Insights

Do I Need Insurance For My Shepherd’s Hut?
Do I Need Insurance For My Shepherd’s Hut? 500 334 James Hallam

If you own a shepherd’s hut, or you are considering buying one, then it is absolutely vital that you get specialist shepherd’s hut insurance.

In this post we will explain why you need shepherd’s hut insurance, and discuss what a good policy should cover.

Will My Home Insurance Cover My Shepherd’s Hut?

Your standard home insurance policy may not extend to covering your shepherd’s hut. If the hut is not in your garden – if it is located on a separate plot of land that you either own or rent – then your home insurance certainly will not give you the cover you need.

Why You Need Shepherd’s Hut Insurance

A shepherd’s hut is a significant investment of time and money. If the unthinkable were to happen – such as a fire, a flood, or a break-in – then good insurance cover would give you some much needed protection, and the settlement you need to bounce back.

Plus, if you rent your shepherd’s hut to holidaymakers, you will face a range of risks that will not be covered by a standard property insurance policy. You may be liable for any injuries sustained on your property, for example.

For these reasons, only specialist shepherd’s hut insurance will give you the cover you need.

What To Look For In A Shepherd’s Hut Insurance Policy

  • Cover for your shepherd’s hut building, along with its contents. A good policy should also cover the hut’s chassis, and any other structures or features you add, such as awnings, firepits, showers, toilets, or hot tubs.
  • Cover for letting your shepherd’s hut, if necessary. This might include public liability insurance, which will cover you should any of your guests have an accident while renting your shepherd’s hut.
  • If you do let your hut to holidaymakers, you might also look for loss of letting income insurance. This way, if you are ever unable to let out your shepherd’s hut due to an insured event, you can be covered for any shortcomings in your income.

Important Things To Tell Your Insurer When Taking Out Shepherd’s Hut Insurance

  • The amount you paid for your shepherd’s hut, along with any additional structures, fixtures, or features you added. This will help your insurer calculate the building sum insured, which will determine how much you pay for your policy.
  • The total cost of all of your shepherd’s hut’s contents, including outdoor furniture.
  • How you use your shepherd’s hut. Is it for your own personal use, or do you rent it out to holidaymakers? If so, how often do you rent it out?
  • Your hut’s location. Is it in your garden, or on a separate piece of land? This will determine your risk profile, as a hut in an isolated field may be more vulnerable to theft, and more exposed to extreme weather conditions.

Get Specialist Shepherd’s Hut Insurance From James Hallam

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who specialise in getting you the cover you need at a competitive price.

We will ensure you get full cover for your shepherd’s hut, whether you use it as a home office, a holiday let, or just your own private getaway. We will cover you whether you keep your shepherd’s hut on your own land, or on a separate plot of land.

Learn more about our specialist shepherd’s hut insurance and get a free quote today.

Where to Store Boats in Winter to Protect From Damage
Where to Store Boats in Winter to Protect From Damage 500 334 James Hallam

Winterising your boat means taking steps to protect it from harsh winter weather, to ensure it will be ready to sail again once spring comes around. An essential part of winterising your boat is ensuring you store it properly. In this post we will discuss the ideal winter storage solutions for boats, with some alternative suggestions if such storage is impractical or impossible.

Be sure to read our guide to essential boat maintenance for winter, too.

Where Is The Best Place To Store a Boat in the Winter?

Ideally, you should take your boat out of the water over the winter, and store it in a secure building, with heating. If this is not possible, at the very least you should aim to take your boat ashore over the winter. This can help prevent corrosion, while making essential winter maintenance a lot easier through giving you easy access to the hull and keel.

If you cannot keep your boat indoors, then you should cover it, to protect it from precipitation. But if you use a tarpaulin, take care not to block any vents, and do not allow it to rest directly against the hull or topside. This can lead to scuffing in high winds.

What Should I Cover My Boat With?

A canvas tarpaulin or a dedicated boat cover is better than a cheap plastic tarpaulin, especially if your boat will be in storage for an extended period. Plastic tarpaulins can quickly disintegrate.

