Fleet Insurance & Risk Management

Services Designed For The Public Sector

Organisations in the public sector have a wide range of different considerations to make when it comes to their insurance when compared to private companies and entities. As such, businesses that are looking for help with this type of highly specialised insurance will want to rely on a service dedicated specifically to their type of organisation. The risks and lower costs that are unique to public services require extra attention and the team at Forum Insurance is aware of all the unique caveats of public insurance services.


For over 30 years, Forum Insurance has worked to provide a wide range of insurance services to the public sector, including the fleet insurance and risk management services described here. As such, we have been given exclusive approval from Crown Commercial Service, a trading fund that’s part of the UK government. As the most widely respected commercial and procurement service, their support for Forum Insurance should attest to the quality of the tailored insurance solutions that we offer.


To learn more about how we can help your organisation, get in touch with our public entity specialists. We will work to understand your potential risks, unique requirements, and how best to avoid the potential monetary and financial stresses that a claim can result in.


All kinds of public entities that make use of vehicle fleets could benefit from the services that Forum Insurance offers. We have already worked with a wide variety of different public partners, doing what we can to reduce their risks, mitigate the costs associated with any claim, and to protect them from unexpected crises. Some of the public sector entities we have worked with include local authorities, government agencies, town and parish councils, social housing, blue-light organisations, charities and non-profits, and much more.

Our Fleet Claims Management Solutions

Our services are dedicated to helping you reduce the total cost of any and all fleet incidents, whilst providing the best customer experience in the industry. As such, our fleet claims management team is there to manage every part of the claims process on your behalf, working to your benefit.


We take the time to tailor the Claims Management process to your individual needs, meaning that we are there from the First Notification of Loss to Risk Management, Vehicle Recovery, Legal Services, and beyond. We know that, aside from our attention, public entities also need speed and responsiveness. As such, we use custom-designed technologies alongside ISO-certified systems to make sure that the Incident Management process goes as quickly as possible, without sacrificing accuracy or reliability.


When first dealing with the First Notification of Loss stage of the claim, we work with a highly flexible claims technology platform that ensures we provide the specific questions needed to make for an efficient and effective claim reporting stage. As such, we can quickly and accurately gather the information needed at this stage without needing to ask about your specific policy covers or excess level details, because we already have that information available within the system. This means we can help clients sooner address workflow triage needs, while also aiding with the early intervention that Third-Party services offer.


Forum Insurance works with a wide network of accredited repair service providers. As such, we can help lighten the burden for policyholders by managing any damage repairs needed. From mobile repair services to fixed Bodyshop services, we work with a network of outsourced and in-house engineers. Fair pricing is always assured by the time we take to investigate any repair estimates and methodology. Furthermore, we make sure that all repairs meet both the manufacturer and legal safety specifications, offering you peace of mind that any vehicles we return are fit for the road.


Our services also involve closely working with third party intervention that is crucial for helping to reduce the costs of a claim. With your help in reporting incidents as soon as it is safe to do so, we can get in touch with the third party within an hour of the incident report. By offering repair and replacement services, we can prevent the third party from instead relying on expensive car hire companies and personal injury lawyers that could see your claims becoming more costly.


By working to reduce third party expenses, we can further help you mitigate costs. We offer our repair cost interrogations, engineer inspections, and more to make sure that policyholders and insurers do not have to pay more than is necessary. As such, we could help you reduce the costs that the third party’s insurers may try to claim are necessary to cover their losses. Throughout the entire life of the claim, we monitor these costs carefully, doing everything we can to make sure that our clients are not paying more than they have to.


Forum Insurance also works with a team of loss recovery experts that will pull out all of the stops to make sure that any money rightfully owed to our policyholders is reclaimed, regardless of what non-fault/partial fault status applies. Through detailed negotiations with Third-Party Insurers that begin hours after the initial claim and access to incident details through our bespoke integrated systems, we can work on your behalf to provide responsive and accurate loss recovery services.

