The ogden rate

This was posted by on March 13th, 2017

It was announced on Monday that the Ogden discount rate has been reduced from 2.5% to -0.75%, and the change will take effect from 20 March 2017.

This is one of the most significant changes facing our industry in some time. It will undoubtedly have a substantial impact so we thought it might be helpful to provide you with some key points to use in conversations with your customers.

What is the discount rate?

The objective is to make sure a severely injured person has the necessary financial security to provide for their care and loss of earnings. The discount rate is used to calculate the amount of compensation they receive to reflect the return they will earn when that money is invested.

Please see this illustration for an example of how the discount rate is used to calculate compensation payments and the way in which this change will impact our industry.
Ogden Rate

Impact of the change

The reduction means that those suffering from serious injuries will receive significantly higher compensation payments than before.

The substantial increase affects claims costs for all lines of business which see claims for bodily injury – including Private and Commercial Motor, Motor Trade, Casualty (Employers Liability, Other Liability and Contractors Liability) and SME. As such, we have no choice but to immediately consider our pricing requirements in this new environment. We’ll be in dialogue with your teams on all cases where there is an impact.

This will be an unwelcome change for insurers, brokers and customers alike but one that cannot be ignored with certain insurers looking to increase there premiums by significant amounts. We at Trust are already working with our partner insurers to nullify or minimize these potential premium increases

Allianz’s response

Jon Dye, CEO said of the change:

The new rate announced by the Lord Chancellor is extremely disappointing. We believe that the system used to calculate the discount rate is flawed and does not take into account the current investment environment and the financial choices available for claimants.

But now that the decision has been made we must move forward and work through the consequences. Internally, we have scenario tested a range of possibilities and now that we know what the new rate is, we can start to make decisions on what the best course of action is to provide sustainable solutions for our business, partners and customers.

When situations like this present themselves, we are fortunate to be part of a group which is financially strong and capable of dealing with the unexpected.”

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New insurer added to our panel for Commercial Vehicle Insurance offering young drivers cover

This was posted by on November 30th, 2016

Trust Insurance has responded to clients requests over the last few months and continued to develop its products and panel of insurers to focus on the high risk nature of tree surgery, landscape gardeners, and forestry workers and their unique needs and specialist modified vehicles.

Non-Standard Needs & Vehicles, Means Non-standard Insurance

“We all know that every job is different, and you need the right tool for the right job.”
Your vehicle is no different and vital to any business. No two tree surgery trucks will ever be the same, and the same can be said about insurance.
No insurance policy will be able to cater to every need, that’s why we designed and built our policies around you. We have developed our own schemes in partnership with our panel of insurers to help make it easier and more convenient for you to insurer your vehicles and protect your assets.

Modifications

You might have modified it yourself and removed seats in a double cab to make room for tools, you may have had the sides galvanised, chip boards or a cage built on a Tipper?
You may have a MEWP for certain jobs or a winch fitted, you might even have an imported pickup, as well as being sign written?
They may seem like minor things to you, but in fact all these non-standard elements increase the costs of your vehicle to repair or replace in the event of an accident, and as desirable tools of your trade make them theft attractive to others.

We know the risks, and always provide a fair and competitive premium for your needs!

Exciting changes at Trust Insurance Services Ltd

We are pleased to add a new insurer to our panel this year centred on rural life and vehicles, which many customers of Trust are already benefitting from.

A new product, and new capabilities means we are able to provide you more competitive quotes than ever before and cover for more vehicles including telehandlers, forwarders, harvesters, Unimog’s, Tractors, Agricultural Quad bikes, ride on mowers and many more for road use.

The new provider can also assist if you are struggling to obtain cover for younger or new employee’s and drivers between the ages 18-25 on pickup’s, tipper’s and 4×4’s for your business with flexible underwriting for tree surgeons, landscapers or forestry related trades.

What does this mean for you?

The increased underwriting flexibility and new insurer on our panel means we can offer quotes for Any Driver over 21 cover if required on individual vehicles, as well as offer multi vehicle policies for 2 or more vehicles!

Not only is there an added saving for you in cost, but from us understanding the risks associated with your job from our time in the industry over the last 20 years, there are extra features and benefits included for you and tailored by us including carriage of hazardous flammables Jerry cans / chainsaw oil amongst others that can’t be found anywhere else in the standard market place!