Steps To Take To Winterise Your Boat:

To keep your boat in the best condition while it’s in storage over winter:

  • Remove as many items as possible from the boat, including any food and drink. This will help prevent mould and mildew from forming.
  • If your boat has sails, take them down, and get them washed and repaired as necessary. Store them in a warm and dry place.
  • Remove all freezable liquids, including the water tank. Leave the taps in the open position, so that any condensation can drain out.
  • Top up the fuel tank and add some antifreeze, which can help prevent rusting. Check your boat’s manual for best-practice tips.
  • Clear all of your boat’s drains and check your piping and hoses for leaks.
  • Thoroughly clean your boat before putting it into storage, and ensure it is as well-ventilated as possible to keep the interior fresh.
  • Ensure the boat’s batteries are fully charged, then consider disconnecting them completely. This way, they will not drain through the winter, and there will be less fire risk.

What If I Have To Leave My Boat in the Water Over The Winter?

So long as your boat is securely moored, and so long as you can cover your boat to keep out the rainwater, your boat should be fine left in the water over the winter. British winters can get cold, but we do not face the sort of subzero temperatures that could really damage your boat.

How Often Should I Visit and Check on My Boat?

Try to visit your boat at least once a month throughout the winter, while it is afloat. This way you can check that everything is still secure, and you can address any potential issues, such as pooling water, before they become truly problematic.

If you are leaving your boat afloat over the winter, you may need to do some thorough maintenance in the spring, to ensure that there are no new leaks or signs of wear and tear. Also, be sure that your boat insurance covers you for keeping your boat in the water over the winter. Not all policies will include such cover, and some may stipulate that you must keep your boat onshore throughout the winter.

Everard Insurance Brokers are the specialist marine trading division of accredited Lloyd’s brokers James Hallam Limited. We can help you ensure you have the insurance you need to cover your boat over the winter, and beyond.

Find out more about our dedicated marine insurance services.

 

 

Boat Maintenance in Winter: Essential Repairs for Vessels and Equipment
Boat Maintenance in Winter: Essential Repairs for Vessels and Equipment 500 333 James Hallam

If you stay on top of boat maintenance throughout the winter, then you will not face an overwhelming set of tasks once spring rolls around.

This post is an essential boat maintenance checklist for winter. We will cover all of the essential checks and repairs you should make at the start of the winter season that will make life easier once you are ready to start sailing again.

Be sure to consult your boat’s manual for dedicated maintenance tips for your specific model.

Hull Maintenance Checklist

  • First, check your boat’s hull for any chips, scratches, or dents. Even the smallest chip can lead to leaks and water ingress, so aim to fill anything you find before you sail again. For GRP vessels, if necessary, apply some fresh gelcoat to reseal your hull, and give the hull a polish to protect the gelcoat layer.
  • Check the underside of your boat for any marine growth, and check the paint for peels, craters, and blisters. If your boat is getting on in years, it may be time to scrape back a few layers of paint to reapply a few coats of antifouling.
  • Check your anodes in steel vessels, and replace them if they appear worn. Tighten all bolts and clean their threads.
  • Check for cracks and signs of corrosion where the hull and keel join, and get any necessary repairs as soon as possible.

Thru-Hull Maintenance

Check all thru-hull fittings for signs of corrosion or damage, and repair or replace as necessary. Also check any valves. Make sure they are fully operational with no signs or wear or damage.

Propeller Maintenance Checks

Give the propeller a thorough clean, and check it for any dings, cracks, warping, or other signs of damage. Make sure it is securely fitted, and replace any bearings as necessary.

Engine Maintenance Jobs

Aim to replace your boat engine’s fluids, along with the filters, at least once a year. You should also aim to replace the raw water pump’s impeller once a year.

Thoroughly inspect the engine’s cooling system, along with any cables, hoses, spark plugs, and any other connections.

Winter Boat Maintenance Tasks

Certain other tasks will depend on the specific type of boat you own:

  • If your boat has sails, check the sails for rips, tears, or fraying, and get any necessary repairs. Also inspect your lines, and clean them if necessary.
  • If your boat has any wood, clean it and treat it.
  • Check all electricals are in good working order, and check the wiring for any wear and tear.
  • Vacuum and clean any soft furnishings.
  • Check for leaks around any windows and deck fittings.
  • Check the condition of any safety equipment you keep on your boat, and replace anything that is damaged, or approaching its use-by date.

Get The Right Cover For Your Boat Over Winter, and Beyond

Everard Insurance Brokers are the specialist marine trading division of accredited Lloyd’s brokers James Hallam Limited. We can help you ensure you have the insurance you need to cover your boat over the winter, and beyond.

Find out more about our dedicated marine insurance services.

 

What Insurance Do You Need For a Conference?
What Insurance Do You Need For a Conference? 500 259 James Hallam

If your business regularly hosts conferences, or if you are planning your very first conference, then you are likely wondering about the insurance requirements. What cover do you need to ensure that you will be insured for every eventuality?

