Lloyds of London Considers HQ Move From Iconic Building
Lloyds, the world’s largest insurance market, is considering moving from its 1 Lime Street headquarters, a site it has occupied since 1986. A spokesman for...
Read Full ArticleSome value added or ‘packaged’ bank accounts come with travel, mobile phone and breakdown insurance included and some home insurance policies also cover possessions away from home – but if someone has one of these insurance policies separately, from another provider and they make a claim, they could end up paying a lot more for their next policy.
Most insurance policies have ‘contribution clauses’ which state that if cover is provided by another insurance policy and a claim is made, the respective insurer would only pay their share of the claim.
If a customer made a claim, the insurer may ask whether there are any other policies that could cover the incident, if there are, the insurer could ask the other insurance company to make a ‘contribution’ – the insurance companies would then calculate a proportionate amount of excess for both policies, as stated under both insurer’s terms and conditions.
This also means that the customer would be making two claims, which would have to be declared when shopping around or renewing the following year and could see insurance costs increase.
Article written by Brian Shillibeer | Published 21 March 2014
Lloyds, the world’s largest insurance market, is considering moving from its 1 Lime Street headquarters, a site it has occupied since 1986. A spokesman for...
Read Full ArticleWith lockdown disruption affecting the way property owners maintain unoccupied properties, what long term implications on building maintenance should property owners be...
Read Full ArticleAs insurers take different approaches to their treatment of vacant property during COVID-19, property owners are being encouraged to check their policy...
Read Full ArticleThe cost of insurance claims for theft of tools from vans has increased by more than half - 55% - in the past year according to analysis by ECIC, the specialist...
Read Full ArticleTwo companies have combined to help support policy holders when things go wrong at a property and make dealing with the aftermath as hassle-free as possible. VPS...
Read Full ArticleNew research has revealed that companies who take their insurers to court or public arbitration over non-payment of a claim only win in around one in three cases. The...
Read Full ArticleProperty owners must prepare for the worst is the latest stark warning from the UK Environment Agency, which suggests that £1 billion a year might be needed to be...
Read Full ArticleThe latest policy and claims data from mobile phone insurance provider, Loveit Coverit, has revealed that 42.2% of iPhone users cite accidental damage in their insurance...
Read Full ArticleWhile businesses state that Insurance against cyber attacks is ‘vital’ only 41% are covered for both security breaches and data loss. The findings are...
Read Full ArticleVacant property management firm SitexOrbis held a series of CPD events up until December in conjunction with the Royal Institution of Chartered Surveyors to advise...
Read Full Article