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Choose your broker well – don’t leave it to chance 

You may have heard that the insurance industry is entering a “hard market” period, but what does that actually mean? Insurance is cyclical and is very much impacted by supply and demand, just as any industry is. The market fluctuates, and with each insurance ‘cycle’ typically lastsing anywhere between two andto 10 years – but various factors influence the cause and effect of changing conditions.  

Unfortunately, as is common in our industry, the scaremongers make the most noise. If you have read any of the commentary, you’d be forgiven for thinking you should be braced for a business challenge like no other, — just what you need when you might be quite rightly focussed on Brexit impacts, Covid-19 impacts or just bog standard “worst of a generation” recession impacts! 

At Gen2, we don’t scaremonger. We try to provide relevant, informative content and practical steps / solutions to help you navigate the world of risk. We also aren’t scared to say the things that don’t usually get said by our peers – you’ll get the truth from us, regardless of what that means for us because it’s not about us, it’s about YOU.  

What is the difference between a hard and a soft market?  

In a soft market, you are likely to see:                                                             

  • Downward pressure on price, meaning lower premiums can be achieved 
  • Broad appetite and availability of cover from insurance companies 
  • Increased capacity, meaning insurance companies will –  
  • underwrite a high volume of policies 
  • be more accommodating of the type / standard of business they underwrite 
  • give higher cover limits on policies  
  • generally, underwrite higher levels of exposure 
  • be more flexible and competitive with the premium they expect for the risk 
  • the majority risks can be accommodated by a single carrier 
  • Lots of insurance companies competing for your business – including short term opportunistic insurers 
  • Brokers find life very easy as placing business is much more straight forward – even the least capable brokers can compete and provide solutions 

In a hard market, you are likely to see:                 

  • Upward pressure on price, meaning higher premiums can be expected 
  • Less appetite and availability of cover from insurance companies 
  • Reduced capacity, meaning insurance companies will –  
  • underwrite a lower volume of policies  
  • be more selective of the type / standard of business they underwrite 
  • give lower cover limits on policies  
  • generally, underwrite lower levels of exposure 
  • demand a greater amount of premium for the risks they do choose to write 
  • a larger number of risks will require multiple insurers to co-insure the exposure 
  • A much-reduced number of insurance companies competing for your business – longer term, stable and reliable insurers will trade through cycles  
  • Brokers will find getting solutions really challenging. A flight to quality will occur as only brokers with the best insurer relationships and the best technical brokers will provide the right solutions for clients. Gen2 is very well positioned for this.  

Why are insurance premiums rising? 
We mentioned above that in a hard market you typically see higher insurance premiums. Why? During a hard market, insurers place more stringent limits on the cover they can write, which automatically lowers their appetite. This in turn means they are writing less policies and deploying less capacity. 

As the insurers’ capacity is lower, it can be more in difficult to find insurance solutions and that leads to an increase in demand for cover, all of which drives the premium prices up. 

Why is the market hardening? 
It’s NOT because of COVID-19!! Well, not solely, anyway. Do not accept from anyone that it’s because of the pandemic because it’s not – a hard market was inevitable after 15 years of a soft market with depressed pricing. If your broker can’t articulate why it’s hardening, then they are unlikely to be tuned into the tactics in navigating it.  

The truth is there are a number of reasons why we’re heading towards a hardening market, and they combine to create the most unique perfect storm our industry has ever seen. We’ve listed the core issues below, so you can see for yourself how this pressure has arisen. 

Increased Solvency Regulations – As we’re still part of the EU, the Solvency II law continues to apply. This regulatory regime was introduced in 2016 to harmonise EU insurance regulation and to provide policyholders across the EU with more protection, regardless of where they purchase their insurance, and to reduce the amount of insurer failures which were prevalent in the 1980’s and 90’s. However, it has resulted in major investment requirements as insurers need to bolster their solvency margins. In turn, some insurers have had to leave the market, while others have reduced their capacity considerably as it costs them so much in terms of new capital they have to deploy as solvency margin. 

Ogden Discount Rate – The Ogden Discount Rate has changed; this is a government enforced calculation used to work out how much compensation insurers should award someone who has life-changing injuries to cover them for loss of earnings and any care costs. The rate changed from 2.5% to -0.75% in 2017 and then from -0.75% in 2017 to -0.25% in July 2019 in England and Wales, which has resulted in insurers paying out dramatically more on personal injury claims, so insurance prices need to rise as a result. 

Property Rating – After 15 years of downward pressure on property rates in particular, this key class of business was already in the grip of poor profitability. There was already a key need for rates to start increasing in 2020 and, in addition, it was really hoped that large claims activity would not arise …… 

UK Storms – Storms Ciara and Dennis waswere the worst possible start to 2020, as property insurers suffered a combined c£500m claims event just when they needed the weather gods to be kind.   

