering a significant loss in event of a flood.

Before a flood

The best thing you can do at any time of the year is to make sure your property is safe. Regular checks can help your home stand up to bad weather when it comes.

  • Check your roof for any loose or missing tiles, crumbling pointing or any other signs of damage.
  • Remove hazardous branches in your garden, particularly those close to windows or power lines. Be careful as some trees are safeguarded, so if you’re unsure whether a tree can be cut check with your local planning authority.
  • Keep gutters clear of moss and leaves. If your gutters overflow during a downpour, it’s time to give them a good clean.
  • Prepare a storm emergency kit, just in case you need to leave your home during the storm. Pack warm clothes, medicines, a torch and batteries.

Find out if your postcode is at risk from a flood at Gov.uk here.

During a flood

  • Prevent water getting into your premises where possible by using flood barriers such as sandbags.
  • Move any furniture and possessions to a higher floor level or raised location
  • Check to see if your gas/water/electricity supply is working, and if not, call the suppliers to report it.
  • Switch off any gas/electricity supply that might be affected.

After a flood

Experiencing a flood can be frightening, and the activities of normal life can be disrupted. It is important not to underestimate the stress and strain of being flooded and cleaning up after floods. Here are a few steps to help deal with the aftermath.

  • List any damage to your property and don’t throw anything away in case it’s needed for the claims process. Don’t dispose of anything until you have photographed it for your records.
  • Check in on vulnerable neighbours or relatives and help them make any arrangements for repairs
  • Remember to keep clear of electrical or telephone cables that have been blown down or are hanging loose
  • Make sure the building is structurally safe
  • Ventilate and dehumidify the property.
  • Listen to the advice of the authorities and follow any instructions they give to leave the property.
  • If you are told to wait for the rescue service please do so.

If you have been affected and need to make a claim you can contact our team here.

Steps for preparing yourself for winter
Steps for preparing yourself for winter 1432 1006 James Hallam

As we continue through a period of uncertainty one thing is for sure, winter is coming. The cold weather can increase the probability of major disruption and damage to your property or vehicle. We do not know how a winter with COVID-19 will look, but we can prepare ourselves, our homes and our vehicles for the season ahead. By taking the following precautions you can help to ensure you are ready for winter.

Preparing your homes

  • Regular inspections and maintenance of your property like clearing your gutters will help limit the risk of blockages.
  • Keep your boiler on during the winter months. It’s important to check your boiler is in good health by having a regular service.
  • Pre winter checks by your central heating service provider with indicate any improvements needed to the efficiency of your heating.
  • If there is a risk of flooding try to move as many possessions upstairs. If your property has been flooded do not attempt to enter the premises until the electricity has been turned off at the mains.
  • Check for carbon monoxide leaks: This is a silent killer which can easily be detected with an inexpensive test badge or battery-operated alarm.
  • Make yourself aware your stopcock in case you need to stop the water supply quickly after frozen pipes.
  • Keep updated on weather warning and Met Office reports.
  • If properties are permanently unoccupied we would suggest disconnecting water supplies and draining all pipes and heating systems. However if you are only temporarily unoccupied heating systems should remain on to maintain a consistent temperature and avoid freeing.

It goes without saying that drivers need to keep their cars in good condition throughout the year, however even more so during the winter months. Recovery firms suggest that you’re twice as likely to break down during this season, so here are some precautions you can take to minimize the risk.

Preparing your vehicle

  • Plan your route and check road conditions. Give yourself extra time to get to your destination.
  • Make sure your car has been serviced .
  • Check your battery. Cold weather also has a negative impact on the power a battery and if you haven’t changed your car battery recently, then it could become faulty in the cold.
  • Keep a full tank of fuel. When there is a lot of empty space in the tank moisture can start to build up, and if this can dilutes the fuel can eventually freeze.
  • Ensure your tyres are correctly inflated and don’t get below the minimum of 1.6mm. Also check your tyre pressures regularly, as these can change with a drop in air temperature.
  • Clean your exterior lights and check that all your lights and indicators are working.
  • Carry an emergency kit in case of a breakdown. This should include first aid kid, extra clothing, hi- visibility jacket, food and drink, antifreeze and windshield washer fluid, tow rope, jumper cables, fire extinguisher, warning light or road flares.

