Local News at Coversure Kennington

Coversure Kennington appear in the 13th edition of the London Landlord Accreditation Scheme newsletter. The related article can be found on pages 5 – 6. Click here to view the PDF (2.36mb).

The Internet Is No Substitute for Knowledge says Community Insurance Broker

Kennington’s local community Insurance Broker, Coversure Insurance Services have been honoured with an award for their work in the local community at a national ceremony that took place at the Marriott Hotel in Leicester on 14th November 2009

Speaking after receiving the Claims Assistance Award, sponsored by Markerstudy Insurance and Close Premium Finance companies, Rajan Amin, proprietor of the brokerage said “It’s great to receive an award such as this and be recognised for the work that we do but we weren’t actually doing anything more than we normally would. In this particular case our client suffered property damaged caused by water escaping from a pipe that had worn through general use. Our client made a claim but was told by the Insurer that the claim wasn’t payable due to exclusion for wear and tear.”

Rajan went on to add “Unfortunately, some insurance companies are trying to cut costs and one way of doing this is by taking on inexperienced members of the public who do not know the ins and outs of their policy in an attempt to reject a claim. Luckily for our clients we always know the ins and outs!”

“Armed with our years of experience we were able to spot a technicality in the insurance cover provided and pointed this out to the Insurer. Whilst damage to the pipe itself wasn’t covered, in this particular instance the damage caused by the water leaking out of it was.”

”I dread to think what might have happened had the client not contacted us, people don’t realise that very often when they buy insurance direct or over the internet when it comes to making a claim they are on their own. In this case we not only got the claim paid but managed to get the amount increased too!”

Photo – L to R Tim Wilson – Close Premium Finance Rajan Amin – Coversure Kennington and Paul Copeland – Markerstudy Insurance

Hina and Rajan Amin established Coversure Insurance Services Franchise in Kennington in 2003. The franchised branch is one of 87 throughout the UK which control premiums in excess of £65m.

In the wake of the dreadful floods in Cumbria this week, Rajan Amin, Director of Coversure in Kennington Branch, urges local homeowners and businesses to be prepared.

We have all seen on the news what devastation a flood can bring. Water is relentless, and if you are in its way, there is nothing you can do to hold it back. If you are properly insured, you should be covered for the damage and repairs. When disaster strikes, Insurers are very quick to set up additional phone lines and draft in staff to cope with the calls.

If you could be susceptible to this kind of damage, here are some top tips to help you make a plan. When the warning comes, you should be able to spring into action;

• Keep important papers upstairs, and make sure your insurance documents are close to hand.
• Keep a list of important phone numbers.
• If you have a store of sandbags, keep them where it’s easy to reach them when you get the warning.
• Locate any airbricks around the building. Lots of people sandbag doors and forget the other routes in.
• Have an emergency pack ready. Include a torch, dry clothes, a flask, blankets, toiletries, first aid and water containers.
• Make sure mobiles are fully charged.
• Have a plan, but be aware that safety comes first and that you should not take risks unnecessarily.

Here are a few things to have in your plan:

• Turn off the electricity.
• Look out for the elderly and vulnerable. Make sure they are safe, and be prepared to call emergency services if you suspect they are in trouble.
• Move important furniture upstairs or to a higher part of the building, especially electrical items.
• If you have to evacuate, take care. Even a 12 inch current can knock you off your feet.

Insurance can be considerably more costly in high risk areas. It pays to use a broker to help you to find the right cover for you. Brokers will look for the very best price for you without compromising on cover.

The biggest asset in the UK is its commercial property and housing stock which rebuilding cost is an estimated £3,000bn. The majority of houses are owner occupied but more and more commercial premises are held as investments. There is also the growing buy to let rental market.

Many businesses have chosen to own property in the directors names, transfer it to trusts or pension schemes or enter into sale and leaseback arrangements. Some have sub-tenants or rent out space which is surplus to requirements. Many clients have also invested in property through buy to let, feeling this as an excellent long term asset and of course there are large numbers of property companies whose business is to own and develop property.