Whether you are planning a single-day event, or a conference that lasts a number of days, in this post we will discuss the different types of insurance cover you may need for your conference.

Do You Need Insurance For a Conference?

First, contact the conference venue to see what sort of cover they require you to have as part of their booking conditions. Usually they will only be interested in whether you have liability insurance, but they may have a minimum level of cover that they require you to hold

Your existing business insurance may provide some cover for the conference. For example, your employer’s liability insurance may cover your own staff for anything that might go wrong while they are working at the conference.

However, you must not assume that the venue’s insurance, along with your own insurance, will give you all the cover you need. To ensure you are fully covered for anything that might go wrong, it is a good idea to take out some specialist conference insurance for your event.

Conference Cancellation Insurance

If you need to cancel your conference, for any reason, then the money expended to that point in securing the venue and other components could be lost. In addition, your speakers may request that you refund any travel and accommodation expenses. You may also be commercially obliged to refund attendees payments for attending.   This could leave you seriously out of pocket. But cancellation insurance can cover such costs, along with certain other expenses that may arise as a result of a cancellation.

Cancellation insurance can include cover for:

  • Full cancellations, along with significant alterations to the original conference plan, such as curtailment, alternative speakers, and moving the conference to a different time or venue.
  • Non-appearance, should key speakers or guests not show up, or cancel at short notice.
  • Disruptions as a result of terrorism, bomb threats, strikes, protests, or adverse weather.
  • National mourning, should you need to cancel your conference as a result of a death.

Property Insurance

The venue’s insurance should cover any equipment they provide, such as sound systems, tables, and chairs. But you may need to take out dedicated property insurance for any additional equipment you bring to the venue, whether you own it or hire it specifically for the conference.

This can also cover any loss or damage to your property while it is in transit to and from the conference venue. Plus, if you hire equipment for the conference, and this equipment is lost, destroyed, or damaged, your property insurance can cover any ongoing hire charges, along with necessary repairs or replacements. Always check your contract for equipment hire to establish whether you are required to insure it.

Public and Event Liability Insurance

Public liability insurance, or event liability insurance, will cover you for claims made by attendees, venue owners, and other third parties for any personal injuries or loss or damage to belongings and property.

The venue will have their own public liability insurance, but this will cover them for their own negligent acts, you will need your own policy to cover your liability should an accident be down to you. It is normally a condition of booking the venue to that you have this type of insurance. Once again, you may need dedicated public liability insurance for your conference if your annual public liability insurance has not been extended to cover your events.

How Much Conference Insurance Do I Need?

The amount of conference insurance you get, and the amount you pay for your cover, will depend on a number of factors. This includes the size of the event budget, the event’s duration, the number of attendees, the number of staff onsite, and any special arrangements for guests or speakers.

James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you get all the cover you need for your conference, including specialist insurance for your staff, your attendees, and your property.

Get in touch for a free quote today.

How To Prepare Your Shop For a Flood
How To Prepare Your Shop For a Flood 500 375 James Hallam

Even a small flood could devastate your business. But if you take the time to prepare your shop for a flood, you can respond effectively, and recover from losses, damage, or other setbacks as quickly as possible.

In this post we will discuss five key ways you can prepare your shop for a flood.

How To Check Your Risk of Flood

Is your shop located on a flood plain? Is there a history of floods in your area? Are any floods likely to happen in the near future? There are ways you can check. The Flood Hub has gathered a number of maps from the Environmental Agency. Together they provide both a five-day flood risk forecast along with the potential long-term flood risks for areas in the UK.

Check your premises on the flood risk maps.

You can also sign up for flood alerts and warnings from the UK government. This means you can get a call, text, or email giving you advanced warning if any floods are expected in your area, which could give you time to prepare. Sign up for government flood warnings.

How to Create Your Flood Plan

How would you respond in the event of a flood? What steps would you take to mitigate the damage and protect your most valuable stock and equipment?

This is where a flood plan can help. Take the time now to outline the specific actions you would take in the event of a flood. This way, you will be less likely to panic if disaster strikes, and more likely to take effective action.

Your flood plan should include:

  • Steps you would take to ensure your personal safety, along with the safety of any staff or customers. How would you evacuate the premises, and where would you go?
  • Steps you would take to secure your shop. This might include turning off the power to reduce the risk of electrical faults, and taking steps to prevent water ingress, and possible break-ins.
  • Steps you would take to protect your valuable stock and equipment. We will cover what this might involve below.
  • Who you would call – including your insurer, your suppliers, and anyone else who may need to know about the flood.