COVID-19 – Undeniably has compounded issues that were already there. John Neal, CEO of Lloyd’s of London, told the Financial Times back in April that the pandemic is “no doubt the largest insurance challenge the industry has ever faced”. Which is true at a very macro level, but the reality on the ground is that c95% of UK businesses had no cover for COVID-19, so we understand why it’s hard for business owners in the UK to join the dots here.  

But the facts are that in May, Lloyd’s forecast that 2020 insurance losses will cost the industry $203billion (£166billon) worldwide and has recently announced that Lloyd’s of London alone expects to pay out £5billion in Coronavirus-related claims. It is, therefore, likely that COVID-19 will extend the length of the hard market, as the insurance industry tries to recover from the impact of the crisis. 

Global Impacts – It’s been another poor year for the global insurance industry, which does have an impact on you and your business insurance. Climate change is contributing to a worsening natural disaster landscape, which cost the industry $83bn in 2020 according to reinsurer SwissRe. A worse than expected hurricane season, plus further devasting wildfires across the world, were big contributors in 2020 – all have to be paid for and therefore impact on capacity and pricing across the industry. 

Investment Markets – In a buoyant financial market, Insurers can utilise their enormous cashflow in investment markets for significant gains. In previous years (late 90’s, for example), investment returns were so lucrative that underwriting losses didn’t need correcting by premium rises as investment income would catapult the business into profit positions. There is no investment income to speak of now. Financial markets and interest rates are at low points, so underwriters have to write for profit – which is can only be done through careful underwriting decisions and pricing. 

What does this mean for me and my businesses? 
During a hard market cycle, it can be more difficult for businesses to find cover, and also to avoid substantial pricing increases. This cycle will be no different., Iin fact, it could  will be possibly be the most challenging on record.  

What it actually means is that your decision on who you choose to navigate you through these testing conditions has never been more crucial. Your “Trusted Partner”, your insurance broker, is a choice andthat deserves more of your attention than ever.  

What role does my broker doplay for me and my business? 

It’s the role of your insurance broker to guide you through the insurance landscape and achieve the best solutions for you.  

To do this, crucially, they need to fully understand your business and be able to present you in a way that demands attention from underwriters and makes them want to write your business. The more interest they can create the better the solution they will be able to deliver.  

They will be beholden to the variety, strength and quality of their relationships with insurance companies. Insurers have long memories – brokers who have deserted them in times when there is lots of choice will likely get short shrift when they come begging once things are tough. Likewise, when things are easy, some brokers under value the role of the insurer and treat them like suppliers, not partners – again, these things come home to roost when the market gets tough.  

Brokers should also be more than just somebody that provides you with an insurance policy and an invoice once a year. Bringing more to the relationship, like risk management support, claims support and wider consultative support to assist your business. 

Our commitment 

Whether you already work with us, or whether you are new to us, we will dedicate ourselves to you at all times and we strive to give you the very best support and solutions. To this end, here is what we can practically do; 

  • We take the time to understand your risks completely  
  • Our risk presentations are often commented on that they are the most thorough, detailed presentations underwriters receive  
  • We also have invested in our thermographic drones and virtual reality cameras to present your risk to an underwriter in an entirely unique way – there is no other broker combining these technologies and the feedback from underwriters is outstanding and absolutely enhances our ability to get solutions from them 
  • We are engaging with clients between 6 to 12 weeks before renewal – time is our friend and will allow us to get optimum solutions, we will agree between us the right strategy for you and then execute 
  • We have widespread strategic relationships with our underwriting partners. These relationships have been cultivated over decades and we are known to be high quality, respectful partners who underwriters want to support 
  • Our risk management forward approach will help us improve your risk exposure and demonstrate to an underwriter that you are proactive in how you think about and manage your risk – we will help with things like H&S culture and processes, Business Resilience (continuity) planning, Cyber risk management as well as general processes, procedures and reporting in the business.  
  • Understanding your claims experience is also key, if you have had claims. We will ensure that all claims have been proactively managed and we know what the latest position is. If there are trends to spot we will work with you early to ensure these trends are proactively managed and understood. Claims will negatively influence an underwriter if they are not understood and presented informatively. 
  • We are an innovative, forward thinking broker who does the hard yards to get the very best for our clients – always. No short cuts, no easy options, just the right things to get the right outcomes.  

What can you do to help yourself get the best solution? 

We will help you with these, but things to consider would be; –  

  • Risk requirements – if you’ve had a survey, you will most likely have had some risk requirements to undertake. Ensure they have been done promptly and to a high standard. 
  • Following that, sometimes a surveyor would also make improvement recommendations that they don’t insist on – in these circumstances taking a proactive role to these recommendations would be seen favourably 
  • Understand from your broker where an underwriter might perceive issues, and work with them on providing a positive narrative 
  • Have a strong risk management story to tell – a tick box culture isn’t enough;, how are you embedding risk management controls and culture into your business? 
  • Avoid the temptation to cut cover – there could be downstream impacts of this, so work with your broker to understand the implications first 
  • Give yourselves time – restricted insurers doesn’t just mean pricing pressure, it means they will be inundated with opportunities, so time and proper engagement are essential. Last minute desperation will lead to desperate results – avoid at all costs. 
  • You need to invest more time and attention than before. A good broker will help, but you will get out what you put in – they can’t do everything without you. You need to be the most insurable you can be, it’s crucial to create competition to write your business if you want anything like premium stability. 