If you own investment property for any reason, it is important that the insurance you have is arranged to protect you against all eventualities. In most cases, the cost of cover is passed on to the tenants who often have a full repairing lease so they also have a vested interest in ensuring the cover is correct.

One of the most important issues is to ensure the sum insured is adequate to rebuild the premises if they are destroyed or damaged. With material costs rising rapidly and planning controls becoming ever more stringent, rebuilding can be delayed and the costs far more than anticipated. Buildings may have to be demolished and professional advisers employed. It is most likely that higher standards of construction will be required and green, environmental and climate issues recognised. Delays in rebuilding in a period of higher inflation will increase costs. It is always advisable to have regular rebuilding cost valuations done to ensure sums insured keep in line.

Other covers which are normally required are:

Loss of rent – This will cover any drop in rental income whilst the premises are rebuilt including the costs and loss of income if the existing tenant is lost.

Property owners liability – This protects the owner from claims from tenants and the public arising out of the ownership of the property or the use of any contractors etc.

Employers liability – covers the employment of full time or casual employees.

Plant – it may be advisable to cover key plant against breakdown and use an insurer to check all the plant, and facilities including electricals comply with H&S regulations.

Contents – Often owners also own contents which are in common parts of a building and these should be covered.

Coversure recently held a joint seminar at the Shirley Park Golf Club in Croydon with Bryden Johnson, a firm of financial advisors and mortgage brokers. The seminar was called “Ensuring Your Financial Security During the Credit Crunch”

Three short presentations were made on the topics below

1. Capitalising on your capital!
2. Under insurance – Could be the last claim your business makes!
3. Making your bricks and mortar work for you through your mortgage

More than 30 clients and professionals attended ending the day by networking in an open and relaxed atmosphere. Clients who attended had the following to say:

“Good presentation needed bigger room” Mr MS Sohanpal SW17

“My honest opinion…I thought you presented well and succinctly” Mr AR Ganatra Goldmark Management SE20

“Thank you for organising an excellent set of seminars. I found the presentations very useful; they were well prepared and the speakers were very knowledgeable in their respective areas. There was good opportunity to have one-to-one discussions with the speakers. Overall the venue/location was good but the room felt quite small especially with the turnout you had. I would encourage more women to attend. Please continue to keep me informed of any future seminars” Dr B Patel Quantum Pharma Consulting Ltd SE19

After last year’s disappointing Summer when Insurance Companies spent a lot of time dealing with claims for floods and storm damage, it has come as a relief to see that some warm sunshine has heralded its arrival this year.

This unexpected turn of events has already seen us all scurrying into our gardens to light the first barbecues of the year and make a start on our borders, but have you ever given a second thought to the insurance cover that is available for your garden? When we think about contents insurance we tend to think about items in the house itself but many insurers offer additional cover under the contents section of their policies for items in or around the garden including patio furniture, mowers and even the plants themselves.

As always, not all insurers offer the same level of cover so, before you head out to your own little part of Britain this Summer, why not consult your local Coversure branch about home insurance and make sure that the cover you buy is the cover you need.

Coversure Kennington were kindly invited by Towergate AUL to a Day at the Races. Hina and Rajan took the opportunity for a day off and thoroughly enjoyed the whole experience and company – including the horses!! Our thanks to Richard Lamberth MD for inviting us.

From Left to Right Janice Ferguson (Underwriting Manager), Jane Lindekam (Office Manager), Richard Lamberth (Managing Director), Hina and Rajan	One of the horse’s that lost some of our money on the day

A super day’s golf was enjoyed by over 20 players (Coversure Kennington clients and guests) at one of Surrey’s best courses. The weather gave us the best day in April. The morning session was a Texas Scramble over 9 holes to allow team players to get to know each other, followed by a full round of 18 holes. The presentation was held at the Club house and our chief guest was Nick Hollands Franchise Director for Coversure Insurance Services. Our thanks again to all those who took part!