Did You Know?

As a member of the Gardener’s Guild, or an existing client of Trust you could be entitled to a Discount on more than one policy taken out from our specialist range of Arb insurance products if you are qualified from our panel insurers?

Please contact the office for more details –subject to underwriting criteria.

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Confirmation of training cover – Tree Surgery Liability Insurance Policy

This was posted by on November 24th, 2016

It has been brought to our attention that the Arboricultural Association has questioned whether or not our tree surgery liability insurance policy indemnifies for staff training.

We can confirm that we do automatically include this cover under our liability policy.

From a HSE point of view the apprentices/novices must still be under supervision of a qualified person.

Mr G R Parrish
Managing Director

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Insurance Premium Tax to rise again to 12%

This was posted by on November 23rd, 2016

The government has just announced in its autumn statement that from the 1st June 2017 insurance premium tax (IPT) will increase AGAIN to 12%. Insurance premium tax in the last 18 months has increased from 5% to what will be 12%. At present time insurance premium tax is set at 10%, this was only introduced in October 2016.

I strongly believe this will not be the last rise in insurance premium tax as in the continent taxes on insurance premiums is at 20% and the government left themselves no room to increase the mainstream taxes at the last election.

We will do all we can to minimize the increases in your premiums, however, we cannot control taxes (unfortunately)!

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Public Interest disclosure

This was posted by on November 14th, 2016

Introduction

Trust Insurance at all times conducts its business with the highest standards of integrity and honesty. It expects all employees to maintain the same standards in everything they do. Employees are therefore encouraged to report any wrongdoing by the company or its employees that falls short of these business principles. (This also applies to staff of key contractors, if applicable.)

The Public Interest Disclosure Act (PIDA) 1998 protects employees who report wrongdoing within the workplace but it is the aim of this policy to ensure that as far as possible our employees are able to tell us about any wrongdoing at work which they believe has occurred or is likely to occur.

We recognise that employees may not always feel comfortable about discussing their concerns internally, especially if they believe that the company itself is responsible for the wrongdoing. The aim of this policy is to ensure that employees are confident that they can raise a matter with the company that concerns them in the knowledge that it will be taken seriously and treated as confidential.

The company undertakes that no employee who makes a bona fide report under this procedure will be subject to any detriment as a result, in accordance with section 47B of the Employment Rights Act 1996. The company will take all steps possible to ensure that no one (under our control) engages in victimisation as a result. In the event that you believe you are being subjected to detriment by any person within the company as a result of your decision to invoke the procedure you must inform Geoffrey Parrish and appropriate action will be taken to protect you from any reprisals.

If it should become clear that the procedure has not been invoked in good faith, the allegations are false and/or malicious, (for example to pursue a personal grudge against another employee), this will constitute misconduct and will be dealt with in accordance with the terms of the company’s disciplinary procedure.

What does this include under the PIDA?

A qualifying disclosure tends to show that a ‘failure’ has taken place, is taking place or is likely to take place. A failure includes:
• A criminal offence
• A failure to comply with any legal obligation
• A miscarriage of justice
• The putting of health and safety of any individual in danger
• Damage to the environment
• Deliberate concealment relating to any of the above

The company takes these failures very seriously,

Procedure

If appropriate, discuss the matter with your manager in the first instance.
• An informal approach to your manager will be treated as completely confidential (and will not result in any report to anyone within the company unless you agree).
• If the matter requires further investigation this will be carried out by your manager and you will be informed of the outcome and what, if any, action has been taken.

If you would prefer, you may raise concerns to a different manager, or any other senior person within the organisation (including the Principal/Director).

If you remain unhappy about the speed or conduct of the investigation or the way in which the matter has been resolved, you should refer the matter to Geoffrey Parrish. When they have investigated your complaint they will tell you the result of the investigation and what, if any, action has been taken.

External referral

The company is keen to hear of any concerns that employees may have about wrongdoing at work and encourages them to use the procedure described above wherever possible.

The company recognises there may be matters that cannot be dealt with internally and external authorities will need to become involved. Where necessary the company reserves the right to make such a referral without your consent.