How to Make a Flood Kit

A flood kit should contain everything you might need to put your flood plan into action.

At the very least, you should have all the key contact details you will need to hand. But depending on the flood risk in your area, your flood kit could contain a range of equipment to help prevent water ingress and keep your shop and your stock safe.

View a full range of flood protection equipment, featuring everything from door protection to toilet stoppers.

Protecting Your Stock and Equipment

As part of your flood plan, you should outline steps you would take to safeguard your most valuable stock and equipment. This might include:

  • Getting a secure and waterproof box to quickly store any cash and other valuables on your premises.
  • Storing your most valuable stock on higher shelves, or on upper floors if possible.
  • Quickly disconnecting any electrical equipment to move it to a high shelf or upper floor.
  • Using flood prevention equipment (see above) to minimise the water ingress to your storerooms.

Get The Right Flood Insurance

It is important to ensure that your shop insurance policy covers you for all possible losses and damages that you may experience as a result of a flood.

Here are a few areas of cover you should not be without:

  • Full flood cover – Your policy may cover you for flooding from heavy rainfall, burst riverbanks, and high tides. But it may not cover you for other types of flooding, including groundwater flooding. Make sure you are covered for every type of flood, including “escape of water” from within your shop premises.
  • Stock and equipment cover – Your policy should provide cover for any stock or equipment that might get destroyed or damaged during the flood. If you sell food and drink, the cover should extend to any stock that goes bad due to loss of power to your fridges and freezers.
  • Business interruption cover – Your policy should provide cover to protect your income should you be unable to trade as a result of a flood. Check your policy wording to ensure you have all the cover you need. Your shop might be out of action for longer than you expect.

Get The Insurance You Need From James Hallam

James Hallam is an independent Lloyd’s broker with a team of experienced insurance professionals who are dedicated to protecting your shop from the risks you face.

Talk to us and we will give you access to a range of hand-picked, A-rated insurance providers. We will tailor a flexible insurance package that gives you cover at outstanding value.

Learn more about our tailored insurance solutions for shops like yours, and get a free quote today.

Voyage Charter vs Time Charter in Marine Trade: Is There a Difference?
Voyage Charter vs Time Charter in Marine Trade: Is There a Difference? 500 278 James Hallam

Voyage Charter and Time Charter are two types of maritime agreements usually called Charter Parties Agreement (CPA) that govern the transport of goods at sea.

Both are broadly similar, and to decide which type of agreement is suitable for your operations. In this post we will discuss the key differences between Voyage Charter and Time Charter Parties, to help you decide which is right for you.

What is a Voyage Charter?

In shipping, a voyage charter describes an agreement to a vessel for a specific voyage or round-trip between specified ports. The one-off nature of voyage charters means they are commonly used for one-time shipments and occasional shipping requirements.

For example, an oil company taking advantage of an unexpected crash in oil prices may decide to buy more stock than usual and choose a one-off voyage charter for a deep-sea tanker to transport the crude oil from Ras Tanura port in Saudi Arabia to Corpus Christi port in Texas, United States.

A voyage charter is agreed between a shipowner (who provides the vessel) and a charterer (who pays to transport goods). The charterer pays either a lump-sum or quantity-based freight rate to transport the cargo for the specific voyage, as well as the cost of loading and unloading the goods.

When Will Cargo Owners or Shippers Use Voyage Charter Agreements?

  • As a Voyage Charter is a limited short-term contract, they are most likely to be used when there is a low risk of loss.
  • Voyage Charters can be arranged relatively quickly, so Cargo Owners or Shippers often use them to benefit from favourable shipping rates and other opportunities.
  • The flexibility and short-term nature of Voyage Charters also make them a good choice for maritime companies with irregular or ad-hoc shipping requirements.

What is a Time Charter?

While a Voyage Charter only applies for a single voyage, a Time Charter instead applies for a specific amount of time. The shipowner will agree to hire out their vessel to a charterer for a specified period, during which the charterer will have more control over the ship including choosing its schedule, route and cargo handling procedures.   Such feature tend to make time charters more suitable for companies and businesses which ship cargo regularly.

A Time Charter could last for a number of months, or even a number of years. For the length of the agreement, the charterer will either pay a fixed amount or typically a daily rate.