Our Risk Management Services

The mission of our public sector fleet risk management services is to improve the safety of all drivers, reducing work-related driving risks. This is the single largest unmanaged risk that companies are currently dealing with, resulting in 1-in-3 fatal crashes, 20 million injuries caused by work-related collisions, with an annual cost of over £300 billion to companies.


We work with public sector entities to make all work-related driving much safer, with the additional benefits of reducing the costs of driving and making a more sustainable fleet, as well. As such, we can work with both drivers and managers to reduce collisions by up to 20% and reduce operating costs that can see a substantial return on investment. We also work to reduce your work-related fuel consumption by up to 15% by motivating drivers to take on more eco-friendly driving habits. When companies and public entities take on our risk management services, they can create a culture of safe driving that has seen an app adoption rate of 95%, as well as high rates of driver engagement.


Our process of work-related driving risk management is simple. It starts by having your drivers download the risk management app to their smartphone or onboard device. As soon as it is installed and the driver goes through the intuitive and efficient account creation process, the app starts to immediately capture data from each journey.


The device and app are then used to keep monitor and assessing drivers on their journeys. Throughout the process, we will also help directly coach drivers by making sure they stick to five key principals of safe driving behaviour. We will help them pay attention to the number of high contextual road risk incidents. We will show the amount of time they spend driving above the legal limit as a percentage of overall road time. We will show the number of distractions they face from their smartphone while driving. We will measure the time spent driving without the recommended breaks, which can indicate fatigue. Finally, the app measures the number of harsh accelerations that can affect the fuel consumption of the vehicle. With these objective indicators, drivers can quickly understand which of their habits are a safety or cost risk, allowing them to track their reduction of bad driving habits over time.


Incentivising your drivers to manage their risks properly is important. As such, our app works with a rewards system. Drivers can earn points based on their safe driving habits and improvements they make along the way. With the clients’ cooperation, these points can then be traded for rewards or for donations made to a charity of the driver’s choice. Meanwhile, the mileage assistant helps you capture all data on trips undertaken by your drivers. This data can be quickly exported from the app, saving you time and money while giving you the data that helps you assess your own drivers’ performance.


The app that we use also provides actionable insights that you can immediately work on to make improvements to the fleet. There’s no need for endless reports, just simple steps that anyone can follow. This includes a Manager Portal that allows you to identify the drivers most at risk. Through the measurable indicators mentioned above, we can help managers see exactly what poor driving habits are most common their highest risk drivers. This can be used to target interventions and provide training for specific drivers and can be operated in anonymous mode.


The app-only nature of the risk management system that we use means that there’s no need for additional hardware and makes it suitable for all kinds of drivers and vehicles. With high-grade cybersecurity and GDPR compliance, you can rest assured that your data is kept safe at all times, as well.

The Public Sector Fleet Insurance And Risk Management Partner That You Need

Our team is here to help with the wide range of specific challenges that your public sector organisation can face as a result of work-related driving incidents. Our extensive experience as a specialist public sector insurance team can offer you peace of mind. We bring over 30 years of insurance to custom-design a fleet insurance programme based around existing and potential risks, working to the latest developments within the insurance market.


The support team at Forum Insurance has also been recognised as being amongst the very best in the industry, addressing your questions and concerns at any step before, during or after a claim as speedily and accurately as possible. With a dedicated account manager and access to an insurer panel at any time, we always have your back.


It’s thanks to our experience and this quality of support that Forum Insurance has been approved by Crown Commercial Service. This accreditation is valued by all of the team, who work to uphold the highest standards of service to public sector entities.


