A further rise in the rate of standard UK Insurance Premium Tax (IPT) was announced yesterday by the Chancellor Philip Hammond in his Autumn Statement. Effective 1st June 2017 the rate of IPT charged on most insurance premiums will increase to 12%.
Organisations and individuals faced a hike in IPT when the government increased the rate from 6% to 9.5% effective 1st Nov 2015. This was increased once more to 10%, which came into effect on the 1st Oct 2016.
The Insurance Act goes into effect on 12th August 2016 and affects all commercial insurance policies governed by UK law.
The Act is designed to shift the power imbalance from insurers to the insured.
The Act introduces a new ‘duty of fair presentation’, requiring insureds to capture more knowledge from more people in their organisations.
We at Access Insurance are committed to raising industry standards, promoting transparency and verifying that our clients have the cover they need for their organisations to thrive.
We will continue working hard to ensure that the Insurance Act has nothing but a positive effect on your insurance buying process.
The Insurance Act is designed to make it harder for insurers to wriggle out of paying claims.
Consultancy group Mactavish estimates that 45% of large or strategically significant commercial insurance claims are disputed. And, on average, these disputes take three years to resolve and result in only 60% of the amount claimed.
Sometimes some of the most obvious things in life are actually the most difficult to do. I find this quite often, especially when setting up marketing campaigns, because very often all you have to do is follow a very simple and commonsense plan of putting things together to make it work. Often you will find you have a mental block and this can be for a number of reasons including the fact that you might be an ideas person rather than a completer finisher. I was reminded of this when I was reading Matt Birds new book Relationology: 101 Secrets to Grow Your Business Through the Power of Relationships. This is the extract which caught my attention:
Access Underwriting has no connection with AccessBI
The Financial Conduct Authority has confirmed that they are investigating a firm called AccessBI Limited – you can read the news here: Insurance Age and here Post Magazine
As we are receiving calls from insurers and brokers, we confirm that Access Underwriting Ltd has no links, common directors and no connection with AccessBI Limited (Company No. 05837919) who are a subsidiary of Access Risk Management Group Limited (Company No. 06057474) and has placed no business with the group. We can assure all our clients that they have been placed with authorised insurers and that there is no reason to be concerned.
Charity Staff and Volunteers Awards – Charity Staff Foundation
We were delighted to sponsor the Charity Staff and Volunteers Awards, run by the Charity Staff Foundation. There were more than 700 amazing nominations for the 20 categories of awards. The award for the Volunteer Coordinator of the Year award 2014 was presented by Simon Hickman, our Managing Director.
The finalists were Sue from the Canal Rivers Trust, Catherine from P3 Social Inclusion Charity and Tricia from Time To Change. All three have made outstanding achievements for their charities.
Access Insurance have formed links to work closely with Churches Child Protection Advisory Service (CCPAS ), the Christian charity providing professional advice, support, training and resources in all areas of safeguarding children and vulnerable adults. CCPAS outlining what the charity does and how it can help other charities and churches:
Founded over 30 years ago, CCPAS exists to set (and maintain) standards in safeguarding. It is the only independent Christian charity providing professional advice, support, training and resources in all areas of safeguarding children and vulnerable adults.
The word risk is used in a variety of contexts. But what does risk broadly mean from an insurance perspective? One definition is that risk is the likelihood of a hazard causing adverse effects as well as the impact of those effects. It is important to differentiate between risk and hazard. A hazard is a condition, situation or physical object that increases the likelihood and or severity of an event with an adverse effect. For example, a hazard could be a wet floor and the risk would be injury caused by slipping.
Organising events takes time and effort. In some cases it may involve weeks or even months of planning. There could be significant costs involved and,because of this, it is imperative that every aspect of the event is reviewed to ensure that the event is successful. As part of the process, it is prudent you ensure that adequate insurance cover and risk assessments are in place. It is important not to get caught out, especially when you are having to spend the last few days prior to the event ensuring that you have insurance cover in place to meet the requirements of a local authority or a venue.
New Cuts beating Office Insurance launched for Citizens Advice Bureaux
Citizens Advice Bureau services are under financial strain as funding is cut.
We are helping CABx survive with our budget busting Charity Office Policy. However this is no “cheap” solution, but a quality one from an insurer with a reputation for Superior Claims Handling and Strong and Excellent Financial ratings from the agencies of A (Excellent) Syndicate rating from A.M. Best., A (excellent) from A.M. Best, A+ (Strong) from Standard & Poor’s and A+ (Strong) from Fitch.
Access Insurance announce 4 year Sponsorship deal as part of Social Enterprise ethics
Access Insurance is involved in sponsoring Selsdon Little Leagues football and netball teams. We do this, not because we believe that there will be any return, but because we are developing as a social enterprise and believe that this is a major valuable local resource run by very enthusiastic volunteers. We do not have any children playing in the leagues. We believe that additional investment in replacing equipment and continuing to fund this project is very important.