An example could be a gas company who may time charter’s specialist LNG (Liquid Natural Gas) Carrier from the Middle East to Asia.

In a Time Charter Party, the shipowner will retain responsibility for crew management, and for the ongoing maintenance of the ship.

When Will Cargo Owners or Shippers Consider Time Charter Party Agreements?

  • Time Charter Party agreements are usually long-term contracts. Shipowners and charterers may enter into such an CPA when a company needs ongoing access to shipping services.
  • It is common for companies to take out Time Charters when they have frequent and/or several/many shipments or requirements, but they do not have the resources or need to to purchase their own vessel.

Is There a Difference Between Voyage Charter and Time Charter Party Agreements?

Fundamentally, the only difference between a Time Charter and a Voyage Charter Party Agreement is the time for which the CPA apply. Voyage Charter Party agreements only last for a single voyage. Time Charter Party agreements last for a fixed term, which can include multiple voyages.

What Are The Insurance Implications of Voyage Charter and Time Charter Agreements?

  • Time Charter Insurance covers all voyages made by a vessel, or by multiple vessels, during the agreed chartered period. Insurers often provide open cover on a 12-month basis, and charterers will provide a summary of their monthly, quarterly, or annual operations. The insurer will then adjust the charterer’s premiums as necessary at the end of each quarter, or at the end of the policy year.
  • Voyage Charter insurance covers a single vessel for the duration of a single voyage. The charterer will therefore pay a set premium for this single voyage.

Beyond this, whether a Voyage or Time Charterparty insurance for both types of CAP are essentially an enhanced form of Protection and Indemnity Insurance that also includes cover for Hull and Machinery.  Further and if the Charterer is the Cargo Owner during all or part of a voyage, then cover also excludes loss of or damage to their own cargoes.

The policies may also include optional additional covers for:

  • Freight Defence & Demurrage (FD&D), which can cover any legal expenses that arise as a result of disputes, and
  • Bunker Insurance, which covers the loss of Bunkers purchased by the Charterers.

There is a third arrangement, known as a bareboat charter. We will explain the circumstances in which this arrangement may apply, along with the insurance implications, in a future post.

What Liability Insurance Do You Need For Your Voyage?

Take the time to complete our short Charters Liability Insurance Questionnaire.

This will help you understand your operation’s possible exposure to risk, which will help us provide the best package of cover and terms for your voyage.

Or if you want to discuss your requirements in more detail, get in touch with our marine team by calling us on 020 3148 9540 or email info@everardinsurance.co.uk

 

How Common is Tool Theft in the UK?
How Common is Tool Theft in the UK? 500 333 James Hallam

If you work in the construction industry, or if you are any kind of tradesperson, then it is important to understand the risk of tool theft.

In this post we will explore the scale of the tool theft problem in the UK, before sharing some tips for keeping your tools, and your business, safe.

What is the Scale of Tool Theft in the UK?

According to one insurer, tool theft occurs once every 17 minutes in England, Wales, and Northern Ireland. Other reports suggest that at least 110 tools are stolen every day across the UK.

Thieves do not just target construction sites and vans. They also target garages, storage lockups, and even private homes.

Most tool thefts occur at night, and tool thefts tend to increase by 20% throughout the winter months.

However, some tool thieves are so brazen that they will steal tools directly from tradespeople in broad daylight. One carpenter told the BBC that thieves threatened him and his family with violence if he called the police.

What Are The Most Common Areas for Tool Theft in the UK?

Analysis by LBC revealed that nearly half of all reported tool thefts occur in London. Other key hotspots for tool theft include Essex, West Yorkshire, the West Midlands, and Gwent.

Another report suggests that Cambridgeshire is the worst area for tool theft in the UK, followed by South Yorkshire, and Lancashire.

How Much Does Tool Theft Cost the Construction Industry?

One report estimated that tool theft has cost the UK construction industry around £2.8bn.

The Tradespeople Against Tool Theft report revealed that the average cost of an incident of tool theft is £4,470. Nearly 20% of tradespeople who have fallen victim to tool theft lost over £5,000 worth of tools.

