Ahead of Christie’s forthcoming Old Master sale tonight (8 December) in London, Robert Read, fine art expert at specialist art insurer Hiscox, comments:
“If ever there was a painting to test the recessionary times it’s Rembrandt’s ‘Portrait of a man with arms akimbo’ which was last sold in 1974 during the oil crisis, and prior to that was sold in the Great Depression of the 1930s.
“That it’s up for sale again at the tail end of what many have labelled as the deepest recession since the 1930’s may be a coincidence but a world record price would be no surprise, given its quality, rarity and strong provenance.
“Both the Rembrandt and Raphael’s ‘Head of a Muse’ which is also included in tonight’s sale would, if they sell well, reinforce the pronounced shift in collectors’ appetite over the last year for more established, traditional and painterly works. Richard Wright’s Turner prize winning fresco, though temporary in existence, also proves that it’s not just the Old Masters reinforcing today’s demand for more ‘traditional’ art whether new or old, rooted as it is in the skills of the Renaissance fresco makers.”
If you would like to discuss your fine art insurance insurance further, please contact Paul Macbeth ACII (Managing Director) on 0118 9452 944 or paul.macbeth@macbeths.co.uk or visit www.macbeths.co.uk
Macbeth are Chartered Insurance Brokers based in Reading with a premier client division dedicated to providing advice and insurance solutions to wealthy individuals. Our area's of expertise include high value homes, fine art and antiques, valuables, second homes and overseas homes and high value cars.
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Tuesday, 8 December 2009
Monday, 7 December 2009
Rich in cash, poor in psyche
The recession has knocked the confidence – but not the cash reserves – of Britain’s Working Wealthy, according to a study released today by specialist insurer Hiscox.
The recession has left its mark on the psyche of the Working Wealthy with a lack of confidence impacting their perceptions of wealth and appetite for risk. Whilst two in five (41%) say the recession has not had an impact on the amount of money they have to spend, almost an equal number (44%) say they are fearful of the future and have been steadily stockpiling cash.
Three in ten (30%) are taking less risks financially compared to pre-recession and a similar number (26%) admit they are actually taking less risks in all areas of their lives.
As a result, the Working Wealthy have made cutbacks across the board – spending on socialising and restaurants has been slashed by 49% of them, as well as holidays (41%), weekend breaks (43%) and home décor (38%). In fact, one in three (30%) are spending more in discount stores.
Nearly a quarter (24%) have not been directly affected by the recession but feel they need to behave differently anyway. Furthermore, when they are spending, over a quarter (28%) say they are less conspicuous because they know people that are struggling financially.
Rich redefined
Despite owning valuable art (10%) and jewellery (11%), having savings of more than £25,000 (26%) and going on two or more overseas holidays a year (25%), the Working Wealthy believe that to feel truly rich in 2009, they would require an average household income of £152,865****, as well as:
• Owning more than one property (35%), or a holiday home (27%)
• More than £20,000 per year disposable income (48%)
• Being mortgage free (31%)
• Driving a luxury car such as a Ferrari (26%)
• Owning original pieces of art (13%)
Looking after what’s important
While they may not consider themselves to be rich, the majority (68%) of the Working Wealthy believe it is very important to be happy with what they do have, with many citing family (85%), health and well being (80%) and new life experiences (22%) as top priorities. For those questioned, 60% class their home and 11% class their possessions as very important, which comes as no surprise considering the amount of investment made – according to Hiscox data, the average Working Wealthy household says they own over £88,000 worth of household goods and £11,000 worth of valuables such as jewellery and watches*****.
Steve Langan, managing director, Hiscox UK, says: “The report shows that whilst the economic downturn may have left the wallets of many of the Working Wealthy intact, they have suffered a crisis of confidence and have scaled back their spending and exposure to risk.
“However, it’s more important than ever for the Working Wealthy to keep stock of what they do have and understand their affluence. Because they don’t feel well-off, it is all too easy to underestimate the value of what they do have. This means there is a real danger of them not making enough provision to protect themselves and their possessions which they hold dear - an interesting paradox given that many feel that they are taking less risk generally.”