Why should you choose an insurance broker?
Why should you choose an insurance broker? 1920 1280 James Hallam

If you are thinking of buying an insurance policy for something you don’t know much about or insuring something fairly unusual you should consider using an insurance broker.  Some may think working with an insurance broker sounds time consuming or dated and it’s much easier to go online but as insurance get more complex and new risks need understanding are you confident that you are best placed to make the right insurance decisions for yourself, your family or your business?

We understand the terminology, the emerging insurance risks, the appetite insurers have for these and we work hard to understand your needs. This makes us well positioned to advise you on not only the right insurance products for you, but the right level of cover. Insurance is complicated. So why go it alone?

There are many benefits to using an insurance broker that other providers cannot offer. Read on to find out more on what an insurance broker can offer you and why you should consider contacting us before your next insurance purchase.

Advantages of using an insurance broker

Advice and Knowledge – As licensed professionals, insurance brokers have a wealth of knowledge and expertise so they can offer you excellent advice on products, how to manage risks, comparing insurance solutions and purchasing insurance. Brokers are impartial and their advice is meant to serve your interests, not the interests of a particular insurance company.

Knowing your options – Insurers won’t always offer you every type of cover when you go directly to them.  Brokers will work with you to understand your unique situation and offer you a range of pre-vetted options to choose from, meaning you can rest easy knowing you are getting the right coverage at the best price.

Find the right product for you- a broker will ask you about your personal circumstances to find you the right policy. They will be able to tell you if you are already covered by your existing insurance policies and get you a good deal by comparing prices and product features. They can also be more flexible on price than comparison sites.

Choice and Price – Dealing with a broker means you are gaining access to the best insurers, some of whom do not sell directly to the public. Insurers will sometimes offer better rates to brokerages, meaning more savings for you. Why would insurance companies offer these lower prices? Lower cover.

Find a specialist provider – Comparison sites may not offer cover that should be tailored to suit your needs. You also will not find special or bespoke cover on there, so if you want to insure something unique like a high-value antique or a collection, a broker is your best option.

Claims are dealt with – If you ever need to make an insurance claim, you can lean on your broker to help make sure you receive a fair and prompt payment. If you find yourself in a disputed claim, your broker will act as an advocate with your insurance company and do as much as possible for you so you do not have the hassle and worry.

If you are looking for insurance, contact us at James Hallam. We offer a wide range of insurance products and can help you to tailor your insurance to your precise needs.

Are you prepared for an accident in your home?
Are you prepared for an accident in your home? 1920 1280 James Hallam

Creating a safe environment where your family can grow and thrive is a top priority.  Accidents can happen at any time in your home, so it’s even more important to be prepared during a pandemic.  Make sure you’re doing everything you can to achieve maximum safety at home.

Some common hazards you should be aware of:

Fires – Cooking, heating, smoking, faulty electrics or candles all can cause a fire, make sure you have checked that all your smoke alarms are working correctly. Ensure that you and all members of your household are aware of the fire exits. Check that all your windows can be opened with ease and if they have security bars that they can be easily released. At no point after leaving the house should you go back inside, wait for the emergency services to arrive.

Carbon Monoxide – Carbon monoxide is virtually impossible to detect and low levels can cause headaches and dizziness, while high levels can lead to vomiting, impaired vision, and even death. It’s vital you install a CO detector in your home, this will alert you if CO reaches dangerous levels in your home.

Falls – Wet floors, slippery surfaces, and scattered toys all create the potential for falls. Make sure all staircases are well lit, have handrails, securely affixed flooring, and safety gates if there are small children at home. Keep the stairs clear of any tripping hazards and use grip tape to secure mats in place.

Electrical Safety – Many accidents and fatalities involve electricity and must always be treated with respect. Have your wiring installation checked at least once every five years by an approved contractor. Do not use appliances that are worn or damaged flexes. Keep mains-operated appliances out of the bathroom.

Safety with medicines and cleaners – Chemical preparations should always be treated with caution. Consider having a proper lockable cabinet fitted in the kitchen and bathroom to keep out of the reach of children. Always follow the label directions when using any household cleaning products.

Here are three things to consider while planning for an emergency:

Contractors
If you are required to have contractors visit, ask them about their COVID-19 health and safety practices. Make sure everyone understands best practices and continues to follow government guidelines to protect each another from risk of infection. Try to pay your bill online to and if any family members are showing symptoms make sure you inform them.