How To Deal With and Prevent Tool Theft

  • Brief your staff. If you manage a construction business, or a team of contractors, make sure that everyone understands the risks of tool theft, and the steps they can take to manage the issue.
  • Take extra steps to secure your vehicle. Tool thieves seem most likely to steal tools from parked vans. Invest in extra security for your van, including extra locks, cameras, motion sensors, and location sensors.
  • Take extra care at night. Do not keep tools in your vehicle overnight. Try and park in a well-lit area – ideally on your own driveway, with motion sensors, floodlights, and security cameras.
  • Register your tools. Use a tool inventory app, such as the Tool Register, to keep track of all of your equipment. This way, if you are a victim of tool theft, you will immediately know the value of your loss, which can help with your insurance claim.
  • Mark your tools. Consider applying forensic marking to your most valuable tools, such as with microdots, and labelling your tools as “registered” and “protected”. This might help deter thieves.

Are You and Your Business Covered For Tool Theft?

83% of the tradespeople surveyed for the Tradespeople Against Tool Theft report revealed that, at the time of the theft, they had no insurance in place to cover the loss of their tools. Plus, as tool thieves regularly steal tools from vehicles, 13% of respondents had to pay for vehicle repairs on top of the costs of their lost tools.

Getting the right cover will not prevent tool theft, but it can at least guarantee that, in the event of tool theft, you will be able to replace your tools and get back to work as soon as possible.

James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you get the cover you need at a competitive price.

Get in touch to find out how we can help you.

Changes to Insurance Fees and Commission for Managing Agents, Landlords and Freeholders
Changes to Insurance Fees and Commission for Managing Agents, Landlords and Freeholders 500 333 James Hallam

The Leasehold and Freehold Reform Act 2024 received royal assent on 24 May 2024. This post will provide a brief overview of how this new legislation will affect insurance fees and commissions for managing agents, landlords, and freeholders.

Leasehold and Freehold Reform Act 2024 – What Does It Involve?

The Leasehold and Freehold Reform Act 2024 applies to England and Wales, and it is designed to “improve consumer choice and fairness in leasehold”.

The act aims to achieve this through:

  • Making it easier and cheaper for leaseholders to extend their leases or buy their freeholds, whether they live in houses or flats.
  • Increasing the standard lease extension term.
  • Making moves to abolish, or significantly reduce, ground rent.
  • Improving the transparency of service charges, administration charges, and buildings insurance commissions, while giving leaseholders a right to request information about all charges related to the management of their building.

You can read a full guide to the legislation, and its aims.

Open Consultation – Permitted Insurance Fees for Landlords, Freeholders, and Property Managing Agents

The legislation addressed certain longstanding concerns that some landlords, freeholders, and property management agents may be passing on the costs of arranging and managing insurance to their leaseholders, without necessarily justifying or accounting for the work they have undertaken.

In short, some freeholders have been forced to pay significant insurance costs, and have had no power to challenge these costs, or even to properly scrutinise them. There have also been concerns that these costs may include commissions and other financial benefits for landlords, freeholders, and property managing agents that have nothing to do with the services that are allegedly being provided.

The government has launched an open consultation to find solutions to these issues. The aim of the consultation is to ensure total fairness and transparency for any costs associated with the management and arrangement of insurance for leaseholders. Leaseholders should know exactly what they are getting for their money, and they should have the power to challenge any decisions they disagree with.

Insurance Fees for Landlords, Freeholders, and Property Managing Agents – The Current Situation

Landlords, freeholders, and property managing agents are responsible for getting the right insurance in place for the properties they own/manage. Freeholders and property managing agents will usually cover the costs associated with arranging this insurance through charging their leaseholders within their service charges.

It was common for landlords, freeholders, and property managing agents to use insurance brokers to arrange for the necessary property insurance. Brokers work on a commission or fee basis, and they may choose to renumerate landlords, freeholders, and property management agents through giving them a share of their income.

This consultation was launched due to concerns that the current arrangement incentivised landlords, freeholders, and property managing agents to work with insurance brokers that promised the highest commission/income. Such an arrangement would not necessarily provide leaseholders with the best value option.

Meanwhile, leaseholders would be obliged to pay for the entirety of their insurance premiums, which often included any commissions or fees that were shared between brokers and the landlords, freeholders, and property managing agents. Plus, the lack of transparency meant that leaseholders had no power to scrutinise or challenge any decisions made about the insurance they were paying for.

What Could Change Following The Consultation?

  • Landlords, freeholders, and property managing agents will be banned from charging leaseholders any costs beyond a “permitted insurance fee.”
  • Excluded costs are anything related to the arrangement or management of insurance, which includes broker commissions or fees.
  • The consultation proposes secondary legislation to ensure that landlords, freeholders, and property managing agents would only be able to charge leaseholders for insurance services via a separate fee, rather than as part of a variable “service charge”. This would improve transparency, and leaseholders would have the right to scrutinise and challenge any fees they are charged under the provisions of the Landlord and Tenant Act 1985.

