Insurance scare

[Bri]

Was speaking to our insurance broker yesterday, we pay an extortionate amount for insurance and I asked a question, we can check with the DVLA wether a vehicle is insured or the police can instantly, but how can we check that a company is insured when we're dealing with them. The reply was you cant until its renewal time, this I found worrying. I'm aware it happens but what checks can we make to ensure the companies we deal with are or have current insurance.

 

[roydmoorian]

Probably just as well there is no way of checking out your customers insurance status, because if it was possible then your own insurance company could use the fact that you didn't as a reason for not paying out on a claim

( If you can afford insurance then you probably don't need it )

 

[saxondale]

Was speaking to our insurance broker yesterday, we pay an extortionate amount for insurance and I asked a question, we can check with the DVLA wether a vehicle is insured or the police can instantly, but how can we check that a company is insured when we're dealing with them. The reply was you cant until its renewal time, this I found worrying. I'm aware it happens but what checks can we make to ensure the companies we deal with are or have current insurance.

can we or just the police?

 

[Tej]

Was speaking to our insurance broker yesterday, we pay an extortionate amount for insurance and I asked a question, we can check with the DVLA wether a vehicle is insured or the police can instantly, but how can we check that a company is insured when we're dealing with them. The reply was you cant until its renewal time, this I found worrying. I'm aware it happens but what checks can we make to ensure the companies we deal with are or have current insurance.

Company insured for EL & PL?

We ask the Company for a copy of their EL and PL certificate, .. they send it on to us. Never had a problem. We do this for any self employed sole trader too... he don't get/start doing anything for us without having his Insurance details for PL.

 

[PhilWarman]

Agree with Tej - draw up a simple sub-contractors questionnaire which needs to be completed and stamped by the insurer.

 

[lockyer]

I think he is saying "what happens if they stop paying their premiums and the policy is cancelled". The answer to that is you don't know

 

[Tej]

I think he is saying "what happens if they stop paying their premiums and the policy is cancelled". The answer to that is you don't know

Guess you gotta be a mind reader with these Insurance brokers

 

[yorkshirejames]

can we or just the police?

Oh yes - http://www.askmid.com - though you're only _supposed_ to use it for a car thats either yours or one that you're about to drive (nothing to stop checking anything though).

 

[Bri]

Company insured for EL & PL?

We ask the Company for a copy of their EL and PL certificate, .. they send it on to us. Never had a problem. We do this for any self employed sole trader too... he don't get/start doing anything for us without having his Insurance details for PL.

How do you know, the insurance details mean f.all, most of us pay monthly premiums, so whats stopping you defaulting and to carry on trading.

And to my one liner friend, wow you had to give thanks to someone at last.

 

[Tej]

How do you know, the insurance details mean f.all, most of us pay monthly premiums, so whats stopping you defaulting and to carry on trading.

And to my one liner friend, wow you had to give thanks to someone at last.

You have a copy of a policy which states the expiry date of the insurance.

Thats the important bit.

Whether the subbie pays or not.. thats not really our problem.

If from what you say.... then there would be a lot of people that would pay just for one month to get the policy and don't pay afterwards?

Perhaps you are dealing with the wrong people.. and need to check on them on a daily basis

Think about it....

 

[Tej]

The subbies would be putting themselves personally at risk... would they take that chance.... ??...

 

[saxondale]

How do you know, the insurance details mean f.all, most of us pay monthly premiums, so whats stopping you defaulting and to carry on trading.

And to my one liner friend, wow you had to give thanks to someone at last.

my bold - "most of us" don`t.






no really we don`t

 

[Bri]

my bold - "most of us" don`t.






no really we don`t

....admirable

 

[saxondale]

....admirable

Admiral?


nah, we use SSIS (Faraday)

 

[Bri]

Admiral?


nah, we use SSIS (Faraday)

That one passed me by until I posted it,oh irony. I used Faraday couple of yrs back, theyre good.

 

[simonh@]

Hi.

One way of finding out is to draw up a SSA. self assesment audit sheet.
you put the details that you want to know about the company you are dealing with. Send them the sheet they send it back completed. Make sure you ask them about the cover they have. This is excepted practice
if for any reason they do not want to fill the form out just ask the question if they are coverd who with and at what level. If they do not want to disclose any info you have the answer dont deal

Regards

Si

PS I am an insurance specialist

 

[saxondale]

Hi.

One way of finding out is to draw up a SSA. self assesment audit sheet.
you put the details that you want to know about the company you are dealing with. Send them the sheet they send it back completed. Make sure you ask them about the cover they have. This is excepted practice
if for any reason they do not want to fill the form out just ask the question if they are coverd who with and at what level. If they do not want to disclose any info you have the answer dont deal

Regards

Si

PS I am an insurance specialist

question is - how do you know they havn`t cancelled and who pays if they have?

 

[yorkshirejames]

question is - how do you know they havn`t cancelled and who pays if they have?

I guess if it was critical to know (not that I can envisage such a situation) one would simply call the insurer, explain there is a potential claim, and ask them to confiirm that cover still in place?

 

[saxondale]

I guess if it was critical to know (not that I can envisage such a situation) one would simply call the insurer, explain there is a potential claim, and ask them to confiirm that cover still in place?

but it`s too late by then ...................

 

[yorkshirejames]

but it`s too late by then ...................

I said potential. i.e. call one a month, to check that the policy is in place, telling a white lie if necessary to get what you need.

 

[Bri]

As a postscript and to answer Tej- we do not employ or use that type of contractor thankfully.

I was merely asking a general question which has been answered by a number of you about the pitfalls of not knowing or being able to check. The reason for my question was that a company I know of was rumoured to be trading as such, a check today by one of their customers, known to us,to the insurance broker named on the policy showed that the policy was indeed cancelled by the insurer earlier this year for defaulting on payments.Said companies engineers were on site only last week carrying out work, this isnt to say that the insurer hasnt been changed of course, which I doubt very much as there are other mitigating circumstances which are not for this forum.