From 14 January 2005, the FSA are the regulator prescribed in respect of financial services and marketing matters under the PIDA .On the 1st of April 2013 the regulator became the Financial Conduct Authority (FCA) and further information is available via their website.

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WARNING FOR CT Postcodes – Thievies working in your area

This was posted by on October 28th, 2016

We just wanted to warn our clients in the area of CT postcodes that we have had three clients in the last 72 hours report break ins or thefts of chippers, hand tools etc.

Please could you be extra vigilant for the next couples of weeks as we have seen this before where an area will be targeted

of course if the worst happens please contact Rudi on 01604 492644

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Hired In Plant Terms and Conditions from hirer

This was posted by on September 28th, 2016

We wanted to make you aware of an issue that is starting to arise when clients are hiring plant from SOME hire companies.

Some hire companies have changed their terms of conditions to specify new for old cover on the plant they hire to you. So if the plant is damaged they expect you/us to purchase them a new machine

We would ask that when hiring equipment you check that the terms of conditions are not stipulating this cover due to viability

If you needed to make a claim, you could be left with a shortfall to pay.

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APF 2016 Show, visit us at C1

This was posted by on August 24th, 2016

Trust Gate Bag with handle

Trust Insurance is proud to sponsor the APF 2016 entrance bags again with Forestry Journal.

The show is the UK largest forestry and arboriculture show. At the event will be state of the art machinery at work and everything else from insurance providers to seed supplies

We hope you like our design which we hope all will see as a bit of fun.

We would like to welcome existing and new clients to visit us at our stand C1 for a chat at our stand.

Please pop along for a coffee and a biscuit

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Be Careful Of Underground Pipes Or Cables

This was posted by on July 25th, 2016

Hi. We’re seeing a lot of incidents occur whereby underground cables or pipes are being damaged. If digging below half a meter we recommend that you do a CAT Scan, however, CAT Scans won’t detect fibre optic cables. Please therefore also ensure that you refer to the recommendations by the HSE (series HSG47): http://www.hse.gov.uk/pubns/books/hsg47.htm

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Property Owners Insurance for Northamptonshire, Bedfordshire, Buckinghamshire, Cambridgeshire, Midlands & Leicestershire

This was posted by on July 21st, 2016

Here at Trust Insurance, we are one of the UK’s largest providers of insurance to the Tree Surgery, Arboricultural, Forestry and Landscaping Industry.

However, did you know that we also have a team of specialists dedicated to all other aspects of Commercial Insurance?

One of the main areas our expertise lies is in the PROPERTY OWNERS INSURANCE.

We can offer advice and cover for the following areas:

– Commercial Property Owners – any property that you own and rent/lease to another business, for example offices, shops, factories, warehouses, hotels, restaurants, bars etc. we can provide cover for your Buildings, Contents and Loss of Rental Income.

– Residential Property Owners – whether you own a terraced or detached house, a bungalow, an individual flat or a block of flats, we can provide cover for your Buildings, Landlord Contents, Loss of Rental Income or Alternative Accommodation. We can even arrange your LOLER inspections for lifts within the property

– Mixed Property Portfolios – our markets have the capability to create a property portfolio to suit your needs. You can start off with 1 or 2 and then add new properties to it whenever you acquire them. Alternatively, if you already have a portfolio of properties consisting of commercial and residential properties, we can find a suitable policy.

– In respect of the Residential Properties, we have markets who can cover an array of tenants suiting to your needs – whether you have professional working tenants, students, DSS, council referrals or asylum seekers, we can provide cover.

– We can also provide cover for Unoccupied Properties (short term and long term), properties undergoing refurbishment or renovation, recently completed New Builds and Properties awaiting sale. These policies refer to both Commercial and Residential units.

All of the above policies include Property Owners Liability with a limit of £5,000,000 as standard, which covers injury to a third party or damage to their property. We can also offer cover for Legal Expenses (which can protect against tenancy disputes, tax issues, rent guard etc.) and Terrorism.
Generally we can turn quotes around the same day, so if you are looking to purchase a new property and need urgent cover, or your existing policy is due for renewal, please contact us and we can assist.

If you would like to discuss any of the above policies and obtain a quote, please call Steffan at Trust Insurance on 01604 496617. Alternatively send us an email and we will call you back – steffan@trustinsurance.co.uk

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