Insurance...just dont get it
Discussion
I accept Im probably going to get shouted at by Loon but I really dont get this....and this doesn't seem to be covered by the 'read your policy document' approach.....
I own a mobile SMART business 50:50 with a friend.
He, and another employee work in the business doing SMART repairs.
I sort out the accounts and that's it
It was set up in 2007 and since then has had a trade insurance policy to cover our vans and occasional moving of customer vehicles (very rare but)
I have never been on the policy as there is no need. I never (and cant) do the work.
According to the broker, the underwriter has decided I HAVE to be on the policy, despite not requiring it for the last 7 years (same underwriter last 3 at least). They cannot give a reason as to why when asked.
They have just told us that this will increase the premium by £490ish quid. on a £900 policy
I do not understand either why I need be on it and if so how I can possibly increase the risk that much? (am 41, never had an accident or claim, no points for 15 years, live same town as friend)
I own a mobile SMART business 50:50 with a friend.
He, and another employee work in the business doing SMART repairs.
I sort out the accounts and that's it
It was set up in 2007 and since then has had a trade insurance policy to cover our vans and occasional moving of customer vehicles (very rare but)
I have never been on the policy as there is no need. I never (and cant) do the work.
According to the broker, the underwriter has decided I HAVE to be on the policy, despite not requiring it for the last 7 years (same underwriter last 3 at least). They cannot give a reason as to why when asked.
They have just told us that this will increase the premium by £490ish quid. on a £900 policy
I do not understand either why I need be on it and if so how I can possibly increase the risk that much? (am 41, never had an accident or claim, no points for 15 years, live same town as friend)
I don't shout, people choose to shout my posts in their head. I've recently said read them as Alan Carr, or in a soft regional accent and it would be very different.
Back on topic amd there is no way anyone can answer this question, other than your broker. If he can't, then I'd suggest finding a different broker. No insurer can force you to insure people who won't drive the car, but they can refuse to offer cover if they feel that they want all directors covered and not just those you choose to cover.
Back on topic amd there is no way anyone can answer this question, other than your broker. If he can't, then I'd suggest finding a different broker. No insurer can force you to insure people who won't drive the car, but they can refuse to offer cover if they feel that they want all directors covered and not just those you choose to cover.
LoonR1 said:
I don't shout, people choose to shout my posts in their head. I've recently said read them as Alan Carr, or in a soft regional accent and it would be very different.
Back on topic amd there is no way anyone can answer this question, other than your broker. If he can't, then I'd suggest finding a different broker. No insurer can force you to insure people who won't drive the car, but they can refuse to offer cover if they feel that they want all directors covered and not just those you choose to cover.
sorry Loon was kidding.....have been a supporter for ages and am constantly amused by people reading your posts wrongly!Back on topic amd there is no way anyone can answer this question, other than your broker. If he can't, then I'd suggest finding a different broker. No insurer can force you to insure people who won't drive the car, but they can refuse to offer cover if they feel that they want all directors covered and not just those you choose to cover.
Thanks......yeah Im sure another broker will be the way forward here.....this kinda smacks of 'we don't really want your business' i guess....its just a pain to sort out. Just wondered if you knew of a standard insurance industry reason you would want all directors covered on a business even if it was guaranteed one went nowhere near any vehicles or customers
am tempted to just get 2 business policies for the vans and public liability and just not ever move a customer vehicle
I'm guessing the business is a t/a business rather than a Limited company, in which case I can understand why they would want to cover you in order to cover all bases disclosure wise and also to collect a premium that reflects the risk.
Having said that it could well be overkill on their part, so shop around.
If the company has the word "Trade" in their name, you will be doing yourself a favour
Having said that it could well be overkill on their part, so shop around.
If the company has the word "Trade" in their name, you will be doing yourself a favour
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