Emergency kit
Gather a go to bag of supplies which you can grab quickly. It should include personal items like toiletries, food, and water. Due to the COVID-19 pandemic additional items will needed to be added to this bag: extra face masks, hand sanitizer with 60% alcohol, disinfectant supplies, tissues, and as well as personal hygiene items.

Evacuation Plan
If you are required to leave your property at during an evacuation , unplug major electrical equipment such as televisions and small appliances. Do not unplug your refrigerator or freezer unless there is a flood risk. And do not forget to secure your home by locking all the doors and windows.

 

 

How to look after your mental health while working from home
How to look after your mental health while working from home 1920 1283 James Hallam

The global pandemic, an unstable jobs market and the isolation of working from home has meant we have had to adjust to new ways of living and working. There are some perks to working from home that some of us can enjoy, but feeling stressed, bored, anxious and uncertain is also completely normal. We can all take steps to improve our own mental health by building our resilience and acknowledge your own self care.

For many of us work forms a massive part of our lives so it is not surprising that any changes could affect our wellbeing. Human connections are more important than ever as we continue to work remotely, here are some tips for supporting your mental health and feeling connected while working from home.

How can I help myself and those around me while working from home?

• The work life balance. Many workers find it hard to switch off mainly due to the removal of the commute to a physical office location. However put a reminder in your diary to take a break and encourage your team to do the same.
• Get moving. Whether it is indoor or outside, this will help maintain your physical and mental health, you will feel more awake and alert, and your concentration and sleep will improve.
• Establish new ways of working – Trial and error will help you find out what ways of working works best for each individual.
• Get connected. Check in with your team regularly whether it is by video calls, check ins between managers and their teams, Q&A sessions for colleagues to chat through any concerns or any other collaborative platforms to connect with one another.
• Make your team aware of support organisations – There are numerous charities and organisations that can offer support with your mental health while we continue to work from home. Keep your teams informed on how they can get in contact with them.
• Set and stick to a routine – Working from home can be very challenging and isolating, but a structured day can be a good way to address this. Designate a place to work that is free of distractions. Scheduling exercise throughout the day are paramount to maintaining your energy levels.

For more advice on how to look after your own mental health and supporting colleagues while working from home –

Mind’s online community ‘Side by Side’ 

Hospitality Action’s COVID-19 wellbeing hub

Valuing your Possessions for Insurance
Valuing your Possessions for Insurance 1392 992 James Hallam

If you are the owner of any antiques or treasured possessions it is important to insure them properly. Regardless of their worth they are likely to hold significant personal value and having insurance will not only protect them but help give you some peace of mind.

Insuring valuables can bring with it challenges given the uniqueness of some of the items, as well as the high value that some hold. Even with specialist insurance, the amount and type of protection you need may change as your life does. Your policy may be able to cope with small fluctuations, if your possessions rise significantly in price, you will need your insurance policy reviewed to check it is still suitable.

Why do valuations matter?

Fluctuations in the market could have an impact on the insurance protection you need. Having an accurate valuation of your antiques will allow you to decide if a standard policy will be sufficient or if you need to consider a specialist insurance policy such as a high net worth policy. Many standard contents insurance policies will set a sum insured limit, while others may require you to individually list items which exceed a certain value.

From classic cars, rare watches or bottles of whisky, we can recommend skilled and independent valuers to assist with reviewing your valuable collections. An up to date valuation can help avoid financial losses in the case of a claim or having to accept a lesser quality replacement item.

The benefits of professional valuation are:

  • A professional, fully detailed valuation makes it more likely for an insurer’s loss adjuster to accept the claim and speed up the process in case of loss/theft.
  • A valuer will confirm the authenticity of the item and its certificates.
  • Experts will give you an accurate market price.
  • They will be able to advise the best care and check for any repair work to your item.
  • It could provide a far better description or more accurate details of the item that might not be available from purchase receipt or older valuations.
  • An ‘agreed value’ will be made on your item which means in the event of a claim, you will receive its full value – or even more in certain circumstances.

 

If you own any antiques or treasured items, then it is vital to get them valued correctly. If you do not keep abreast of market fluctuations which could impact the price of an item you may be surprised to find out the cost price has significantly risen. We recommend getting your items valued regularly, for example expensive high end jewellery could be valued annually but we recommend this be done every 3 years at the very least. You may want to consider security for your valuables. This could include storing your valuables in a safe, having a home alarm system installed or considering CCTV to increase the security of your home. By doing this, you ensure your possessions are fully protected.