Forum Insurance ensures those standards by following the ideal of C.H.E.C.K.S., which stands for:


  • Competent - Investing in creating the employees who are at the core of the high-standard of services we provide through the best training and development practices available.
  • Honest - Each member of our team operates to the principle that honesty is the best policy. As such, we are open about your options and risks at all stages, communicating openly with all clients and stakeholders and following regulations by the FCA and members of the CII and BIBA.
  • Experienced - For over 30 years, Forum Insurance has been providing insurance solutions As such, we have been working to the highest standards of the industry since as early as 1990. It’s this experience that lends us the confidence to assure that you will get the first-rate insurance solutions that you need.
  • Consistent - The market and economy can change regularly, but we always aim to ensure we maintain the same high standards no matter what. The longevity of our team and our client retention rate help to demonstrate this commitment to consistency.
  • Keen - Our team is motivated and engaged with our clients, working to meet and exceed expectations. We work with passionate individuals with a real dedication towards maintaining and improving our professional relationships.
  • Sincere - As well as working to the statutory requirements and legislation imposed upon us by the government and the FCA, we also follow a strict code of moral standards. Founded as a family-run brokerage, we treat our clients with courtesy and respect you’d expect from family.


With the C.H.E.C.K.S. values, we make sure that our insurance team provides the highest standards of fleet insurance and risk management services available to public entities. As a result, we have been able to maintain 97% client retention, with 2,700 live policies to date.

RECENT POSTs

10 Ways You Can Reduce Your Vehicle Insurance

By Niraj Mamtora • 08 Feb, 2023
With Motor Premiums up by 8% in Q4 of 2022 (ABI, Feb 2023) we’ve got the information you need to reduce your insurance premiums. The worst thing you can do is to let your car insurance policy renew automatically, shopping around is one of the best ways to get a cheaper deal on your car insurance. We always recommend taking out a fully comprehensive car insurance policy to protect yourself, your car and any third parties involved. Here are some tips to drive the cost down even further: Search For Your Quote Early The closer you get to the day you want to begin your insurance policy, the more expensive the insurance policy will be. The cheapest time to search for your insurance policy is 25 days before your renewal, this is the cheapest time to ‘lock in’ your insurance quotation price. It’s best to diary this in your personal calendar 30 days before your renewal to give you enough time. Accurately Estimate The Number Of Miles You Drive Each Year We’ve found most people don’t accurately input the number of miles they’re driving each year and often over estimate them. If you’ve owned your car for more than 1 MOT cycle you can use this government tool to check your recorded mileage at each MOT and get an estimate of how much you drive annually . If you’re a low mileage driver, consider pay-as-you-go insurance. Pay For Your Insurance Annually Paying monthly for your insurance almost always works out more expensive as you’re taking a loan, with interest added. This makes a lump sum payment always cheaper. If you can’t afford to pay for the insurance in one lump sum, a good idea is to hunt down a 0% interest credit card . Make sure you keep to the credit cards terms, that’s usually making the minimum monthly repayment and paying off the balance before the interest free period ends. Increase Your Voluntary Excess Excess is the payment you make towards an insurance claim when repairing or replacing your vehicle. Raising your excess will reduce the price of your insurance. Just be sure you can afford the excess and you. Build Your No Claims Discount/Bonus Building your No Claims Discount (sometimes called No Claims Bonus) will help you get a cheaper car insurance policy as insurers reward motorists who are claim-free with a discount. It’s worth getting a certificate from your insurer at the end of each term to keep a record of this yourself. Choose Your Add-On’s Carefully And Sometimes Separately Vehicle insurance often doesn’t come with a courtesy car, GAP insurance, breakdown or legal assist. See if you need these add-on’s for your circumstances and choose wisely. You can get the add-ons for your insurance policy separately which can work out cheaper at times. There are multiple insurers and brokers that offer them separately. Park Your Car With Care Insurers deem parking in a garage, a driveway or anywhere off the road at night time safer than parking on the street as there is less chance your vehicle will be stolen or vandalised. Avoid Modifications Modifying your vehicle can mean a big price increase for your car insurance as it can make it more attractive to thieves, the modified parts are also more expensive to replace than the original parts of your car. Choose Your Job Title Accurately The way you describe your job can affect your vehicle insurance premium. A ‘hairdresser’ and a ‘barber’ can be quoted different premiums. Be honest about your job or you can risk invalidating your insurance policy. Multi-Car Policy If you‘ve got more than one vehicle, considering adding them all onto one policy as many insurance providers will offer a discount Now that you’ve got all the tips to keep your insurance premium low you know what to do when shopping online for car insurance. One thing to keep in mind is to be honest or it invalidates your insurance policy; this includes selecting the correct main driver, the usage of the vehicle (commuting and/or business use)

