Marrs Insurance Brokers

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Marrs Insurance Brokers is a trading name of The Not Too Boring Company Ltd. Registered in England & Wales, Registered No. 09026225.

Marrs Insurance Brokers is an appointed representative of TEn Insurance Services Ltd which is authorised and regulated by the Financial Conduct Authority.

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Here are a few hopefully informative and perhaps surprising facts which may set you thinking about your own insurance arrangements and why it may be worth a couple of minutes speaking to the Man from Marrs:

Did you know...?

Motor

• ‘Any Driver’ doesn’t mean that. You, as the Policyholder, are still obliged to disclose to your Insurer any potential driver who has a history of claims or convictions before they get behind the wheel.
• Social Domestic and Pleasure can often exclude commuting to work and commuting to work can often exclude commuting to a different office than the one you usually commute to.
• You are not insured for Comprehensive cover to drive any vehicle you may jump into even if your Certificate of Insurance seems to indicate this is the case. This ‘Any Vehicle’ provision is so others are protected should you have an accident involving them and applies for the basic Third Party cover under the Road Traffic Act or foreign equivalent.
• Several Motor Insurance policies sold direct online to the public have a clause which terminates the policy should the vehicle be stolen or destroyed. Thus unlike most policies through Brokers, one could end up with a week of cover, a Total Loss and no insurance once the car is deemed a write-off and the claim settled. A new policy (with the additional black mark of a Total Loss claim on the record) would have to be arranged for a further year at a new (and clearly more expensive) premium. One of the reasons such policies are significantly cheaper than those where cover is granted to the replacement vehicle following settlement of the claim such as those via the Broker market.

Commercial

• Most Commercial policies will exclude larceny cover and require evidence of violent and forcible entry to or exit from the premises in order for a claim to be made successfully.
• Separate business entities are not allowed to share Liability cover and if they share the same office premises without being in a self-contained demise, they will also have to notify their Insurers who may apply conditions to Theft cover and the like.
• Most commercial leases stipulate the landlord insures the property and the tenant pays them back. It is almost always pointless for a tenant to obtain a better quote through their own sources as the landlord can choose just about whatever Buildings policy he wants and the tenant will have to pay.
• Certain policies such as Professional Indemnity and Directors and Officers cover are provided on a ‘claims made’ basis which means the policy in force at the time the claim is first reported to insurers is the one which will respond (subject as always to the terms, conditions and exclusions of the policy) and not the one in force at the time the incident giving rise to the claim occurred. This is important to know as when a business ceases, it may be imperative the cover remains in force under a ‘run-off’ arrangement to protect it against future claims for past activities.
• Directors & Officers cover is provided on an aggregate basis, which means that the limit selected at the start of the policy is absorbed by any claims that occur during the policy period. Thus, a limit of £1m which has 3 claims against the policy of £400,000 each in the following year means the last £200,000 must be borne by the policyholder as if they were without insurance. Aggregate cover is also applicable to Products Liability and many Professional Indemnity policies, determined by the Insurer and often the profession itself.
• Frequently, clients sign agreements with their customers without noting the conditions which apply. These could transfer the governing law or jurisdiction to another country and leave the policyholder open to a claim which isn’t covered under their UK policy wording. It is vital to keep communications with the Broker open about any such arrangements so cover can be arranged on the correct basis and no-one is caught off guard in the event of a claim.

Home

• Carpets are Contents not Buildings, as is your TV aerial!
• Fitted kitchens and bathrooms are Buildings not Contents
• A contract to extend your property is NOT insured under your Buildings policy and requires a Contract Works policy in order for the contract and materials used to be insured.
• Most policies require the Sum Insured selected to be adequate to rebuild property as it was before and replace items lost, destroyed or stolen on a replacement ‘as new’ basis. It is not possible to select which half of a property is insured after it burns down and failure to insure on the correct value basis could lead to rejection of a claim and, in extreme circumstances, avoidance of the policy.

General Insurance Know-How

• Insurers reserve the right to replace items claimed for, using the method that best suits them.
• Loss Adjusters work for Insurance Companies and cost clients nothing, Loss Assessors work for the client, but take a percentage of the claim for their efforts. A good Broker should be able to see the claim through to a satisfactory conclusion for their client.