How Landlords, Freeholders, and Property Managing Agents Can Prepare For Change?

Are you a landlord, a freeholder, or a property managing agent? Are you wondering how you might prepare for this change?

It might help to get involved in the open consultation. As well as providing an opportunity to share your thoughts, the consultation also includes a number of questions for you to consider. These might help you understand the viability of your current arrangement, along with the steps you may need to take to make your practices more transparent.

If you have any concerns about the future procedure for securing the right insurance for the properties you manage, we are here to help. We are an independent Lloyd’s broker with a dedicated team of experienced insurance professionals. We are committed to getting you the cover you need at a price you can afford, all while delivering the best possible value for your leaseholders.

Get in touch for a free quote today.

Valuation Strategies for High-Net-Worth Clients
Valuation Strategies for High-Net-Worth Clients 500 333 James Hallam

For high-net-worth individuals understanding and safeguarding your wealth goes beyond building assets; it requires proper valuations and tailored protection strategies. Accurate valuations are the cornerstone of ensuring that your possessions are adequately insured, helping you avoid the risks of underinsurance. With unique and valuable assets, ranging from fine art and antiques to luxury properties and bespoke jewellery and watches, precise valuations are essential for providing peace of mind and appropriate cover is in place.

The Importance of Accurate Valuations

Accurate valuations ensure your possessions are correctly represented in your insurance policy, eliminating the risks of being underinsured. Many clients may not realise the financial implications of underestimating the value of their belongings. In the event of a claim, this could mean that your insurance payout falls short of replacing your cherished items or repairing damage.

Regular valuations allow you to:

  • Ensure Adequate Insurance Cover: With precise valuations, you can avoid underinsurance, ensuring your policy covers the full replacement value of your assets.
  • Account for Changing Market Conditions: The value of high-value items like fine art, antiques, watches, and jewellery can fluctuate over time. Periodic valuations keep your cover in line with current market values.
  • Plan for Inheritance or Taxation: Detailed valuations also play a key role in estate planning, helping you manage inheritance tax efficiently and ensuring the smooth transfer of wealth to the next generation.

Understanding the Risks of Underinsurance

Underinsurance is a significant risk for high-net-worth clients. If your assets are undervalued, you may only receive a payout on your claim based on the declared value, leaving you to cover the shortfall.

Specialist items like fine art and collectibles may require bespoke cover to reflect their unique value. Without professional valuations, it is easy to overlook the real worth of such items, leaving gaps in your insurance protection.

Valuation Strategies for High-Value Assets

High-net-worth individuals often own a diverse range of assets, each of which requires tailored valuation methods:

  1. Luxury Properties
    Specialist surveys and valuations for high-value homes ensure that rebuilding costs, including unique features like listed status or bespoke finishes, are properly accounted for.
  2. Fine Art and Collectibles
    These markets are highly dynamic. Regular valuations by accredited professionals are essential to reflect their current worth accurately. Keep certificates of authenticity and provenance as part of your documentation.
  3. Jewellery and Watches
    Precious metals and gemstones often appreciate in value, making periodic appraisals vital.
  4. Antiques and Heirlooms
    These items often hold both financial and sentimental value. An expert appraisal ensures they are properly catalogued and covered in your policy.
  5. High Value Vehicles
    Classic or collector cars require valuations that take into account restoration costs, rarity, and market demand.

Ensuring Proper Protection

Once your assets are accurately valued, it is essential to ensure they are protected with the right insurance solutions. Here is how to safeguard your wealth effectively:

  • Specialist High-Net-Worth Insurance Policies
    Unlike standard insurance policies, specialist high-net-worth policies offer bespoke cover tailored to your unique requirements. Our policies cover a wide range of assets, from fine art and antiques, jewellery and watches to holiday homes and refurbishments.
  • Agreed Value / Item Specification
    For items like fine art, antiques, and jewellery, agreed value policies provide peace of mind by guaranteeing the payout amount in the event of a claim and in most cases our insurers will also provide an uplift in cover should an item be lost or damaged beyond repair that has been valued within the previous 2 or 3 year period.
  • Global Cover for International Assets
    If you own properties or assets abroad, ensure your policy extends cover internationally.