Why do I need Directors and Officers Liability Insurance?
Why do I need Directors and Officers Liability Insurance? 1920 1280 James Hallam

Directors and Officers have a significant role in helping to keep businesses running smoothly, but mistakes can happen. Directors and Officers Liability insurance applies to anyone who serves as a director or officer of a for-profit business or nonprofit organization. In the event that the individual within the business falls short of their obligations, this insurance is intended to protect them from personal losses if they are sued as a result. It can also cover the legal fees and other professional costs of defending yourself against such claims.

Who can sue?

  • The Company
  • Shareholders
  • Third Parties
  • Employees
  • Creditors
  • Regulatory Bodies
  • Competitors

Directors and officers can be sued for a variety of reasons, including:

  • Misrepresentation of company assets
  • Misuse of company funds
  • Improper disclosure
  • Failure to comply with workplace laws
  • Negligent
  • Theft of intellectual property or poaching of competitor’s customers
  • Lack of corporate governance

What does Directors and Officers Liability insurance policy cover?

The purpose is to provide protection for the directors and officers of the company for any alleged wrongful acts that are committed in the course of their duties. A Directors and Officers Liability Insurance Policy is comprised of two sections; officers and directors liability which pays any loss they are liable to pay and which arises from their having committed a wrongful act while acting as such. The second section refers to company reimbursement, if the company is legally liable to indemnify its directors and officers for their actions, this section will reimburse the company in respect of such liability.

Why does my business need to purchase D&O insurance cover?

Any business with a corporate board should consider investing in D&O insurance. While you may not be legally required to have D&O insurance if you are alleged to have acted wrongfully, you could face claims for compensation or criminal proceedings. Regardless of the size of your company, directors and officers can still be personally sued over their management of company affairs. Smaller businesses with fewer assets may need as much protection as larger corporations with higher revenues. There are so many decisions to be made for your business as we navigate through these uncertain times and whilst there is a wealth of professional advice out there, this won’t necessarily prevent allegations being brought against you or your business. It is for this reason that many company directors tend to have D&O cover in place.

D&O Insurers are aware that the current crisis has resulted in more claims, which is causing a hardening market. This means that insurers are likely to revise the D&O cover they provide and increase their premiums. This trend is probably going to continue for the foreseeable future so purchasing a policy now makes sense, even if your other insurance policies are not yet due for renewal.

Unoccupied Business Premises
Unoccupied Business Premises 1920 1280 James Hallam

The Government have now implemented new restrictions designed to combat the second wave of coronavirus, with people being asked to work from home, where possible. Therefore with premises continuing to remain unoccupied, it is important to remember that there is still a substantial risk to your business and you should ensure all necessary precautions are taken to protect it.

There are several third parties that may seek to gain access to your premises;

  • Vandals / Arsonists – This can be children or teenagers looking for thrills or others looking to do the specific business harm. It could even involve disgruntled employees or customers.
  • Squatters / Homeless – This could be as simple as a homeless person looking for temporary shelter through to others looking to use the premises for illegal purposes such as fly-tipping.
  • Thieves – Unoccupied premises could still have items of value stored within it, or the fabric of the property, such as copper pipework. The cost of replacing these items can be high, but consideration should be given to the additional damage which could be caused.

While continuing to work from home, policyholders should make themselves fully aware of the additional security obligations that they are bound by within their policy wordings. These obligations usually include;

  • Premises are being secured by protective locking devices.
  • Any alarm systems are fully operational.
  • All electricity, gas and water services should be turned off at the mains. Where existing intruder alarms, fire alarms or automatic sprinklers systems are installed they should continue in full operation.
  • Regular recorded visitation of the premises and carrying out any work necessary to maintain the security of the premises.
  • Removal of all waste materials from the interior and exterior of the premises.

Businesses should also seek clarity on any restriction of coverage as a result of property being unoccupied. If your business is open but you are not reoccupying some of your commercial premises it is important that you discuss this subject with your designated James Hallam Account Executive. This discussion should clarify your policy terms and conditions on any imposed restrictions to your coverage. We can advise you of the specific requirements in order that your insurance coverage adjusts to your needs.

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