The Hiscox Wealth Review 2009 also reveals:
• Over half (56%) think they will have to work past retirement age because of the recession
• More than one in five (22%) say the reduction in interest rates means their household now has more disposable income
The Working Wealthy Regional ‘Rich’ List:
Region Average annual household income needed to feel ‘rich’
North East £178,238
London £177,704
Northern Ireland £172,781
South East £163,296
East Midlands £155,297
Wales £152,677
West Midlands £151,341
East of England £146,322
Scotland £144,873
North West £136,047
Yorkshire & Humberside £131,409
South West £128,912
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The recession has left its mark on the psyche of the Working Wealthy with a lack of confidence impacting their perceptions of wealth and appetite for risk. Whilst two in five (41%) say the recession has not had an impact on the amount of money they have to spend, almost an equal number (44%) say they are fearful of the future and have been steadily stockpiling cash.
Three in ten (30%) are taking less risks financially compared to pre-recession and a similar number (26%) admit they are actually taking less risks in all areas of their lives.
As a result, the Working Wealthy have made cutbacks across the board – spending on socialising and restaurants has been slashed by 49% of them, as well as holidays (41%), weekend breaks (43%) and home décor (38%). In fact, one in three (30%) are spending more in discount stores.
Nearly a quarter (24%) have not been directly affected by the recession but feel they need to behave differently anyway. Furthermore, when they are spending, over a quarter (28%) say they are less conspicuous because they know people that are struggling financially.
Rich redefined
Despite owning valuable art (10%) and jewellery (11%), having savings of more than £25,000 (26%) and going on two or more overseas holidays a year (25%), the Working Wealthy believe that to feel truly rich in 2009, they would require an average household income of £152,865****, as well as:
• Owning more than one property (35%), or a holiday home (27%)
• More than £20,000 per year disposable income (48%)
• Being mortgage free (31%)
• Driving a luxury car such as a Ferrari (26%)
• Owning original pieces of art (13%)
Looking after what’s important
While they may not consider themselves to be rich, the majority (68%) of the Working Wealthy believe it is very important to be happy with what they do have, with many citing family (85%), health and well being (80%) and new life experiences (22%) as top priorities. For those questioned, 60% class their home and 11% class their possessions as very important, which comes as no surprise considering the amount of investment made – according to Hiscox data, the average Working Wealthy household says they own over £88,000 worth of household goods and £11,000 worth of valuables such as jewellery and watches*****.
Steve Langan, managing director, Hiscox UK, says: “The report shows that whilst the economic downturn may have left the wallets of many of the Working Wealthy intact, they have suffered a crisis of confidence and have scaled back their spending and exposure to risk.
“However, it’s more important than ever for the Working Wealthy to keep stock of what they do have and understand their affluence. Because they don’t feel well-off, it is all too easy to underestimate the value of what they do have. This means there is a real danger of them not making enough provision to protect themselves and their possessions which they hold dear - an interesting paradox given that many feel that they are taking less risk generally.”
The Hiscox Wealth Review 2009 also reveals:
• Over half (56%) think they will have to work past retirement age because of the recession
• More than one in five (22%) say the reduction in interest rates means their household now has more disposable income
The Working Wealthy Regional ‘Rich’ List:
Region Average annual household income needed to feel ‘rich’
North East £178,238
London £177,704
Northern Ireland £172,781
South East £163,296
East Midlands £155,297
Wales £152,677
West Midlands £151,341
East of England £146,322
Scotland £144,873
North West £136,047
Yorkshire & Humberside £131,409
South West £128,912
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Monday, 30 November 2009
SME bosses risk legal action over ‘office antics’
SME bosses could be leaving themselves open to legal action by being unaware of the level of sexism, swearing and shouting in the workplace, according to a new study* by specialist business insurer Hiscox.
At the same time, the study found seven in ten (70%) UK workers claim that bad behaviour is rife in their place of work - admitting that the regular occurrence of racist jokes, arguments and bullying could offend colleagues.
