GAP Insurance Information
Buying a new car? You need GAP Insurance
Make sure you take GAP insurance cover. This is usually offered by the garage or dealership where you purchase your vehicle however they are often 50 to 70% more in premium than you can obtain from Bromwall.
Contact us for a GAP insurance quote today - don’t be lead by a dealership!
GAP insurance is designed to provide cover in the event of a total loss. When insurers pay out for a claim, they will pay the current market value. The finance on the vehicle will be based on the purchase price. As a result the insurance payout will usually (in the first 3 to 4 years) be much less than the purchase price, thus giving you a “gap” between the claim payout and the remaining finance. A GAP insurance policy will effectively fill this shortfall. The cover can be arranged for a finance gap or back to invoice (the original value of the vehicle).
Contact Bromwall for a quote today. We are sure we can save you money. All policies are underwritten by leading UK insurers.
01707 883377 for your GAP insurance quotation or visit our GAP Insurance page here
BIBA Manifesto 2011
Bromwall were pleased to be invited and attend the BIBA (British Insurance Brokers Association) manifesto 2011 receiption at the Houses of Parliament on Monday 21st March 2011.
We met with some great people in the industry and learned about the future and how BIBA are working with the Government on important areas which effect us all. It was interesting to learn that insurance brokers contribute 1% to GDP (however our current regulation costs are three times higher than the next most expensive European state).
ELTO – Employers Liability Tracing Office
From Spring 2011, ELTO (Employers Liability Tracing Office) now replaces the existing voluntary Employers Liability code of practice.
What does this mean to you?
The current arrangements for tracing Employers Liability policies for companies where a person makes a claim has been around since 1999 and has helped approx 20,000 people trace the employers liability insurers so as to persue a claim.
The new system (ELTO) is being introduced so the insurance industry has a central database containing all new and renewed EL policies from April 2011. In the event of a claim, insurers can easily be traced.
Remember – if you are purchasing a business or company always make sure you have the FULL details of the previous liability insurance in place. A long tailed claim could arise and you will have to state the insurers or pay yourself! A long tailed claim could be asbestos related, hearing loss, vibration white finger, etc. These may can be notified up to 40 years after the exposure.
For more information or details look at our liability page or contact us on 01707 883377.
Continuous Insurance Enforcement (CIE) Information
Regulations were signed by Parliament on Friday 4th February 2011 and it is now an offence to be a registered keeper of a vehicle which is not covered by insurance and not on the MID (Motor Insurance Database). This applies even if the vehicle is not being used/driven on the road.
How does this work? The DVLA and the MIB (Motor Insurance Bureau) are currently working together to identify any uninsured vehicles by comparing the record each keeps on their own databases. Under the CIE the registered keeper of a vehicle is responsible for the insurance and making sure it is in place. The first set of letters will be sent in June 2011 if any vehicles are not on the MID.
If a letter is received, the vehicle keeper will be asked to update their DVLA record, declare SORN (Statutory Off Road Notice) or purchase insurance. This will not apply in Northern Ireland as they have their own licensing authority and the decision to adopt CIE has not yet been taken.
If you would like to learn more or have any queries, please contact Bromwall or see our fleet insurance page here
Digital Downloads – Are you Covered?
- Digital Downloads
More and more of us are purchasing digital downloads. This could be in the form of a single song to albums, apps, computer games, business programs to name a few. But what happens in the event your computer or mp3 player is stolen? Your laptop drowned in a flood or damaged in a fire? Many people assume the download provider will replace the purchased digital media. This may be the case with some providers but many will not, at the present time, offer the facility to re-download the media. At this point most people look to their household insurance policies…..
Currently the majority of insurers offer no cover for digital downloads (extending to any digital information). A staggering 100 million tracks are downloaded in the UK alone each year. Some insurers offer limited cover, often up to a limit of £1000.
Our advice? Firstly and most important – BACKUPS! Take a backup of any digital downloads and where possible, keep it offsite. Use a Cloud facility to store your important documents, downloads and pictures (these can never be replaced). Alternatively, keep a hard drive copy at work or at a friends.
Secondly, check your insurance policy! If you are not sure if you have cover or you want to discuss this further – contact us or see our prestige home page
Booking a holiday?
With the worst December since 1890, we are all sick of the cold weather and thinking of warmer times and holidays! Do not overlook your insurance when booking your summer holiday this year. Bromwall can help – you can obtain a quote straight from our website (see our travel insurance page) or if you prefer to speak to someone call us on 01707 883377 or send us an email. You may wish to discuss a backpacking trip or extended travelling. We can do this for you! If you have experienced previous claims or are over 70, don’t despair! We have facilities to help. Just contact us – we could save you money and make sure your dream holiday is not ruined if something happens.
Winters back! Time to take care
Now winter has well and truly arrived, it’s time to start taking care to avoid unnecessary claims from occurring.
Property owners: At this time of year the risk of burst pipes and flooding is very high. Make sure you have the correct amount of lagging and if the property is empty, keep the heating on low to prevent freezing pipes.
Motorists: Start keeping the de-icer to hand and suitable clothing in the car should you run in to problems. It’s also a really good idea to keep a camera in the car in case of an accident. Take as many pictures as you can should something happen.
Householders: Take extra care keeping the house locked now the evenings have drawn in and keep presents out of sight. An opportunist thief could always strike if they see an unlit house with presents near the window.
Everyone (especially businesses): This is the time of year slips, trips and falls are at their worst! Make sure you have dangerous areas well lit and signposted. If someone slips while on your premises they can make a claim.
Call us to discuss further or for advice in how to prevent problems.
Changes to the Rate of IPT (Insurance Premium Tax)
In the 2010 emergency budget, IPT was increased from 5% to 6% in line with the increase in VAT. The increase will take place on the 4th January 2011. It is currently estimated that IPT will raise £2.3 Billion in tax per year. It was feared by the insurance industry it could be doubled to bring it in line with other European Countries, where the average is 10%. However, in Germany it is 19% and Italy 22%. There are some exemptions in the payment of IPT, for example, commercial goods in international transit and risks located outside the UK.
Investors In People Accreditation
Bromwall announces that we have successfully achieved the Investors in People standard for the third time.
We applied in 2004 and sucessfully achieved the standard.
We believe it is important to have a high standard of training and management within the organisation and we have a hard working and loyal staff which is the result of successful training.
BIBA Conference 2010
Harris Balcombe stand
BIBA (British Insurance Brokers Association) conference at the Excel centre 2010.
Bromwall recognises the value of the conference and arranged for all staff to visit over the two days.
David Walton at the NMU stand
Harrris Balcolme (leading loss assessors) had a professional caricaturist on their stand – some of his work on our staff is below.
David
- NMU Sarah and John
