Tag Archives: aibinsurance

First Underwriting Ltd Joins Our Panel

Here at AIB Insurance, we have an extensive panel of closely vetted insurance partners enabling us to tailor-make policies for our valued customers. We are pleased to announce that we have recently added another partner to our panel – First Underwriting Ltd.

First Underwriting was established in 2011 and has built a reputation for providing a high level of service along with a quality range of insurance products through select insurance brokers like us. Its main insurance partner is Accredited Insurance (Europe) Ltd that is apparently excellently rated by AM Best that provides credit ratings for the insurance industry worldwide.

First Underwriting is supported by NSM Insurance Services that is apparently one of the biggest specialist broking and underwriting groups located over in the United States of America. It is said that NSM Insurance Services is backed by a company listed on the NYSE called White Mountains Ltd.

First Underwriting Ltd’s specialist range of motor insurance policies include cover for the likes of prestige cars, fleet motors, rural vehicles, passenger vehicles and vans. As you can see, it provides cover for a wide range of motor vehicles.

In addition, it can also arrange buildings and contents insurance for a range of property types including, premium – covering standard risks, premier – covering unusual risks and speciality – covering long term unoccupied and residential lets.

Motor insurance claims are dealt with by its partner WNS Assistance and household insurance claims by its partner Claims Consortium Group.

We are extremely pleased to say that our experience to date when dealing with First Underwriting has been nothing but positive. The company’s staff are quick to respond to enquiries at every stage of the insurance process from initial quotation, setting up the policy to dealing with renewals. We are sure that our working relationship will benefit all concerned but, in particular, our valued clients.

Average Burst Pipe Weather Related Insurance Claims Exceed £10,000

Winter is upon us and we have already seen temperatures fall below freezing on occasions here in the UK. Therefore, perhaps it is an appropriate time to mention about protecting your household pipes against the cold weather.

According to information published by the Association of British Insurers (ABI), you may find it rather concerning to read that the average amount of a burst pipe insurance claim due to adverse weather conditions exceeded £10,000 in 2018. This is a sizeable sum and a claim of such magnitude has no doubt caused a significant amount of damage whether it is to property, contents or both never mind the potential distress and upheaval to the owners of the premises.

The ABI has very kindly made some recommendations as to what action you can take to lower the possibility of your pipes getting frozen over the winter period: –

  • If you have one or more taps that drip when turned off get them repaired.
  • Check in the loft that any water tanks and water pipes are suitably insulated.
  • Make sure your heating is set to come on periodically even if you are away for a short break.
  • Make sure that you are familiar with where your stopcock is situated in your home.

If a pipe freezes then you should take the following action according to the ABI: –

  • Any contents such as clothes and furniture should be moved away from the pipes just in case one of the pipes bursts.
  • Do not try to remove ice using the likes of a blow torch or a hammer as this may damage the pipework even more.
  • Turn off the mains water at the stopcock until the pipes have defrosted.

If a pipe bursts, according to the ABI, you should: –

  • Remove any possessions to a safe place.
  • Turn off the stopcock, drain the water supply by turning on the taps, and turn off the water heating and central heating.

In the unfortunate event that you do suffer water damage, get in touch with your insurer as soon as possible.

Almost 10% Fall In New Van Sales In November

So far, 2019 has not been a good year for the motor trade industry overall with the figures for the number of new vans sold in the UK not helping matters. Regrettably, for the third month in a row, according to figures published by the Society of Motor Manufacturers and Traders (SMMT), the number of new vans sold has dropped in November 2019.

In the above month, new van sales all up to 3,5 tonnes fell by 9.6% when compared with November 2018. In November 2019 the figure was 26,238 yet in the same month last year the figure was 29,035. The biggest drop in percentage terms was in new van sales in the category up to 2.0 tonnes with a fall of 24%. On a positive note, the number of pickup sales rose from 3,876 in November 2018 to 4,541 in November 2019 – an increase of 17.2%.

On a year to date to November 2019 basis, the number of new vans all up to 3.5 tonnes sold rose to 338,227 from 331,776 for the same period last year. That is a small rise of 1.9%.

In November 2019, the top selling new vans were the Ford Transit Custom at 3,046, Vauxhall Vivaro at 2,452, Mercedes-Benz Sprinter at 2,321, Ford Ranger at 1,946 and the Ford Transit at 1,758.

For the year to date basis to November 2019, the top selling new vans were the Ford Transit Custom at 48,912, Ford Transit at 24,594, Mercedes-Benz Sprinter at 23,931, Volkswagen Transporter at 17,697 and the Vauxhall Vivaro at 16,385.

Let us hope that there is better news in 2020 relating to the number of new vans being sold here in the UK.

If you are looking to insure a new van or a used one for that matter then why not give us a call on 02380 268 351 and speak with an experienced member of our team. He or she will discuss your requirements in detail and then arrange a bespoke, competitive quotation from our closely vetted specialist panel of insurers without any obligation. We look forward to being of assistance.