The study separately questioned UK SME bosses and UK workers about behaviour in the workplace. Comparing the responses revealed a considerable gap in attitudes between bosses and employees towards ‘office antics’.
SME bosses (70%) say they are ‘unconcerned’ about the threat of legal action, suggesting they are unaware of potential pitfalls. Even in today’s politically correct society, half (50%) find it acceptable to display ‘sexy celebrity’ calendars or rate the relative attractiveness of colleagues (49%), which may potentially cause offence. This is despite more than half (55%) of those workers surveyed claiming they would consider legal action if office behaviour crossed the line.
In fact, almost nine in ten (87%) SME bosses say staff need to be ‘grown up’ over office antics, with eight in ten (82%) believing there is nothing wrong with office banter and two in five (42%) saying it is not their role to regulate it. Half of UK employees (51%) disagree and believe their boss should do more to reign in unacceptable behaviour.
With the Christmas party season approaching, employers should be especially aware of the fact that ‘banter’ can easily cross the line to harassment. Over half (58%) of the UK workers surveyed expect colleagues to get drunk and misbehave at their festive bash, and two thirds (66%) think conduct is worse if parties are held in the office – as many companies are likely to do this year to cut costs.
Questionable conduct seen regularly in UK workplaces includes:
1) Use of nicknames for colleagues (61%)
2) Swearing (59%)
3) Use of pet names such as ‘love’, ‘babe’ and ‘hon’ (47%)
4) Hugging (42%)
5) Banter of a sexual nature (35%)
6) Arguments/shouting (33%)
7) Jokes of a religious, racial or sexual nature (28%)
8) Discussions about most/least attractive colleagues (16%)
9) Bullying (15%)
Callum Taylor, small business expert at Hiscox, comments: “In the modern workplace one employee’s banter can easily turn into another employee’s lawsuit. With 70% of employees citing behaviour in the workplace as often offensive, our research highlights an area of workplace culture that SME bosses must be more aware of in order to avoid unexpected legal action.
“This is a year round issue but one that will become particularly relevant in the office Christmas party season, particularly with many companies opting to cut costs and have their celebrations in the office. Having in place a clear code of office conduct and ensuring that behaviour falls within acceptable boundaries could help prevent a damaging and expensive legal action.”
Macbeth Chartered Insurance Brokers are business insurance specialists. Based in Reading, we have particular specialist knowledge in Property insurance, Business combined insurance, Liability insurance, Professional Indemnity insurance, Cyber Liability insurance and Motor Fleet insurance. For further information, visit www.macbeths.co.uk or call Tony Gibbs on 0118 9452 944.
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At the same time, the study found seven in ten (70%) UK workers claim that bad behaviour is rife in their place of work - admitting that the regular occurrence of racist jokes, arguments and bullying could offend colleagues.
The study separately questioned UK SME bosses and UK workers about behaviour in the workplace. Comparing the responses revealed a considerable gap in attitudes between bosses and employees towards ‘office antics’.
SME bosses (70%) say they are ‘unconcerned’ about the threat of legal action, suggesting they are unaware of potential pitfalls. Even in today’s politically correct society, half (50%) find it acceptable to display ‘sexy celebrity’ calendars or rate the relative attractiveness of colleagues (49%), which may potentially cause offence. This is despite more than half (55%) of those workers surveyed claiming they would consider legal action if office behaviour crossed the line.
In fact, almost nine in ten (87%) SME bosses say staff need to be ‘grown up’ over office antics, with eight in ten (82%) believing there is nothing wrong with office banter and two in five (42%) saying it is not their role to regulate it. Half of UK employees (51%) disagree and believe their boss should do more to reign in unacceptable behaviour.
With the Christmas party season approaching, employers should be especially aware of the fact that ‘banter’ can easily cross the line to harassment. Over half (58%) of the UK workers surveyed expect colleagues to get drunk and misbehave at their festive bash, and two thirds (66%) think conduct is worse if parties are held in the office – as many companies are likely to do this year to cut costs.