In summary 

Yes, it will be tough. No, you shouldn’t have budgeted for level premium spend to last year, or, worse, less than last year – in most circumstances that probably won’t be possible. Yes, you will need to spend more time on your insurance discussions this year.  

You will have plenty of other external factors for you to be concerned about. Insurance shouldn’t necessarily be another – but without the support of a trusted partner, and, without some thought and attention, you run the risk of it being something that could really set you back. 

Trust Gen2 Group to navigate you through. We won’t let you down. 

With there currently being no agreement between the UK and the EU following the Brexit transition period, a Green Card will be required for vehicles being driven from the UK (including Northern Ireland) to the EU, Switzerland, Norway, Iceland or Liechtenstein, with effect from 1 January 2021 – unless the European Commission declares otherwise in the meantime.  

Some European countries may also require a separate Green Card as proof of insurance for any towed vehicle, be that a trailer or, say, a caravan, irrespective of registration requirements. Those travelling with a trailer or caravan are advised to obtain two Green Cards, one for the towing vehicle and one for the trailer or caravan.  

What is a Green Card? 

The Association of British Insurers (ABI) defines the Green Card as “an international certificate of insurance proving visiting motorists have the minimum compulsory motor insurance cover required by the law of the country visited.” Put simply, it means a driver can legally use their vehicle in the EU. 

There may be scenarios in which you may require multiple Green Cards. For example, you will need multiple green cards if:  

  • You have fleet insurance with multiple vehicles regularly running into Europe – you will need a green card for each individual vehicle.  
  • Your vehicle is towing a trailer or caravan – you will need one for the towing vehicle and one for the trailer/caravan.  
  • You have two policies covering the duration of your trip – for example, if your policy renews during the journey.  

How do I get a Green Card?  

If you’re planning to drive to an EEA country after 31st December, the simplest thing to do would be to please get in touch with us, so we can obtain a Green Card for you. The guidelines are to ideally do this a month before your journey.  

Remember, if you have multiple vehicles driving to an EEA country, then you will need a Green Card to cover each vehicle, as one card only covers the registration of a single vehicle. 

Although requirements could well change between now and the end of the year, many insurers are currently preparing in readiness for the issue of Green Cards to fleet clients. Many insurers are adopting different approaches to the issue of Green Cards and some have processes that may allow you to access these documents yourself.  

Common methods insurers are adopting include:  

  • Access via insurers online portal, where the policyholder is able to produce their own Green Cards in PDF/printable format.  
  • Completion of Green Card request form or template (hard copy or online version) with the Green Card being emailed to the policyholder for printing.  
  • Email requests to be submitted through an Insurer’s dedicated mailbox and Green Card either emailed or posted to Policyholder by insurer.  

If you have the information and feel confident to go to your insurer directly then please feel free to do so at your convenience. But please do not hesitate to contact us if you are unsure or if you’d prefer us to arrange this for you – it’s what we are here for and are more than happy to help. 

Can I show a digital copy? 

You must carry a physical copy of your Green Card with you when driving in the EU post-Brexit, a digital version on a mobile phone, tablet or laptop will not be acceptable. 

The hard copy of the Green Card will need to be taken with them by the driver when travelling abroad with their UK registered vehicle or trailer. Importantly, the document no longer needs to be printed on green paper or card. A Green Card printed on white paper will be valid. 

What do I need to do if I’m travelling to the Republic of Ireland? 

The ABI has highlighted that 30,000 drivers who travel across the Republic of Ireland border may be caught out come 1st January 2021 if they don’t have a Green Card.  

The ABI said: “However, when the transition period ends then UK motorists will be required to carry Green Cards for driving in the Republic and other EU states, unless the European Commission agrees that the UK can remain in the Green Card scheme.” 

For motorists who drive across the border without a card, the ABI has warned: “This means that you will be failing to comply with the legal requirement in the Republic (or other EU country) to carry a Green Card, and will risk having your vehicle seized, and facing prosecution.”   