Why Regular Insurance Reviews Are Essential

Your wealth and assets evolve over time, and so should your insurance cover. We recommend conducting annual reviews of your insurance policy and valuations to account for:

  • Newly acquired assets or disposals
  • Changes in market values
  • Renovations or enhancements to your property
  • Updated personal circumstances, such as relocating or inheriting assets

By reviewing your valuations regularly, you can ensure your insurance remains accurate and reflective of your current lifestyle.

Working with James Hallam

At James Hallam we understand the unique needs of high-net-worth individuals ensuring that your possessions are effectively insured. You can enjoy your wealth with confidence, knowing it’s secure for the future.

Get in touch

If you have any concerns or queries on your insurance cover please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk.

home security

Cyber and Home Security for High-Net-Worth Individuals
Cyber and Home Security for High-Net-Worth Individuals 1140 686 James Hallam

Your lifestyle and assets are a reflection of your success but unfortunately, they can also attract unwanted attention. From physical risks like theft and burglary to the growing dangers of cybercrime, staying one step ahead is essential. Whether it is safeguarding your luxury property, protecting your personal data, or simply giving you peace of mind, taking proactive security measures is key.

Here we explore how you can better protect yourself from crime and keep your wealth safe.

Why Security Matters for High-Net-Worth Individuals

The reality is that owning high-value assets often makes you a target. Criminals are drawn to the idea of quick, high rewards, whether it is through physical theft or cyberattacks. With technology advancing rapidly, criminals are getting smarter and more sophisticated in their methods.

If your property isn’t properly secured, it could be seen as an open invitation to burglars. Similarly, if your personal information isn’t protected, hackers can exploit it to access your finances or hold your data for ransom. This is why a combination of physical and digital security measures are vital.

Home Security for High-Net-Worth Individuals

Your home is often the first thing a potential thief will target, so making it as secure as possible is a must.

  1. Start with a Security Audit
    It is worth hiring a professional to assess your property. They can point out vulnerabilities you might not have noticed, like poorly lit areas or weak access points.
  2. Invest in Advanced Security Systems
    High-tech solutions, like CCTV cameras with motion detection and night vision, can act as both a deterrent and a way to collect evidence if something happens. Pair this with alarm systems that are directly connected to a monitoring service for an extra layer of protection.
  3. Control Who Comes In and Out
    Biometric locks, such as fingerprint scanners, are a great way to ensure only trusted people can access your property. If you have staff, ensure they are vetted and trained on security protocols.
  4. Be Smart with Lighting
    Well-lit properties are less likely to be targeted. Motion-activated lights around entry points can help deter intruders.
  5. Consider Professional Security
    If you feel at risk, hiring personal security staff can be a worthwhile investment. This is particularly useful if you travel frequently or have a high public profile.

Cyber Security for High Net Worth Individuals

While most people think of physical theft when it comes to crime, cyber risks are just as real—if not more so. Your personal information, finances, and reputation can all be at stake if you fall victim to a cyberattack.

  1. Secure Your Devices and Networks
    Use strong, unique passwords for all your devices and accounts. Enable two-factor authentication wherever possible. At home, make sure your Wi-Fi network is encrypted, and consider using a virtual private network (VPN) to protect your online activity.
  2. Invest in Cybersecurity Software
    Just as you wouldn’t leave your front door unlocked, don’t leave your digital life exposed. Install high-quality antivirus software and firewalls to block potential threats.
  3. Be Wary of Phishing Scams
    Phishing emails can be incredibly convincing, especially when they’re targeted at wealthy individuals. Always verify the source before clicking on links or sharing sensitive information.
  4. Protect Your Data
    Back-up important files regularly to an external drive or a secure cloud service. If ransomware strikes, having a backup can save you from paying a hefty ransom.
  5. Stay Discreet Online
    Sharing too much about your life on social media can make you a target. Avoid posting details about your location and travel plans showing when you will be away from your home, or posting about high-value purchases.

Blending Physical and Cybersecurity

Physical and digital security are not separate concerns. They are interconnected. For example, if you have a smart home system with cameras and alarms, you will need to ensure it is protected from hackers who might try to disable it.

It is also important to have an action plan in place for emergencies. For instance, if there is a security breach at your home or a cyberattack, everyone in your household should know what steps to take and who to contact.

Stay One Step Ahead

The risks to high-net-worth individuals are real, but they are also manageable with the right precautions. By combining robust physical security with smart cybersecurity measures, you can protect your wealth, your privacy, and your peace of mind.

Get in touch

If you have any concerns or queries on your insurance cover include cyber insurance, please don’t hesitate to speak to us. You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk.

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