Questionable conduct seen regularly in UK workplaces includes:
1) Use of nicknames for colleagues (61%)
2) Swearing (59%)
3) Use of pet names such as ‘love’, ‘babe’ and ‘hon’ (47%)
4) Hugging (42%)
5) Banter of a sexual nature (35%)
6) Arguments/shouting (33%)
7) Jokes of a religious, racial or sexual nature (28%)
8) Discussions about most/least attractive colleagues (16%)
9) Bullying (15%)
Callum Taylor, small business expert at Hiscox, comments: “In the modern workplace one employee’s banter can easily turn into another employee’s lawsuit. With 70% of employees citing behaviour in the workplace as often offensive, our research highlights an area of workplace culture that SME bosses must be more aware of in order to avoid unexpected legal action.
“This is a year round issue but one that will become particularly relevant in the office Christmas party season, particularly with many companies opting to cut costs and have their celebrations in the office. Having in place a clear code of office conduct and ensuring that behaviour falls within acceptable boundaries could help prevent a damaging and expensive legal action.”
Macbeth Chartered Insurance Brokers are business insurance specialists. Based in Reading, we have particular specialist knowledge in Property insurance, Business combined insurance, Liability insurance, Professional Indemnity insurance, Cyber Liability insurance and Motor Fleet insurance. For further information, visit www.macbeths.co.uk or call Tony Gibbs on 0118 9452 944.
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Wednesday, 18 November 2009
Tips for businesses in the run-up to Christmas
Businesses should be aware of the additional risks they face in the run-up to Christmas. Why not follow these top tips:
■Make sure your sums insured are adequate for increased stock
■Don’t block intruder alarms, sprinkler systems or fire exits with piles of Christmas stock
■Make sure you have alarms, sprinklers or other security equipment in good working order particularly if you are closing premises for any period over the Christmas holidays
■If you’re taking on additional staff, carry out thorough background checks and provide adequate training
■Consider extra security to protect your staff against drunken behaviour and prevent theft
■Regularly remove cash from tills during the working day and place takings within a safe (preferably with a time delay) – this will reduce the amount of cash stolen should a hold-up attack occur
■If large amounts of cash need to be banked or collected on a regular basis, then the safest method is to employ a recognised cash carrying company
■Be aware of how much money your policy will cover while on site, off site and during transit
Macbeth Chartered Insurance Brokers are business insurance specialists. Based in Reading, we have particular specialist knowledge in Property insurance, Business combined insurance, Liability insurance, Professional Indemnity insurance, Cyber Liability insurance and Motor Fleet insurance. For further information, visit www.macbeths.co.uk or call Tony Gibbs on 0118 9452 944.
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■Make sure your sums insured are adequate for increased stock
■Don’t block intruder alarms, sprinkler systems or fire exits with piles of Christmas stock
■Make sure you have alarms, sprinklers or other security equipment in good working order particularly if you are closing premises for any period over the Christmas holidays
■If you’re taking on additional staff, carry out thorough background checks and provide adequate training
■Consider extra security to protect your staff against drunken behaviour and prevent theft
■Regularly remove cash from tills during the working day and place takings within a safe (preferably with a time delay) – this will reduce the amount of cash stolen should a hold-up attack occur
■If large amounts of cash need to be banked or collected on a regular basis, then the safest method is to employ a recognised cash carrying company
■Be aware of how much money your policy will cover while on site, off site and during transit
Macbeth Chartered Insurance Brokers are business insurance specialists. Based in Reading, we have particular specialist knowledge in Property insurance, Business combined insurance, Liability insurance, Professional Indemnity insurance, Cyber Liability insurance and Motor Fleet insurance. For further information, visit www.macbeths.co.uk or call Tony Gibbs on 0118 9452 944.
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AXA warns business owners to be prepared for crime over Christmas
Business crime statistics from AXA show that Halifax currently tops the league for overall business crime, with businesses in Wolverhampton most at risk of theft and those in Kilmarnock of arson.
The company has this week unveiled its Business Crime Index (details below), revealing that some areas which have been hit hard by the economic crisis such as the North and the West Midlands are suffering as people turn to crime. The fear is that this will only rise in the run up to Christmas – particularly for retail businesses which will be more attractive to criminals due to increased stock levels and cash on premises.