From Left to Right James Bellow (Abbey Legal Protection), James, Michael and Mahesh	Rajan, Nick and Nick Hollands

Landlord gets £99,000 fine

A Kent landlord has been has been fined a massive £99,000 and ordered to pay costs of £5,835 by magistrates after admitting he failed to comply with regulations on the management of houses in multiple occupancy.

Ludomir Szulc, who the court heard rented out bedsits in his eight-bedroom property in Priestlands Park Road, Sidcup, admitted 22 offences discovered by Bexley Council environmental health inspectors. The inspectors found inadequate fire precautions and filthy kitchen and bathrooms. The court was told that the council officers attempted to work with the landlord to resolve the problems, but eventually decided to prosecute when he failed to make proper improvements.
Szulc was fined £99,000 and ordered to pay costs to the council of £5,835.

Councillor John Waters, council cabinet member for housing said: “I thought this sort of irresponsible behaviour had been stamped out decades ago and am delighted the court imposed very heavy penalty.”

Oxford Landlord fined

Imran Mohammed of 108 Crescent Road, was fined £6,100 and ordered to pay the Council’s cost of £2,021.25, following an inspection of his property in Cricket Road, Oxford by Environmental Health Officers. The house was occupied by five tenants, two of which had been placed there by Social Services, who were paying Oxford Letting and Property Management.

During the inspection it was discovered that the battery to the smoke alarm in the ground floor hallway had been removed, the smoke alarm on the first floor landing had been completely removed and the heat alarm in the kitchen had been completely removed. In addition the door handle to the fire door in the kitchen was missing.
There was missing and perished plaster for the walls in the kitchen and the washing machine was not in working order, and had leaked over to lean-to area at the rear of the property.

There was a pile of rubbish in the garden and no sign displayed in a prominent position stating the name, address and telephone contact number of the manager of the property.

Mr Imran Mohammed failed to properly complete and return a notice from the Council requesting information and failed to respond to a request to send in any comments on the state of his property. Mr Mohammed also failed to attend an interview which has already been rearranged at his request.

Courtesy:
Landlords News, Winter 2008
Lettings First

BIBA urges home insurance health check ahead of Bonfire Night

With bonfire night rapidly approaching, the British Insurance Brokers’ Association is warning homeowners and businesses to check that their homes are adequately covered for building and contents insurance before lighting a bonfire near their property or setting off any fireworks.

Every year, BIBA members receive calls for help from those caught out by bonfire and firework mishaps. All too often a simple health check on insurance policies could save thousands of pounds worth of property damage across the UK. Many people are hurt every year at this time from bonfire and firework-related injuries. They need to be careful to pay attention to safety precautions at all times, particularly where children are near or where they will be handling fireworks.

The most frequent claims related to the 5th November celebrations include:

• Shattered windows
• Garden damage
• Fire spreading to outbuildings or homes
• Personal Liability for injury to other parties e.g. guest or neighbours
• Theft from your home if it is left open for guests

Every homeowner or Bonfire Night party host should be checking their insurance to ensure they are sufficiently covered.

With families heading for the shops to buy Guy Fawkes-related merchandise in the coming days, Graeme Trudgill, Technical and Corporate Affairs Executive at BIBA, has warned:

“Too many people are putting themselves and their property at risk on Bonfire Night. We want everyone to enjoy themselves, but we do recommend they take all the necessary measures to insure against mishaps, and to cover themselves should anything go wrong, so that they’re not out of pocket.”

“Our advice is clear – don’t put yourself or your family at risk. Check you are properly covered by speaking to your insurance broker before you start, and always follow the Firework Safety Code. After all, 25% don’t have contents insurance. By taking these simple steps everyone will enjoy the night with peace of mind and without finding themselves in harms way.”

Coversure Insurance Services are members of the British Insurance Brokers Association – www.biba.org.uk; this article is reproduced here with their kind permission.