July/August Issue 57 - Flipbook - Page 31
Aston Lark
IS YOUR PERSONAL
INSURANCE
GOOD
Business
InterruptionIN– are
youHANDS
insured for long enough?
We’re entering a period where demand for
that goes with ensuring the right cover is in Our experienced advisors are available
insurance is starting to exceed supply for
place when you need it. All the while never to assist you with every aspect of the
The right
Business
difference between
the first time in a generation and conditions
forgetting
theInterruption
importance ofcover
price.can mean the
decision-making
process, getting
whether you
back up and running and going out of business ifare
you’re
unfortunate
to or
are becoming tough for many. We’re sure
purchasing
PMI forenough
the first time
that you’re confident that your businesssuffer a
If major
you would
like to get in touch, please
considering a review of your current
incident.
insurance is in good hands and that
complete our call back request form, call
provider.
your insurance broker has the the scale,
us
on
020
3846
5263
Whilst many operators purchase this insurance, they often don’t buy enough cover which can lead to being underinsured.
relationships, wide-ranging resources, This means that the insurance won’t protect a business throughout the full For
information
on our
cycle more
of a claim,
leaving businesses
highPrivate
and
is needed
most.
expertise and time to spend on your dry when cover
If you
are mid-way
through a personal
Medical Insurance policies please contact
insurance to solve problems and obtain
insurance policy, and you would like a
sam.mistry@astonlarkeb.com
further, the purpose of Business Interruption cover is to maintain the turnover of the business following an insured incident. Cover is
the most suitable cover at a competitiveTo explain this
reminder
before your next renewal, then
limited by time, referred to as the Indemnity Period, as well as by the Sum Insured. The Indemnity Period starts on the day of the insured incident.
premium.
please complete our renewal reminder
In short, Aston Lark will fight your corner
It will end when:
form.
at every opportunity and negotiate with
•
the business has made a full recovery to where it would have been if the incident hadn’t happened, or
But are you as confident when it comes https://www.astonlark.com/personal/
insurers to help minimise the impact the
•
the dayrenewal-reminder-service
the indemnity period ends, whichever comes first.
to your personal insurances?
hard market has on you as well as on your
business.
So, if the indemnity period is too short, cover will end before the business is back up and running
and the operator will be left to face the rest of the
any financial
from insurance
cover.
Personal Insurance premiums have recovery without
Aston
Larksupport
Personal
Travel
already started to rise, with increases
a look at some
of the
common
timescales
of over 10% being the norm. With the Let’s take Although
you
may
not be
immediately Whilst business can resume as usual, it can take a business many
an
incident: having Covid-19 cover for future
additional months to fully recover to the position they were in before
effects of Covid-19 (which is estimatedfollowing
to
travelling,
the incident occurred. Remember, Business Interruption insurance can
cost UK insurers c.£1.2b in claims*) and
trips -is
really
important.
•
Three months
Following
a major
incident, for example a large
provide cover for Loss of Gross Profit until that Gross Profit is no longer
fire,
insurers
will
carry
out
a
forensic
investigation
to
establish
the
storms Ciara and Dennis (which have been
affected by the incident – the cover does not stop the moment the
cause before
can beLark
confirmed
and anypolicy
work can start
estimated to cost the insurance sector
Our cover
Aston
Travel
hasto been premises is reinstated.
reinstate buildings etc. To make the building safe, gain access and
£425m**) we now expect to see a steep conclude
enhanced
to help our clients stay protected
this initial report can take an average of three months.
increase in personal insurance premiums
against future trips being disrupted by
•
Six months - Any significant work on the premises will need
Our recommendation:
across all sectors. Find out more
Covid-19 or other pandemic issues. Find
planning permission. The average time to obtain this, including
12 months’ cover is never enough. At Aston Lark we always recommend
out more.
time for plans to be drawn up, is six months.
a minimum of 24 months, but proper consideration needs to be given to
However, we are on hand. The Aston Lark
•
Nine months - After the incident, it’s likely that work can start on
how long it would take for your business to recover.
Private Clients division has been protecting
When
did
you
last
review
your
Private
repairing or rebuilding the premises. Whilst the recovery operation
clients for the best part of 70 years, so
Medical
may have
been able toInsurance?
continue on a whole or part basis, any
you can be confident that we have the
vehicle repair, storage, sales or other activity may not have been
If you’d like to discuss your
possible
unless alternative
premises have
been found on
expertise and resources to navigate
There
is a myriad
of options
toa shortconsider
Business Interruption cover,
in the local
area. out or switching Private
the current market. We can find you an term basis
before
taking
give me a call on
individual home or motor insurance policy,
Medical
covermeaning
and our
•
15 months
– A rebuildInsurance
of premises could(PMI)
take six months,
01732 386766 or email
the
operator
can
begin
to
kit
out
premises
around
15
months
postor construct an insurance portfolio for you.
primary aim is to give our clients clear and
chris.chapman@astonlark.com
Our role is to relieve you of the complexityincident.
impartial advice.
•
16 months - Provided that machinery lost in the initial incident has
been ordered and has arrived, six weeks should be allowed for
fitout and commissioning.
Aston Lark Limited Registered in England and Wales No: 02831010
Registered office: Ibex House, 42–47 Minories, London EC3N 1DY
Aston Lark Limited is authorised and regulated by the Financial Conduct Authority.
AL-COMM-005-0220
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