News

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!

Seventeen Group and MRH Trowe announce formation of joint venture London Re
Seventeen Group and MRH Trowe announce formation of joint venture London Re 1920 1280 James Hallam

Seventeen Group, owners of James Hallam and Touchstone Underwriting, are pleased to announce the formation of London Re, a European Lloyds broker based in Dusseldorf Germany and with a branch office based in London.

London Re has been formed in a joint venture agreement between Seventeen Group and MRH Trowe, one of the largest independent brokers in Germany which employs circa 450 staff across 12 offices in Germany and 1 in Vienna.

London Re offers an independent broking solution for EU clients and brokers wishing to access the London Market for a wide range of products including Property, Casualty, Marine and Motorsport. The business is regulated in Germany, has FCA approval for its UK branch and is a Lloyds Broker.

Speaking about the joint venture Paul Anscombe adds: “Seventeen Group is a diverse insurance business with a growing international client base. When we considered the impact of Brexit on James Hallam we decided without hesitation that we wanted to create a business which could directly service EU clients and brokers in the future. We also recognised that it would add enormous strength to work in partnership with a broker whom we felt shared our ‘independent broker spirit’ and culture.

We have known MRH Trowe for many years and respected the quality which Max and his team have brought to the German and Austrian markets. Our Head Office in Dusseldorf puts London Re in the heart of Europe and therefore offers us significant opportunities to work with the world leading skills contained within the London Market on European risks.

Setting up this new venture during lockdown has been a mammoth task for both parties but this is a very significant new chapter for our respective businesses and one which adds greatly to our strength in a rapidly changing world”.

Maximilian Trowe from MRH Trowe and joint Managing Director of London Re commented

“Establishing direct access to Lloyd’s of London has long been a strategic goal for MRH Trowe and we are excited that this became feasible through the personal relationship with Seventeen Group. London Re enables us to counter the capacity bottlenecks of insurers existing in the EU market and to offer support to medium-sized brokers for complex risks. We see tremendous opportunity within MRH Trowe’s client’s needs as well as the need for the services London Re offers to brokers across the EU.”

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.

Mint Insurance Brokers joins Partnership Programme
Mint Insurance Brokers joins Partnership Programme 1920 1280 James Hallam

Mint Insurance Brokers Ltd (Mint) are delighted to join the Appointed Representative Partnership Programme with James Hallam Limited (JHL) with effect from 23rd November 2020.

Mint is a new trading name for an independent broking team of 18 people based in Lime Street, a stone’s throw from Lloyd’s of London.

“We are delighted that Mint is joining the JHL Appointed Representative Partnership Programme and very much look forward to developing mutual business interests within the Group” said Brian Bendle, Managing Director of Mint Insurance Brokers Limited.

Roy Standish, JHL’s Partnership Director, added “The Mint team are an excellent addition to our family of AR Partners alongside AIM, Blackford, Liability & General and Talisman. I am very much looking forward to working together.”

Paul Anscombe, CEO of JHL concluded “We are really excited to welcome the team on board. Like all of our existing Partners, they will add tremendous value to the Group in terms of their knowledge and market relationships and I know, in return, that we can help them in many ways

Covid-19 Business Interruption insurance – FCA sponsored court action
Covid-19 Business Interruption insurance – FCA sponsored court action 1920 1280 James Hallam

An initial judgement has been handed down in the Court case involving the FCA and a number of insurers regarding Business Interruption claims arising from the COVID-19 lockdown.

The good news for some policyholders who have a policy that was captured by the test case is that the judgement was largely (but not completely) in favour of them.

Those who lodged a claim where the outcome will be influenced by the judgement should have already received a letter or communication on or before 15th July 2020 from their insurer advising them of a “potentially affected claim”. These insurers will now update each policyholder within the next seven days regarding what they intend to do next, and we will monitor such activity. It is important to note that insurers may wish to appeal part or all of the judgement and if this is permitted by the Court, there will be a further delay before all claims are finalised.

Claimants who did not receive a communication that said they have a “potentially affected claim”, can infer that the judgement will not affect the earlier decision to decline and will not be reconsidered.

It is fair to reflect that almost all insurers were united in declaring that their policies were never intended to cover losses arising from an unforeseen pandemic and that they had not charged for such in their premiums. However, some insurers’ policy wordings were ambiguous and it was these policies that the financial regulator tested in this court process. Many other policies were clear and transparently worded and the FCA made it known that these policies and their associated claims would not be affected by the outcome of the case.

We will keep you advised of relevant developments.

Further Expansion and Investment at Plymouth based Insurance Brokers
Further Expansion and Investment at Plymouth based Insurance Brokers 1920 1280 James Hallam

WPS hallam Insurance Brokers have strengthened their team with 4 significant appointments. Stephen King who will be based out of Exeter specialises in Corporate and Commercial insurance and has spent most of his 30 year career working in the broking sector here in the South West.

Stephen has particular expertise across the commercial sector with specialisms ranging from the professional services to manufacturing, healthcare, construction and advanced technologies. Joining Stephen as a Senior Account Executive is Jerry Knight. Jerry is well known in the Cornish business community and will be based out of Truro. A Cornishman through and through Jerry has in excess of 20 years Commercial broking experience with particular core areas including transportation, hospitality and leisure facilities and professional industries.

Steve Harvey, Sales and Marketing Director at WPS hallam, commented “we are delighted to welcome both Steve and Jerry to the team. Both are extremely well known in the local business community and are focused to delivering an exceptional local broking and Risk Management service to businesses here in the South West and beyond. They are fully aware of the challenges that businesses now face and recognize that to be able to provide a local professional service will be of paramount importance going forward.

WPS hallam are one of the few remaining independent and British owned commercial Insurance Brokers in the South West and are uniquely placed with being able to provide a full placement facility to the UK insurance market coupled with direct access to Lloyds and London schemes. WPS hallam also provide exclusive services to their South West clients with the provision of Risk Management and one to one claims provision through their dedicated office in Plymouth.

The internal broking team has been further strengthened with the addition of Tricia Buick and Lisa Evans to their Commercial team. Tricia and Lisa bring a wealth of experience having been in the industry for many years and will look to provide service to clients both new and old on a day to day basis.

The Insurance Landscape and Covid -19
The Insurance Landscape and Covid -19 1920 1280 James Hallam

Start Typing