AXA figures show that for the first half of 2009, the Halifax postcode area was the UK’s hotspot for crimes against businesses. Around one in 16 businesses in the area was a victim of crime during the first six months of this year with malicious damage the most likely type of offence to be committed.
On a wider regional basis, Greater London was the hardest hit area of the country with six postcode areas in the top twenty, followed by Yorkshire & the Humber, North West England and the West Midlands, largely reflecting statistics that show the recession is hitting the West Midlands and North the hardest. In Scotland, only one postcode region, Motherwell, appears in the top 20 and that is right down at 17th place although Kilmarnock placed higher than anywhere else for arson, or wilful fire-raising as it is called in Scotland.
Top 20 UK postcode areas for overall business crime in H1 2009
1. Halifax
2. Manchester
3. Bristol
4. Croydon
5. London SE
6. Northampton
7. London EC
8. Oldham
9. Sutton
10. Bradford
11. Doncaster
12. Wakefield
13. Dudley
14. Enfield
15. Liverpool
16. Wigan
17. Motherwell
18. Walsall
19. St Albans
20. Southall
Protecting businesses
AXA’s Business Crime Index looks at the levels of crimes against businesses based on claims received by the company. These include arson, forcible theft , non-forcible theft and malicious damage.
The average cost of all claims is around £3,806 with an average forcible theft claim standing at nearly £4,500 for the first half of 2009 while arson claims average a massive £17,200.
Christmas Crime
As retail businesses increase stock levels for Christmas it provides richer pickings for thieves. As takings rise and shops stay open longer, the potential for lucrative hold-ups also increases.
Alongside this drunken revelry can lead to malicious damage or even arson attacks on business premises – a particular concern this year as the number of unoccupied and unprotected premises has increased with recession.
Doug Barnett, head of customer risk management at AXA says: “Crime against business is a serious issue and this year we are concerned that the continuing recession could prompt a rise around the Christmas period. We would urge all businesses to work with local communities and police to protect themselves as well as taking sensible precautions, not least making sure they are properly insured should the worst happen.
“With 36,200 businesses predicted to fail in 2009, we can’t stress enough the importance of insurance to avoid becoming part of that depressing statistic.
“Business crime can have a devastating impact on a business and its employees – we hope we can work with the business community to keep this to a minimum this Christmas.”
Macbeth Chartered Insurance Brokers are business insurance specialists. Based in Reading, we have particular specialist knowledge in Property insurance, Business combined insurance, Liability insurance, Professional Indemnity insurance, Cyber Liability insurance and Motor Fleet insurance. For further information, visit www.macbeths.co.uk or call 0118 9452 944.
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The company has this week unveiled its Business Crime Index (details below), revealing that some areas which have been hit hard by the economic crisis such as the North and the West Midlands are suffering as people turn to crime. The fear is that this will only rise in the run up to Christmas – particularly for retail businesses which will be more attractive to criminals due to increased stock levels and cash on premises.
AXA figures show that for the first half of 2009, the Halifax postcode area was the UK’s hotspot for crimes against businesses. Around one in 16 businesses in the area was a victim of crime during the first six months of this year with malicious damage the most likely type of offence to be committed.
On a wider regional basis, Greater London was the hardest hit area of the country with six postcode areas in the top twenty, followed by Yorkshire & the Humber, North West England and the West Midlands, largely reflecting statistics that show the recession is hitting the West Midlands and North the hardest. In Scotland, only one postcode region, Motherwell, appears in the top 20 and that is right down at 17th place although Kilmarnock placed higher than anywhere else for arson, or wilful fire-raising as it is called in Scotland.
Top 20 UK postcode areas for overall business crime in H1 2009
1. Halifax
2. Manchester
3. Bristol
4. Croydon
5. London SE
6. Northampton
7. London EC
8. Oldham
9. Sutton
10. Bradford
11. Doncaster
12. Wakefield
13. Dudley
14. Enfield
15. Liverpool
16. Wigan
17. Motherwell
18. Walsall
19. St Albans
20. Southall
Protecting businesses
AXA’s Business Crime Index looks at the levels of crimes against businesses based on claims received by the company. These include arson, forcible theft , non-forcible theft and malicious damage.