Other considerations:  

  • Allowing sufficient time to request a Green Card ahead of your trip – a minimum of 14 days prior to the trip is recommended by some Insurers.  
  • If you are requiring a bulk upload of Green Cards, you should again contact us at the earliest possible opportunity in order to receive the Green Cards in ample time ahead of the trip, particularly if the documents are to arrive via post;  
  • Check whether you/your driver requires an international driving permit (IDP) as this may also be a requirement of your trip. A full list of countries can be found via this Gov.uk link HERE 
  • GB stickers and number plates  
  • You should display a GB sticker on the rear of your vehicle and trailer, even if you currently have a number plate which includes the GB identifier.  
  • You will need a GB sticker even if you have a number plate with the Euro symbol and Great Britain national identifier.  
  • You are not required to display a GB sticker to drive in Ireland.  
  • Renewing your passport before it expires  
  • You need at least 6 months left on your passport to travel to certain countries. Check the entry requirements of the country you’re visiting to see how much time left you need on it.  
  • Travelling to the EU, EEA or Switzerland from 1 January 2021.  
  • From 1 January 2021, the amount of time you need on your passport to travel to the EU, Switzerland, Norway, Iceland or Liechtenstein will change. On the day of travel, you’ll need your passport to both have at least 6 months left on it and be issued less than nine years and six months ago.  

If you have any questions regarding the issue of green cards then please contact us as soon as possible to avoid any delays.  

Did you know? 

It is no longer a legal requirement for you to carry a disposable breathalyser kit in your vehicle when travelling to France? The French Government has decided to scrap the law. 

Well, that happened! A year that will live long in the memory for us all I’m sure. This time last year I remember delicately treading around the B-word, a topic that had dominated our lives, or so it felt. How could we have known that, 5,525 miles away, a deadly virus strain was cultivating that would have such an effect on so many?  

I’m sure we all have our reflections on 2020, but most of all I hope this message finds you and your loved ones healthy and still managing to remember all the things to be grateful for as we prepare for an increasingly unusual Christmas.

Reflections

From a personal perspective the year got off to an eventful start, as my wife Allison and I welcomed our first child into the world.  

Imogen Hope was born on the same day we exited Europe and whilst I wouldn’t recommend a new-born in a full national lockdown, she has been a huge source of happiness and balance to all of the craziness this year.  

We’re looking forward to our first Christmas together as a family, whatever we end up doing!

From a work perspective, there has been a number of highlights and a number of challenges.  

New family members – We’ve had 3 new members of the team settle in to Gen2 life, and all making fantastic contributions and demonstrating the virtues we work so hard on. Becky, Alex and Steve are great additions to the Gen2 family and, like me, are all progressing through their professional qualifications as we always strive to improve. 

Sale of OMIS – You may or may not have been aware that we took the very difficult decision to sell our Offshore & Marine business. This was our first acquisition as a group and, whilst it’s not in our make-up to sell any of our business, there were some very real reasons why this particular offer was one that we decided to accept. I’m very proud of how the Gen2 ownership turned around this business in 2 years and found a more suitable home for the staff and the clients to prosper.   

Lots of new clients – I’m pleased to say that we’ve managed to add plenty of new clients to our family. Finding new, like-minded clients is so important to us. As an ambitious, young business we have a great story to tell, and we take enormous pride in every new client that trusts us to look after them. If you would be happy to introduce us to any of your personal network of connections, then please drop me a line personally and I would be delighted to engage with them.    

Our existing clients – If finding new clients is important to us, then our existing clients are literally our oxygen! We don’t take anyone for granted and, whether you’ve been a client from day one or for one day, we still obsess over the same detail and follow the same processes to keep your programme fresh. We avoid slipping into comfortable ruts. Life changes and we keep a dynamic view on your programme at all times to ensure it’s current and relevant.  

Supreme Court – For 95% of UK businesses, their insurance policies did not cover anything COVID-19 related. But for 25 of our Sport clients, we had policies which became the centrepiece of class action litigation and action groups which then turned in to the “FCA Test Case” legal process, which ruled in the High Court and has now been appealed in the Supreme Court. We have been proactive in our involvement with the Action Group, with the FCA and with various legal organisations – all in support of our 25 clients. We have everything crossed for a positive ruling being handed down in January and then we can work through getting our clients the financial support they so desperately need and deserve. 

COVID-19 – Has clearly impacted on every UK business and family. Our investment in technology and an agile working culture from day one was sternly put to test and paid us back in spades as we seamlessly adapted to working from home during the pandemic. To not have to worry about our technology and process, like pretty much the rest of the industry did, was a godsend. That said, we have had incredible levels of calls and queries throughout the year to deal with. Whilst unfortunately, as mentioned, the cover wasn’t there for most people, I’m still immensely proud of the team and how we responded and did everything we could for our clients at all times. We exist for these moments of truth – especially the extreme ones — so this was a real test of what we are about, and it’s a real highlight how well we faced up to the challenge.   

Looking Forward 

We all have our hopes for next year. Normality, whatever that might mean, will be top of most people’s Christmas lists I’m sure.  

Whatever opportunities lie in wait for you in 2021, make sure we communicate and understand how we can dovetail our support for you. Insurance isn’t always front of mind, but the sooner you can engage with us the quicker and easier it will be to find the right solutions for you. Time is our friend in difficult times, and what we can achieve is significantly increased when we have the luxury of time.   

For us, after our first 3 years (yep, that flew by!), we are gearing up for an exciting phase of our development and you can expect some positive changes. We have no desire to be the biggest, but we do need to keep growing strategically so we can keep growing the team and our ability to go further for you. Clients and colleagues are the only groups of people we care about – every decision is made to add value to them and only them. A controlled scaling up will allow us to do just that. Exciting times, so watch this space. 

