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Free Review of Your Present Insurance Arrangements

The events of September 2001 highlighted to Insurance Companies that they could no longer continue to transact business in the way they had done in the past. This event changed the business world by sapping confidence from the world's biggest economy. This, in itself reduces business activity, and therefore premiums payable, which affects Insurance Companies. These substantial changes in the Insurance market mean that you can no longer rely on an Insurer being able to maintain premiums or insurance cover from last year, regardless of any long-term agreements, or a good claims record.

A number of other factors are also affecting all Insurance Companies, and therefore your policy renewal:

• High profile Insurer Independent Insurance Group were placed into liquidation in June 2001. This has generated shock waves through the industry
• No Win, No Fee legal advertising has resulted in a dramatic increase in the number and cost of liability claims being dealt with by Insurers.
• Insurers have previously been content to charge lower premiums, relying instead on investment profits. These now offer an insufficient return.
• All Insurers are now undertaking a continuous process of review of all policies, before offering any renewal terms.
• Insurance Company staff are overburdened with work and are not able to advise terms for renewals until very close to renewal dates, and in many cases, afterwards.

It is important to recognise that, if you wait until you are advised of the proposed terms by your Insurer, it may be too late to obtain effective alternative quotations, even if an extension of cover is offered. This is not as easy an exercise as just asking another Insurer or Broker to provide quotations for you. Since all Insurers are themselves overburdened with work, they prioritise incoming quotation enquiries so that they deal with those from Brokers with whom they regularly transact business; those with whom they have the strongest relationships. They also recognise that requests received close to, or after renewal dates, are unlikely to provide sufficient time for them to complete their job properly. Insurers devote their attentions to their best prospects, of necessity. We have strong, healthy relationships with all of the major Insurers and are in a position to help. Don't leave it too late to act.

We recommend that you should begin to establish your Insurance market position as early as possible. We would be happy to take your instructions to perform a free review of your present Insurance arrangements and to obtain alternative quotations for you. We suggest that we should preferably have an initial meeting between two and two and a half months prior to your renewal date.

Please contact us if you wish to discuss any aspect with regard to your insurance or pensions, and please remember that any review of your affairs is at no cost.