Insurance is a crucial service
Insurance is the foundation of society in its entirety, without proper insurance, homes are not rebuilt, businesses would go bankrupt, lives will not be restored and society itself would begin to crumble!
Managing a football team goes way beyond what you see on TVRead More
Insuring a Football Club
Insuring a Football Club is just as complex as Managing one! There are many issues to reflect on and not every insurer will have the appetite for these types of risks. A Professional Broker is paramount to look after the client's needs and the risks that might face them on and off the pitch.
Personal Accident Cover for players
With price tags of players reaching close to £100M and weekly wages in excess of £300,000, the financial impact on a Club if a player is totally and permanently disabled from playing football again is significant and arrangements for cash sums need to be made for death or injury.
Would you allow a Team to travel all together on a plane or coach?
It's hard not to but how would you deal with the accumulation risk if you had twenty or more multi million pound players at risk.
Stadium and Crowd and Silverware
How would you evaluate the risk of damage to a stadium and what covers would you give? Would you expect to have cover against Fire, Storm and Flood?
What about the Public Liability risk you would face if you were a ground that suffered something as terrible as the Hillsborough Disaster?
If you were a successful Premiership side how much do you think the Silverware is worth and how would you reflect on insuring the FA CUP whilst it is on loan to the winning side?
Directors' and Officers' Liability
What if a Director or all the Board were found guilty of negligence in running the Club and therefore the cause of injury or damage to the public or their own players and staff?
Cancellation and Abandonment
Would the stadium hold other major events other than football and what would happen financially if the event had to be cancelled due to weather or other circumstances? How would you protect the loss of income?
Libel and Slander
What if a Director or Staff Member published or said something offensive or incorrect and was taken to court. What cover would you put in place?
Insurance Broking is not just about putting effective insurance plans in place, it is helping both the client and insurer minimise and understand risks. Surveying risks from a Liability, Fire and Theft view point is a regular and necessary element to most large insurance risks. What would you look for?
When Glastonbury is cancelled!Read More
How would you start to evaluate the risks involved to the Organisers and Management Company of a large event such as Glastonbury?
Crowd Control and Public Liability
A Liability survey and risk management is essential at any event location but particularly so at one as famous and as large as Glastonbury and recorded on National TV.
What level of Public Liability do you think would be suitable £5M, £10M, £20M, £40M more? How would you go about arranging that level of cover in the insurance market if one insurer would not cover the whole risk?
Cancellation and Abandonment
Event locations main income is at risk of cancellation due to sudden and unforeseen circumstances, such as flood. Equally cover can be purchased for Non Appearance of main artists who may not be able to perform for unforeseen circumstances such as illness.
Is the Ground Owner or the Management Company responsible for all the temporary staff?
Is the standard £10Million limit of Indemnity sufficient? If not how would you source the market for the excess or increased cover?
Tents, Marquees and Stands
Who is responsible for the damage to the stages, equipment and marquees and food tents?
Who prepares and sells the food, what if an outbreak of food poisoning was declared?
Do the stall holders carry their own Public Liability insurance and would you insist that they do?
Insurable Interest and responsibility are important elements to insurance, it can get complex.
Large major events would not be possible without adequate insurance so be proud of your career in insurance broking that keeps millions of music enthusiasts entertained and happy. Insurance Brokers are part of the behind the scenes “ROADIES” who you will never hear of.
When terror strikes!Read More
When Terror Strikes
The whole world will remember the events of 9/11 when two planes were flown into the World Trade Centre causing one of the worst human terrorist disasters ever seen.
Businesses, lives, property were destroyed and as the dust settled, behind the scenes but at pace, the worldwide insurance industry was called into action to do what they could do on all these counts.
The eventual cost of 9/11 was close to $20billion dollars and of course no one insurance company could afford that type of loss.
Understanding What Cover Is Available
Because of the sheer potential risk of terrorism and its cost in the UK, the Government and the Insurance industry had to set up a huge contingency fund made up of specific premiums for losses due to acts of terror.
As a consumer/homeowner the Government and Insurance industry work together and cover is always included. A business however has no immediate protection and has to select to buy terrorism cover and you will need to understand the issues to advise them why cover is essential.
Reinsurance and Co-Insurance
These are ways of an insurance company spreading the risk so that they cannot get caught with one large claim or multiple incidents to the degree that they cannot afford to pay.
Reinsurance programmes are vital for large risks and the London Market has known experts in many of the varying sectors from Property to Engineering and Marine to Aviation. This means that one insurer will lead the risk but only up to a certain percentage and then the task of the Broker is to get 100% of the risk covered with other insurers. This is of course if the lead insurer does not already have that facility in place.
CO-INSURANCE is similar to Re-Insurance except that this means each insurer takes a share of each and every loss, whereas in Re-Insurance the first insurer takes all losses up to their accepted level of sums insured.
Aviation, Property, Life, Employer's Liability
9/11 had an impact on all the above areas of insurance with huge losses and is a prime example of how the industry is needed to help rebuild businesses and lives and keep world economics and society stable.
Nothing at all can replace the human loss and heartache but there is no better industry to work in than in insurance if you have a passion for helping when disaster strikes in a compassionate and yet professional manner.
Funeral plans & funeral directorsRead More
Funeral Plans and Funeral Directors
Insurance is fundamental in every single area from birth to death.
As the population changes in age and fitness in an ever changing society of technology and financial awareness and burden, a good insurance broker has to identify these trends.
Your goal is to meet a Customer's needs and a good Broker will be proactive and create products rather than rely on an insurance company and what products they feel are worthwhile.
Schemes and Affinity Markets are therefore vital and create not only a very worthwhile income to Brokers and Insurers but are sometimes the only way of a customer getting the products they need.
Think like a parent now. Think of the financial consequences and personal impact on your children and family when you leave behind all that is yours.
Inheritance tax, paper work, life insurance policies, general insurance policies and a funeral to be arranged are just a few things for relatives to handle.
Funeral plans are one of the fastest growing products in the UK because parents do not want to leave their children with the burden of cost and arrangements for what may be one of the saddest moments in their lives.
Not every insurer is capable of handling specialist markets so there are many scheme facilities available via specialist Brokers so you will need to understand how to seek these specialist products if indeed you do not create one yourself.
Niche and specialist products will involve you in specialist providers of services and of course Funeral Plans are not possible without the support of a Nationwide Service of Funeral Directors. How would you as broker ensure your customer is getting a service that meets their demands and needs via one of many specialist service providers?
These in turn needs specialist commercial products for their premises, type of stock and professional indemnity for when things may not go as expected at a funeral or cremation.
They also have specialist vehicles such as limousines and hearses as well as industry specific tools and chemicals.
If you are looking for a varied and exciting career in insurance Broking you may get involved in anything from horses to boats, parachuting to hot air balloons, Wildlife Parks to Theme Parks.
You will see that insurance plays a role in everything that everyone does in their day to day life.
Twins, triplets & moreRead More
Twins and Triplets and More
Yes, you can insure near enough anything for the right price and the right terms.
Some couples simply cannot afford the cost of having more children then they planned for.
The cost of bringing up a child is substantial so how much do you think you could insure for if you had more than one child and at what sort of terms and criteria would you enable a policy to be taken out.
In the first week of pregnancy only? First month? What if the mother had had twins or more before? What if they were on a fertility programme?
Don't forget that not all products are widely available and you need specialist markets.
Multiple births are quite common, at what point might you advise a customer about the availability of a product?
As an insurance Broker you really are helping a customer from birth through their entire life both at home and in business.Close