You might have heard the scare stories about a challenging insurance market, and without a doubt we have a harder environment to navigate in the medium term. But when the going gets tough…..! We are seasoned professionals, and we know what a “hard market” is and how to navigate it. We can’t escape it, and we all need to be braced for some challenges, but we will talk to you early and we will work together to find the very best outcome – it’s what we do. (Click HERE for a more detailed look at what this means) 

Gratitude 

Never has our world made us focus on what we are grateful for to such a degree, but I am grateful for the Gen2 family we have created. 

Our clients have been a source of inspiration all year – we have witnessed and been involved in so many stories of resilience, it is genuinely inspiring. We will be with you every step of the way going into 2021 and beyond, and we will not rest until we have done whatever we can do to help make you even more successful.    

Likewise, my colleagues are my daily reminder of why I created Gen2. In the struggle, we’ve been there for our clients and each other and are so much stronger for it. I appreciate everything you do and most importantly the way you do it.  

Thank you to everyone that has been part of the Gen2 family this year, I appreciate your commitment to our business and the trust you place in us.  

From our family to yours, I wish you all a very merry Christmas and a happy and healthy 2021. We’re in this together. 

Jon Nottingham 

FOUNDER & GROUP CHIEF EXECUTIVE OFFICER 

PS………

Open All Hours

At Gen2 we don’t really do “Christmas Opening Hours” – because we are quite literally ALWAYS here for you. 

But in the spirit it’s meant, by all means call the “office” on 0330 056 3665 during business hours and you will be warmly greeted by one of the Gen2 family. Failing that, or for anything out of hours, or of an emergency nature then please contact any of the Directors below – 

Jon Nottingham – 0754 551 4010 

Paul Masters – 0795 097 8421

Paul Dudley – 0788 772 6136

We are seeing a lot of companies now consider making the switch to electric for their company vehicles. Whether this is based on environmental reasons, financial reasons or both, the technology is there. What’s more, the government incentives make this switch very attractive. So, what’s the downside?  

Well, frankly, insurance is a bit of a minefield. The company motor fleet underwriters have, in general, not had the best of times of late, and they are very nervous when it comes to electric vehicles. Without decades of actuarial data, there is evidence that underwriters are slow to embrace the change and, in some cases, large underwriters are actively admitting to not wanting to underwrite electric vehicles, especially Tesla models. 

We have expertise and detailed knowledge of all underwriters’ specific attitudes and strategies around electric vehicles and this allows us to navigate these discussions for our clients – so that they can make the switch / transition for the right reasons and not be put off by the wrong reasons. Insurance should be an enabler, not a reason why we delay our shift to this new technology.  

The inertia in the motor fleet underwriter is driven by a few key factors that they ‘perceive’:  

  • Significant increase in repair costs in general 
  • The inability for their “repair network” to respond to repairs means that they can’t enjoy the low agreed rates for repairs, also meaning costs go up 
  • Increase in frequency of claims 
  • Delays in repairs and access to specialist parts – further increasing claim costs 
  • More complex builds can lead to more financial write off situations 
  • Nervousness around the driver assist technology – and potentially that increasing claims frequency 
  • Some repairs need to be manufacturer only, which can then incur delays (Tesla particularly) 
  • The ABI categories for motor vehicles is also artificially penal, and as underwriters rate using these, this is also a challenging factor 

These perceived issues mean that underwriters can penalise companies for having electric vehicles, in a few different ways:  

  • Disproportionately high premiums for these vehicles  
  • Minimum driving ages – 25 or sometimes 30 
  • Much higher excesses – commonly £1,000 excesses 
  • Refusal to write a company’s fleet policy – reducing the market for companies who make the switch 

Tesla specifically is cited as being a particularly troubling brand to insure, with some underwriters having extremely negative approaches. One underwriter, until recently, specifically would not insure any fleet of any size if it had a Tesla. This has since softened slightly to less than 10% of the total vehicles being Tesla might be acceptable. And they are not alone, a couple of household names specifically tell us they do not want to insure Tesla vehicles and will price them accordingly. 

All of this noise is just that, but it is real, is does exist, and it makes finding solutions a bit harder than traditional combustion engine equivalents. But we have the knowledge that allows us to access solutions. 

As specialists in the electric vehicle movement, we have our own data, our own dedicated claims process, including relationships with the manufacturers and access to a fleet of replacement like for like vehicles. This also means we can get favourable parts and repair slots. Our underwriters clearly appreciate this and therefore we have the ability to get the very best deals and cover for our clients.  

Make the right decision – go electric, but trust in our expertise to help you find the right insurance partner.  

If you would like to discuss your fleet solutions further, please book some time to meet with Gen2 Founder & Group CEO Jon Nottingham HERE or call him directly on 0754 551 4010 to discuss your electric company fleet. 

