Thursday, 6 July 2017

Risk


I was told recently that I needed to have current Public Liability insurance if I was to be allowed anywhere near my main client's house, so I bought some. £5 million will be more than enough if I accidentally kill one of his servants, but nowhere near enough if I kill him or a family member. I must continue to take care.

One of the many chargeable extras offered to anyone who takes out insurance these days is 'legal cover'. I never take them up on the offer, especially for motor insurance. Why would I pay them an extra £20 a year to cover myself for legal fees if they refuse to pay out on an accident and it has to go to court?

All the brokers have made a deal with each other that almost all car accidents are the equal fault of both parties, so split 50-50. For them, this is a 'swings and roundabouts' situation which saves them money in the long run. For us, it is an increase on next years premium - for both parties.

The insurance companies now say that they will honour any protected no-claims bonus schemes, but reserve the right to increase the premium if you make a claim. It sounds ridiculous when they tell you, but they are legally obliged to tell you, which is somewhat embarrassing for the brokers.

When you think about it, insurers are really professional gamblers. They can't control the odds, but they can control the terms and conditions. All those wealthy pensioners who lost their life savings when Lloyds Shipping went wrong learned that the terms and conditions can be drastically changed without notice, just like it says in the small print. It isn't always win/win.

I have never been much of a gambler in the traditional sense. I really don't see the fun in it. Having said that, the closest I get to gambling is buying something for, say, £20 which I believe is worth more to someone else, then putting it up for auction at 99 pence and waiting to see if I make on it, lose on it or break even.

Maybe I can see the fun in it after all.

28 comments:

  1. 16,478. That's how many people who are supposed to have read this blog last month. Can I believe that?

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  2. When I was the Claims and Risks Manager at the local docks before retirement, the fact that our insurers rarely challenged any insurance claim that came in that was likely to be for less than 5k, was quite frustrating. The insurers felt that it could often cost much more than 5k to challenge a small/moderate claim, even where we we not at fault. Therefore a lot of claims between insurers were set at less than 5k in order to guarantee settlement.

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    1. Fraudulent claims put up the premium for all of us. I used to know people who would pretend to lose an expensive camera on holiday to pay for half their costs. They were fairly proud of the ruses. I told them what I thought of them.

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  3. and those that have been claiming for stomach upsets while abroad. The result is that honest Brits. are going to find it difficult to holiday in the likes of Spain now.

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    1. I know it is a cliché that Brits turn into monsters when on holiday, but many Spanish restaurants cannot afford to serve them any longer, because food-poisoning is very difficult to disprove after you have been accused from another country.

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  4. One of the big draws for me with running is that in this increasingly health and safety and insurance obsessed world, no one can tell you don't run so fast or so far and expect to be listened to. The most you ever get on race entry forms is make sure you're fit enough to run, and in the ultra distances (over 26 miles) they have a kit list that you're responsible for getting together and carrying. If you've got it, you run. Simple. There is freedom in that.

    I've had an upsurge of Russian views on my blog this week. Somehow I doubt they are all from real people.

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    1. Comments, or views? You have comment moderation at all times, don't you?

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    2. Views. That's why I said views :o).

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    3. Then why did you wonder if they were from real people?

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  5. I went out with a boy once who proudly told me about the lost camera claim he made after every holiday. I dumped him.

    I only do insurance that I am legally required to do. Other than that I don't bother with it. Except I have insured this house against fire because it seems a bit woody to me with old beams and vulnerable.

    I got 21,337 views last month. Nya nya nya nya nya. It will be down this month because people leave me during Le Tour although I try and write something for everyone.

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  6. If the insurance scammers would all disappear, the insurance Co's would be paying US to take up their policies (almost).

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    1. I am now expecting six figures from John.

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    2. I was just thinking wait till John sees this.

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  7. I won't sink so low as to boast about my page views .... suffice it to say that I have 1,678 followers !!!!!! 🤣 ✊️ XXXX

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  8. If you remember I recently posted about a car/insurance claim/court attendance thingy...I stated on the form back to the solicitor that I WOULD NOT ATTEND and that I considered it to be a fraudulent claim...I then hear that they have 'settled' and I won't be needed......some one made money out of this and they should be ashamed....and I have very few page views/comments/followers....what a boring saddo I must be.......

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    1. I hope it didn't cost you anything - in the short or long run.

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  9. I once had to have Public Liability Insurance of £2 million when i photographed a minor league, .in case they hurt themselves on my equipment. Poofdahs.

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    1. 2 million? You cheapskate.

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    2. I wonder what John Gray thinks of that insult.

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    3. He won't spot the spelling mistake.

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    4. Or hurt himself on your equipment.

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  10. I do hae Premium Bonds if you can call that gambling - only a slight gamble but I quite enjoy it.

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    1. You are just helping the war effort, Weave!

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  11. I put a bet on the Grand National -- and always lose... My step-sons ex wife claimed for a camera that she didn't lose and her father sold insurance! That really shocked me.

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    1. The Grand National is an amateurs race only, I am told...

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  12. Hi Tom
    Can you contact me please
    Caroline.mcguffie@gmail.com

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