AIB Joins BIBA – The Interview Everyone Wanted

Insurance Business recently interviewed our Risk and Compliance Director, Karen Manley, read the full interview below:

 

Can you tell me a little bit about your company?

AIB has an interesting story since its inception in 1993.  Originally it was created by the BHPA (British Hang Gliding & Paragliding Association) to provide travel, third party damage and equipment cover for its members whilst flying abroad whether it be a hang glider, sky diver or paragliding pilot.  At the time the BHPA were struggling to find an insurance provider that understood its members unusual insurance requirements, and with an active pilot involved in the insurance industry Airsports Insurance Bureau was created as a limited company.

The BHPA sold the business in 2004, largely due to the increased compliance and regulatory requirements to insurance specialists and it has evolved into a niche personal lines and high net worth specialist with links to various enthusiast clubs, garages and financial institutions.  We also have a number of commercial insurance brokers who refer their personal lines business to us but still have strong links to the BHPA providing specialist airsports for members today.

 

Can you outline how the decision to join BIBA came about and how long have you been thinking about joining BIBA?

 

The company I worked for previously was a member of BIBA and I was a committee member of SE region compliance forum.  I found it useful to maintain and share best practises and I found the regulatory benefits and networking particularly useful.

Joining BIBA is part of AIB’s ongoing commitment to supporting good practice and an important step in our passion to promote the interests our clients in the provision of good sales advice.

As BIBA maintains a dialogue with the government, the FCA, and the ABI, specifically in their role acting as the voice of the insurance industry in the UK. Our business will gain a head start on learning about new legislative proposals, policy developments, market changes and developing trends.

Thus, ensuring that AIB can react with marketing strategies and business plans in a timely manner assuring our clients gain the benefit of the highest quality of advice and receive genuinely positive outcomes for their insurance needs.

 

What do you consider the key opportunities associated with your BIBA membership?

 

BIBA works closely with the FCA to help ensure a fair, equitable and workable regulatory regime for the broking industry, thereby keeping their members updated on matters affecting the industry, including regulation, legal issues, through their website, email alerts, conferences, workshops, seminars and subject specific working groups and panels.

BIBA is an excellent benchmark to understand the current thinking within the insurance market.

The regulatory benefits, and the technical support through the templates played a part.  As did backing the voice of the industry.  Networking with likeminded individuals and companies to achieve best practise and common goals, especially with the uncertainty and ramifications of Brexit.

 

Are there any particular BIBA events that you are looking forward to?

Lots!  Although a small company we intend to be active members of BIBA and I am looking to attend the compliance forums to understand current topics, but I have historically found the Webinars particularly useful.

 

 

Do you feel that such memberships are necessary for brokers in the current climate?

 

It’s not necessary but it’s important that we as broker support the insurance market.  Ultimately Biba are the voice of the industry and when debating points with the FCA on various consultation papers surely it makes sense to stand shoulder to shoulder with our industry colleagues, especially in these challenging times?

 

What are your plans for development in 2020 and beyond?

 

We are very lucky.  We are well supported by some of the UK’s leading insurers who believe in what we do.  We also enjoy a management team that want to grow aggressively for the long term, looking after our insurer partners and clients along the way.  We expect another year of significant growth especially in the non-standard motor market and high net worth arena, where buying on-line is more challenging but training and developing the team, with as many resources, including Biba, at our disposal is key to our success.

ABI Encourages Homeowners To Make Sure Properties Are In Good State Of Repair

With winter quickly approaching, the Association Of British Insurers (ABI) is recommending that both owners of homes and businesses make sure that there properties are in a good state of repair. This should help reduce the number of claims being made by people on their buildings and contents insurance policies here in the UK.

Apparently, on a daily basis, insurance companies pay out in the region of £14.3 million to owners of homes and businesses to meet claims from people in respect of replacing damaged content and carry out repairs due to adverse weather conditions resulting in properties suffering burst pipes and floods.

You may find the following suggestions made by the ABI of benefit to help ensure that your property is better able to cope with the ravages of winter: –

  • Arrange for your roof on your home or business premises to be checked to make sure that it is watertight and that there are definitely no loose or missing roof tiles. This sort of job is best left to a professional for safety reasons.
  • Find out where the stopcock is in the property and that it is working correctly.
  • Make sure that the gutters are free of debris and that they are not overflowing due to their being a blockage.
  • Check that the smoke alarm is working correctly.
  • Make sure that there are no visible damp patches in your property such as damage to a ceiling.
  • Make sure that water tanks in the loft and pipes are insulated.

Whilst it is not a legal requirement to have building and contents insurance in place covering your home and/or business premises as well as the contents and plant/machinery in them, it is a sensible course of action so that you can claim on such a policy when necessary.

In this respect, why not get in touch with a member of our team who has many years experience in arranging suitable, affordable cover who will be pleased to discuss your requirements and arrange for you to receive a competitive quotation without any obligation.