“My company is too small to be a target for a cyber attack”

“I already have a computer policy so I don’t need cyber insurance”

“I already have anti-virus software”

These are common misconceptions when considering cyber insurance. Here are 10 reasons you may benefit from cyber insurance and a short video highlighting the risks to you and your business.

BUSINESS MAY GRIND TO A HALT

With most organisations heavily reliant on technology to conduct everyday business, inaccessibility of IT systems due to a cyber attack or data breach can result in severe business interruption to both first and third parties. A comprehensive cyber insurance policy will include cover for loss of profits, internal errors and unexpected technical failures.

A CYBER ATTACK CAN BE COSTLY

In addition to ‘surface’ costs (customer breach notifications, regulatory compliance fines and technical investigation costs), organisations may also incur less visible costs, such as lost contract revenue or loss of intellectual property, for which a cyber policy may offer cover. The average cost of UK cyber crime increased by 31% between 2017 and 20181, costing the UK economy around £11bn.

PEOPLE MAKE MISTAKES

More than a fifth of data breaches occur as a result of human error or negligence, such as loss of a device or a stolen laptop containing sensitive data. Other examples include employees using personal USB sticks or clicking links within SPAM emails.

REGULATORS CAN LEVY HEFTY FINES

With increasing focus on data protection regulation, such as GDPR, cyber insurance may include cover against defence costs, fines and penalties following unauthorised disclosure of personal and/or confidential information.

YOUR PERSONAL OR COMPANY’S REPUTATION MAY BE DAMAGED

Where your personal or company’s reputation is threatened following an attack or breach, a comprehensive cyber policy will cover the cost of a consultant to help minimise damage to reputation and brand.

COMPUTER INSURANCE ALONE WON’T COVER LOST DATA

Computer insurance may cover damage to hardware but not software. A reputable cyber insurance policy will cover costs required to restore data system functionality and lost data, helping to get systems and networks back up and running swiftly.

ANY BUSINESS CAN BE A TARGET

Cyber criminals don’t discriminate by company size or type. In 2018, 31% of micro and small businesses and 61% of large firms identified breaches or attacks. Therefore any business which stores digital data can be at risk of an attack or data breach.

ACTING FAST IS KEY

Cyber insurance may include cover to pay for forensic experts to identify, contain and remove the threat. The sooner this is done the better. Ponemon Institute research4 reported that companies which contained a breach in fewer than 30 days saved over $1million as compared to those that took more than 30 days to resolve the incident.

CYBER INSURANCE REASSURES THIRD PARTIES

Taking out cyber insurance can send a clear message to customers and suppliers that a company takes IT security seriously and has protection in place to manage an incident in the event of a breach. This assurance can be a selling point for companies looking to qualify for bids and tenders.

CYBER CRIME IS INCREASING

The most common fraud in the UK in 2018 was cyber crime and cyber incidents topped the Allianz Risk Barometer 2019 as a key corporate peril for UK businesses. Generally, cyber attacks are on the increase so it’s more important than ever for companies to take measures to protect themselves. Cyber insurance can offer such protection, in combination with robust risk management strategies.

Cyber criminals continue to make headlines by targeting a multitude of companies. More than a third of business owners say they’d been the victim of cyber crimes such as hacking, phishing, and pharming. Watch our cyber risk video below, you’ll learn how every business faces risk, no matter how small, could be exactly the target cyber criminals are looking for.

Please contact [email protected] or call 0330 056 3665 today and a member of our team will be happy to discuss your best cyber solution. If you are limited on time please leave your details below and a member of the team will be in touch. Thank you.

					
					

*References: Accenture & Ponemon Institute (2019). The Cost of Cyber Crime: Ninth Annual Cost of Cybercrime Study. [online Available at: https://www.accenture.com/us-en/insights/security/cost-cybercrime-study [Accessed 16 Aug. 2019]. Ponemon Institute. 2018Cost of a Data Breach Study: Global Overview. July 2018. Cyber Security Breaches Survey 2019. https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2019 42018. Cost of a Data Breach Study: Global Overview. Ponemon Institute. PwC’s Global Economic Crime Survey 2018: UK Findings. 2018 ibid.

Don’t panic, this isn’t a test but knowing your cash ratings could ensure that you get the right safe for your needs; one that’s endorsed by the most respected organisations in the security industry.

What are cash ratings?

Cash ratings represent the maximum amount to which an insurance company will cover the contents of a safe. Better quality safes have higher cash ratings and insurance companies will be willing to cover more cash as a result. Every safe’s cash rating is decided by the thickness of the safe walls, the quality of the lock and the amount of locks included. It also takes into account the protection installed around the lock.

What about valuables?

Cash ratings also signify the value of other items which can be covered by these safes. As a rule of thumb, each safe covers valuables to ten times the amount of cash, so if a safe has a cash rating of £1,000 it will cover valuables to the tune of £10,000.

Who decides?