The average cost of all claims is around £3,806 with an average forcible theft claim standing at nearly £4,500 for the first half of 2009 while arson claims average a massive £17,200.
Christmas Crime
As retail businesses increase stock levels for Christmas it provides richer pickings for thieves. As takings rise and shops stay open longer, the potential for lucrative hold-ups also increases.
Alongside this drunken revelry can lead to malicious damage or even arson attacks on business premises – a particular concern this year as the number of unoccupied and unprotected premises has increased with recession.
Doug Barnett, head of customer risk management at AXA says: “Crime against business is a serious issue and this year we are concerned that the continuing recession could prompt a rise around the Christmas period. We would urge all businesses to work with local communities and police to protect themselves as well as taking sensible precautions, not least making sure they are properly insured should the worst happen.
“With 36,200 businesses predicted to fail in 2009, we can’t stress enough the importance of insurance to avoid becoming part of that depressing statistic.
“Business crime can have a devastating impact on a business and its employees – we hope we can work with the business community to keep this to a minimum this Christmas.”
Macbeth Chartered Insurance Brokers are business insurance specialists. Based in Reading, we have particular specialist knowledge in Property insurance, Business combined insurance, Liability insurance, Professional Indemnity insurance, Cyber Liability insurance and Motor Fleet insurance. For further information, visit www.macbeths.co.uk or call 0118 9452 944.
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Tuesday, 17 November 2009
Driving in Europe : Ten tips on accidents abroad
An estimated two million British tourists take to their cars for driving trips to neighbouring European Union countries each year. We advise drivers in Germany to be extra careful, as about two-thirds of the Autobahn network still has no speed limit
Ten tips on accidents abroad:
■If you break down on a French autoroute, you must use the SOS boxes to call for help, as it is illegal to call by any other means, eg mobile phone. The driver and all passengers must also have visibility vests when they leave the vehicle
■Visibility vests are also compulsory in Austria, Belgium, Italy, Norway and are likely to become compulsory throughout the EU
■In Germany it is obligatory to report all incidents to the police at the time it occurs, even a minor bump
■In Belgium it is highly recommended to carry a fire extinguisher in the car, as it is compulsory for all Belgian registered cars
■EU countries have stricter drink driving laws than in the UK, with blood alcohol levels being 0.5mg/ml instead of 0.8mg/ml
■The number for emergency services across Europe is 112
■If you have an accident with a lorry and trailer, remember to take down both the lorry registration number and trailer number, as well as most European countries have different registrations on the trailer and recoveries are not possible without the trailer registration
■In Switzerland, pedestrians normally have the right of way and will expect your vehicle to stop for them
■In Spain, if you wear glasses, you must carry a spare set in the car when driving
■If you’re going on a booze cruise to France, remember that five cases of wine is roughly equivalent to having another passenger in the car. Overloading could damage your car’s suspension, burn out the clutch or cause punctures and uneven wear on the tyres
Article courtesy of www.news-insurances.com
Macbeth are Chartered Insurance Brokers based in Reading with a premier client division dedicated to providing advice and insurance solutions to wealthy individuals. Our area's of expertise include high value homes, fine art and antiques, valuables, second homes and overseas homes and high value cars. Visit www.macbeths.co.uk/premier-clients.htm
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Ten tips on accidents abroad:
■If you break down on a French autoroute, you must use the SOS boxes to call for help, as it is illegal to call by any other means, eg mobile phone. The driver and all passengers must also have visibility vests when they leave the vehicle
■Visibility vests are also compulsory in Austria, Belgium, Italy, Norway and are likely to become compulsory throughout the EU
■In Germany it is obligatory to report all incidents to the police at the time it occurs, even a minor bump
■In Belgium it is highly recommended to carry a fire extinguisher in the car, as it is compulsory for all Belgian registered cars
■EU countries have stricter drink driving laws than in the UK, with blood alcohol levels being 0.5mg/ml instead of 0.8mg/ml
■The number for emergency services across Europe is 112
