ReleaseID: 20ࡱ> 9;85@ 0bjbj22 .*XX   $ R$      r W W =ײb .W w $ 0 W  W W       PRESS RELEASE 12 February 2007 Specialist industry insurance advice from TIMCON The Timber Packaging and Pallet Confederation (TIMCON), represents over 120 pallet manufacturers, case makers, export packers and pallet repairers in the UK, collectively turning over an estimated 350m. The organisation plays a highly responsible role in the industry and offers members a wide range of specialist services covering advice and information on issues such as legislation; marketing; technical consultancy; seminars; public relations; education; training; publications and members insurance, including an emphasis on fire. TIMCON receives strong representation in the insurance market for its members through accredited insurance providers Towergate Risk Solutions Limited. Towergate has a proven track record of working successfully with the organisation in this specialist sector and for any members, or potential members of TIMCON who are coming up for renewal, here is some advice on getting the best results from that renewal. Always seek a medium-to-long term relationship with a quality insurer and consider them as a business partner. Switching to an untried insurer for a small saving can bring problems for example, the insurer may decide to pull out of higher risk manufacturing industries. Pay close attention as well to the financial solvency of the insurer. Cheap premiums will start to look expensive if the insurer goes bust and it is likely you will end up paying premiums twice and be uninsured for any claims that the insolvent insurer cannot pay. It happens remember Independent Insurance in 2001? Premiums are directly influenced by your claims history. So look out for claims that have gone away but still appear on insurers reserves and challenge reserves if possible. Insurers have an obligation to maintain sufficient reserves to meet future liabilities, but clients need to avoid expensive premiums driven by unrealistic reserves. Warranties are imposed by insurers as a means of policing the activity of the policyholder for example to exclude certain activities, or to insist on certain causes of action. Check policy Warranties and understand what they mean for your business. Critically, most TIMCON members will find a Waste Warranty in the small print of their Fire and Consequential Loss insurance. Typically, this commits the TIMCON member to sweeping up all shavings, sawdust and other trade refuse and removing the waste from the premises every night. Faced with this policy warranty (and most TIMCON members probably are), the member has to implement stringent procedures to ensure the work is carried out in the evening of every working day, otherwise the Fire and Consequential Loss insurance will be invalidated. Worryingly though, members can be unaware of such warranties, or the Warranty gets overlooked. With fewer insurers to select from, buyers are increasingly rejecting multiple tenders in favour of a two-stage approach. Stage one happens four to six months in advance of renewal, with the selection of an insurance broker on the basis of the ability of the broker to represent the needs of the buyer in the insurance market. Specialist knowledge of the industry sector will normally be a key issue. If the broker pitching for your business doesnt know the difference between a nail gun and nail file, it is probably time to move on. Stage-two is negotiation with the insurance market. The selected broker and client will agree which insurers will be included within negotiations, and may well agree premium objectives as well. Insurers then know they are dealing with a serious enquiry from a broker who will be party to the buying decisions, and not just in a blind tender. The outcome is typically far more satisfactory for all parties. Does the business description on your policy include all of your activities? If not, the omitted activities will be uninsured with potentially disastrous results. Insurance cover on your business vehicles is highly dependent on your driver holding a valid licence. Quite simply, no licence equals no cover. Unfortunately, it is not unknown for an employee to acquire a three-month ban and not inform the employer, in the hope that time will pass without anyone becoming aware. In one example, an employee wrote-off a car whilst banned for three months and the insurer exercised their right not to pay the claim. If you do not have Directors & Officers insurance, get a quotation, you will probably find this essential cover cheaper than you thought and dont overlook what is not insured. Before next renewal, challenge yourself (and colleagues) to identify Events that would put us out of business and Events that would hurt but not destroy us. With the former, examples would be fire insurance invalidated by policy warranty, or insolvency of a major customer leaving significant unpaid debt. The latter might be damage or theft of stock in the open. Share this knowledge with your insurance provider; ask what would be covered and what would be uninsured. Not every risk is insurable and not all insurance is affordable. Many organisations will employ non-insurance solutions to manage risk, and a good insurance adviser will work with clients to establish practical measures to contain risk, while still protecting the business and avoiding major cost fluctuations. Lastly, plan well ahead before renewal, taking the above points into account. If you would like to talk to Timcon contact Stuart Hex (Secretariat) on 0116 264 0579 or Richard Gibson at Towergate Risk Solutions on 0116 247 1429 relating to specialist insurance renewal advice. - Ends - For further information please contact Claire Forrest, RED Communications Ltd, Tel: 01480 465953, email: claire@redcomm.co.uk FOR COLOUR SEPARATIONS PLEASE FAX REQUEST TO: 01480 466524 . 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