The Association of Insurance Surveyors (AiS), who are the UK’s accreditation body, award cash ratings from £1,000 to £4,000. This means that in the event of damage or theft, a person’s insurance company will likely insure the content of the safe up to the amount certified by the cash rating.

These cash ratings are:
•    Cash rating: £1,000 & Valuables: £10,000
•    Cash rating: £2,000 & Valuables: £20,000
•    Cash rating: £4,000 & Valuables: £40,000

The AiS also provide their stamp of approval on Eurograde safes with cash ratings ranging from £6,000 to £250,000. This brings us nicely to the Eurograde system.

What, or who, is Eurograde?

The Eurograde system is a security numbering system used throughout Europe to certify high security safes which have been attack tested and suitable for the protection of cash and valuables. Suitable for home use and domestic use, Eurograde safes are approved with theft and burglary in mind. Fire ratings are assessed and certified separately. If your safe is approved by Eurograde, you know that crooks have their work cut out for them.

What are the Eurograde Ratings?

According to the EN1143 Eurograde system, certified safes can be approved to a numerical rating between 0 and 7. The level awarded indicates the level of premier defence against a physical attack. Eurograde 7 safes are the strongest but that does not mean that a Eurograde 0 safe will not offer protection.  In fact, a Eurograde 0 safe can be considered as enough protection for domestic use; storing large amounts of money and even more in valuables. The higher we ascend in Eurograde levels, the more suitable safes become for commercial use. Eurograde cash ratings are awarded by national testing agencies such as the VdS and ECBs. Depending on the amount of time required to gain partial or full entry to the safe, a Eurograde level is awarded.

The Eurograde cash ratings are:

•    Eurograde 0 – Cash rating: £6,000 & Valuables: £60,000
•    Eurograde 1 – Cash rating: £10,000 & Valuables: £100,000
•    Eurograde 2 – Cash rating: £17,500 & Valuables: £175,000
•    Eurograde 3 – Cash rating: £35,000 & Valuables: £350,000
•    Eurograde 4 – Cash rating: £60,000 & Valuables: £600,000
•    Eurograde 5 – Cash rating: £100,000 & Valuables: £1,000,000
•    Eurograde 6 – Cash rating: £150,000 & Valuables: £1,500,000
•    Eurograde 7 – Cash rating: £250,000 & Valuables: £2,500,000

Eurograde safes certified Eurograde 4 and above feature two locks with different keys, designed to be provided to two different employees. Both keyholders must be present to unlock the safe. Understandably these safes are manufactured with commercial usage in mind.

One More Thing! Now that you know all about cash ratings, it’s worth pointing out that if your safe weighs less than 1,000kg you can forget all of the above — unless you have your safe securely bolted to the floor. Cash ratings only apply when safes of less than 1,000kg in weight are securely locked into place.

If you would like to discuss cash ratings further or finding the right safe for you please book a some time with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.

Whatever treasures you have, we know how precious they are to you. Whether it’s child hood memories, family heirlooms or your wedding dress waiting to be passed on. We understand what’s important to you, and how to best protect it.

Follow these 5 Pro Tips To Help Protect Your Home From Fire:

1. Keep the attic clear.

Keeping excess paper and cardboard in your attic dramatically increases the risk and severity of a potential fire. Keep your attic tidy – if you have old, wooden furniture in there, consider relocating it. Cardboard boxes and documents should be removed as much as possible. Even better – install a smoke alarm and check it operates regularly.

2. Have an evacuation plan.

It sounds simple, but in the event of a fire even the most familiar surroundings can quickly become disorientating or inaccessible due to smoke. Plan for everyone in your household – young children and elderly especially. You should have two potential exits from each room, including windows and doors. Consider having a floorplan of the house drawn out, marking potential exit routes and points and share with your family.

3. Turn off all lights when not at home.

Leaving the lights on whilst away is often considered a burglary deterrent, but a far more common occurrence are fires caused by overheating sockets and faulty wiring. This is especially true for older homes. Both bulbs and fixtures can become incredibly hot when left on for long periods of time, and when unattended can cause devastating house fires. If you are going away, invest in timers for your lights so they are not left on constantly, as well as LED bulbs which give off considerably less heat.

4. Check your electrical appliances have been tested for electrical safety.

They should have a British or European safety mark when you buy them. This applies especially to white goods you may use regularly – the fridge, washing machine and tumble dryer. Tumble dryers in particular need to have their filter cleaned often, and if using extension sockets, be sure to never use more than one plug per socket, especially for high powered appliances.

5. Keep magnifying mirrors out of direct sunlight.

That vanity mirror on your dressing table can focus the Sun’s rays intensively onto nearby curtains or furniture, which can cause severe fires. It sounds outlandish but it is becoming an increasingly common issue. The same can be said of glass ornaments and even glasses of water which are left in prolonged sunlight. Have a quick look around your home and keep window sills clear of these objects.

If you would like to discuss your home fire risks in more detail or if you have any other queries please book a some time with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.