■If you have an accident with a lorry and trailer, remember to take down both the lorry registration number and trailer number, as well as most European countries have different registrations on the trailer and recoveries are not possible without the trailer registration
■In Switzerland, pedestrians normally have the right of way and will expect your vehicle to stop for them
■In Spain, if you wear glasses, you must carry a spare set in the car when driving
■If you’re going on a booze cruise to France, remember that five cases of wine is roughly equivalent to having another passenger in the car. Overloading could damage your car’s suspension, burn out the clutch or cause punctures and uneven wear on the tyres
Article courtesy of www.news-insurances.com
Macbeth are Chartered Insurance Brokers based in Reading with a premier client division dedicated to providing advice and insurance solutions to wealthy individuals. Our area's of expertise include high value homes, fine art and antiques, valuables, second homes and overseas homes and high value cars. Visit www.macbeths.co.uk/premier-clients.htm
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Wednesday, 11 November 2009
Winter holiday warning as new figures reveal that 11.3 million people travelled without insurance this summer
Winter holiday warning as new figures reveal that 11.3 million people travelled without insurance this summer
■Over 2 million people don’t feel they need travel insurance(1)
■Those without insurance face collective costs of around £58 million
■Those under 34 are least likely to buy insurance cover(1)
■Sainsbury’s Travel Insurance offers a 10% online discount
Sainsbury’s Finance is warning winter holidaymakers to make sure they have adequate travel insurance, as it estimates that some 11.3 million Britons, over a third (37%) of those who went on holiday this summer, did so without any travel insurance to cover their trip. The new research from Sainsbury’s Travel Insurance(1) indicates that those under the age of 34 were most likely not to bother buying travel insurance.
With the travel insurance industry paying out just under £400 million each year according to the Association of British Insurers, Sainsbury’s Finance estimates that those travelling without insurance have collectively faced costs of more than £57 million which would otherwise have been covered by their insurer.
It is estimated that some 39% (1.6 million) of those aged 16-24 years and 43% (1.9 million) of those aged between 25-34 who travelled abroad this summer, did not or did not intend to take out travel insurance.
The most common reason for people not taking out travel insurance was because they felt they did not need it, with just over 2 million people (18%) saying so. Another 1.9 million people (17%) not taking out cover said that they could not afford it, which may be a reflection on the current economic climate.
Macbeth are Chartered Insurance Brokers based in Reading with a premier client division dedicated to providing advice and insurance solutions to wealthy individuals. Our area's of expertise include high value homes, fine art and antiques, valuables, second homes and overseas homes and high value cars.
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■Over 2 million people don’t feel they need travel insurance(1)
■Those without insurance face collective costs of around £58 million
■Those under 34 are least likely to buy insurance cover(1)
■Sainsbury’s Travel Insurance offers a 10% online discount
Sainsbury’s Finance is warning winter holidaymakers to make sure they have adequate travel insurance, as it estimates that some 11.3 million Britons, over a third (37%) of those who went on holiday this summer, did so without any travel insurance to cover their trip. The new research from Sainsbury’s Travel Insurance(1) indicates that those under the age of 34 were most likely not to bother buying travel insurance.
With the travel insurance industry paying out just under £400 million each year according to the Association of British Insurers, Sainsbury’s Finance estimates that those travelling without insurance have collectively faced costs of more than £57 million which would otherwise have been covered by their insurer.
It is estimated that some 39% (1.6 million) of those aged 16-24 years and 43% (1.9 million) of those aged between 25-34 who travelled abroad this summer, did not or did not intend to take out travel insurance.
The most common reason for people not taking out travel insurance was because they felt they did not need it, with just over 2 million people (18%) saying so. Another 1.9 million people (17%) not taking out cover said that they could not afford it, which may be a reflection on the current economic climate.
Macbeth are Chartered Insurance Brokers based in Reading with a premier client division dedicated to providing advice and insurance solutions to wealthy individuals. Our area's of expertise include high value homes, fine art and antiques, valuables, second homes and overseas homes and high value cars.
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