Whatever you drive, we know just how precious it is to you. Your car is (almost) part of the family this is why making sure your classic is cared for with the upmost of preparation and forward thinking. See below our top 5 tips on storing your pride and joy.

Prepare your car for winter storage.

Be sure to give it a good wash, polish and wax first to help protect against rust and clean off any potential contaminants (like road salt) which can corrode the bodywork. Always check the condition of pipework, specifically fuel and oil pipes. Usually made from rubber or plastic, they can degrade over time and leak. Where possible, drain the tank of fuel to reduce fire risk. Also, consider connecting a battery conditioner. This keeps the battery charged and prevents it from degrading when it’s not in use.

Beware moisture.

If your garage has a tendency to get a bit damp, then your car could rust. A potential solution is to store the car in a Carcoon storage bubble. This is a protective, mini-storage environment designed for infrequently used vehicles. If that’s not an option, storing your car in a garage with airflow is preferable, regulating the climate with a dehumidifier. The optimum humidity is around 45%, but be careful not to reduce moisture levels too much otherwise you risk doing damage to the interiors and dash, which can dry out.

Keep your keys safe.

Most vintage vehicle thefts occur because a thief was able to get the keys. Never keep them in the car itself. Don’t keep keys on a hook by the front door, either. Store them in your home somewhere out of sight, or even better, in a lockbox. In a similar vein, don’t keep important documents such as the MOT certificate or the V5 registration document in the car itself. Equally, if your garage has windows through which the car is visible, consider covering them. This not only protects your pride and joy from unwanted attention but also aids with insulating the garage itself.

Don’t overlook additional security.

Invest in some good padlocks for the garage itself and if you live in a more remote location, a security system with CCTV and an alarm. Install an additional security bar across the garage door itself – any physical barrier to opening the door can be an effective deterrent. To secure the car itself, steering locks are highly effective, as are steering gloves, though if you’d prefer a more modern solution, GPS tracking systems are easy to fit and won’t detract from the look of your car, though some have compatibility issues with the wiring of older models. In this instance, self-powered systems are available.

Be aware of diminution in value.

Following an accident, your car will need to be repaired, negatively affecting the car’s value. This is known as Diminution in Value, and in classic cars, it can be significant. Even if the repairs and restoration are aesthetically perfect, the car is no longer original: this is where the loss of value lies. Although your insurer may cover the cost of the repairs up to a certain standard, they likely won’t compensate you for the car’s subsequent Diminution in Value. Retain all records of work done to the car, including photographs and receipts. For cars over fifteen years old, Chubb provides Diminution In Value (DIV) cover, that pays whatever the difference is between your car’s market value before and after a repair, as well as the repair costs themselves.

If you would like to discuss your classic vehicle(s) further please book a some time with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.

Whether you’ve inherited a few pieces of jewellery, are starting to collect sports memorabilia, or have invested in wine or fine art over the years, your collectables are a part of your history and your story. They may even be worth a substantial amount of money. Any time you own a valuable collection, consider getting the items appraised. Here’s why:

  • If you’re looking to having your collectables insured, you’ll need to know how much they’re worth. Keep in mind that most homeowner’s policies will provide limited coverage for valuables. To fully protect your collectables, you may need a separate valuables policy.
  • You may want to sell them. If you’re looking to sell your valuables, you’ll need to know how much to charge, and potential buyers will probably want to know the process by which the item’s value was determined. A professional appraisal is the way to go.
  • You may have inherited them. If you inherited collectables, you will need to have them appraised for the “date-of-death” value. You’ll need this value to calculate capital gains taxes later if you decide to sell the collectables.
  • Wardrobes tend to be routinely overlooked, despite regularly containing highly valuable clothing collections. From bespoke designer dresses and extensive shoe collections to suits, luggage and designer handbags, high net worth individuals can have wardrobes worth upwards of £40,000 for women and £35,000 for men. For people with a dedicated interest in clothing, these figures can increase significantly.
  • When seeking a valuation, find an expert who doesn’t have an active interest in purchasing your items. A good place to start is to select a valuer that is a member of the National Association of Jewellers. The NAJ is the UK’s leading jewellery trade association. Every NAJ member abides by the NAJ’s Code of Conduct, based on honesty, integrity and professionalism. The Institute of Registered Valuers is part of the NAJ family, comprised of around 150 professional valuers with formal qualifications and substantial experience.
  • Collections can fluctuate in value based upon the market. The price of gold, for example, has been steadily increasing over the last few decades meaning vintage pieces in your collection may now be significantly more valuable today than at any point previously.
  • Different types of valuation may assign the same item with different prices. Fair market value, for example, is the price at which an item would change hands between a willing buyer and a willing seller. Retail replacement value is the highest amount that would be required to replace a piece with another of similar age, quality, and condition. This value is typically used for insurance purposes.

If you have any questions or would like to know more please book a meeting with Head of Gen2 Private Clients James Allotey here or call 0330 056 3665 to speak to a member of the team.