Preparing Commercial Property For Severe Weather

By Niraj Mamtora • 24 Nov, 2022
Planning ahead for cold conditions There are a number of protective measures you can consider taking to help prepare your commercial property for the cold conditions, including: Have a professional plumber check your plumbing joints for leaks. Remember those which are hidden and keep an eye out for green discolouration on copper pipes – this could be a sign of a leak. Review your insulation to protect your pipes from freezing. Prevent your water supply stopcock from stiffening by testing it from time to time. Perform a comprehensive risk assessment to evaluate ice, flood and snow hazards, including large falling icicles, significant slippages of snow from sloping roofs or roof collapse from the weight of the snow. Develop your Business Continuity Plan (BCP) (Disaster Recovery Plan) to cater for winter-specific conditions. Check manufacturing processes and materials to see if they’re affected by lower temperatures. Check roofs, gutters and drains to make sure they’re in good working order. Don’t forget to follow the duties and precautions under the Work at Height Regulations even if the person carrying out the work is not your employee. Review any fire risk assessment; if you need to provide any additional or different heating, remember to inform your insurance intermediary. For the external parts of your property, consider: Implement slip-related safety measures, such as gritting or diversion to less slippery walkways. Don’t forget that hard floors in entrance areas can become very slippery during wet or snowy weather. Assess the exterior lighting around your premises; with less hours of daylight, it may be harder for people visiting you to see icy and other slippery areas. Leaving your property vacant If you’re going to leave your property vacant for an extended period of time over the winter months, it’s important to consider the following: Don’t lower the heating too much. Leave it on low at around 15°C, to prevent existing water from freezing. Alternatively, you could drain the plumbing system entirely. If you’re considering doing this, you should seek professional advice. Make sure that pipes in unheated areas, such as lofts and, where accessible, under floor spaces are insulated with high quality lagging. Insulate water tanks in lofts and unheated spaces or open-sided buildings. Have someone keep an eye on your property, who’ll be able to contact you should they find a leak. Hire a professional to check if you have a condensing type central heating boiler, which has an external condensate discharge pipe, ask them to check that the pipe is the correct minimum diameter for the model of boiler involved and that the pipe is suitably lagged. Freezing water in an unlagged external pipe could cause your boiler to stop working. In areas where extremely low temperatures can occur, your heating engineer may recommend that the pipe is also electrically trace heated. Watch out for frozen pipes Tell-tale signs of a frozen pipe include no water coming from the tap, frost or ice on the outside of the pipe and if the pipe appears to be bulging. However, a frozen pipe doesn’t necessarily mean a disaster, if you act quickly enough. If you discover a water pipe which is frozen but has not burst, take the following steps to prevent it from bursting and protect your possessions: Turn off the stopcock. Remove any furniture or equipment in the area which may get damaged by any leaking or escaping water, where safe and practical to do so. Open the tap closest to the area and begin gently warming the pipe with a hairdryer or hot water bottle, starting from the end closest to the tap and working away from the faucet.  Don’t forget any outdoor taps – it may be worth insulating these to prevent water from freezing inside the cavity wall and causing an escape of water. Although pipes are inevitably damaged when they freeze, it’s only possible to see bursts when the pipe begins to thaw. If it is apparent that a pipe in your property has burst, you should: Turn off the stopcock and drain the system by opening taps in baths and sinks. Switch off your heating and, if in doubt, your electricity at the mains. Contact your plumber immediately. If possible, once the leak has been fixed, make sure you air the affected parts of the property by leaving windows and doors open. This content is by no means exhaustive and is for guidance purposes only. It’s not intended to amount to advice on which reliance should be placed. For requirements specific to your business, please seek professional advice.

Preparing Vehicles For Severe Weather

By Niraj Mamtora • 17 Nov, 2022
Driving in the dark Driving is significantly different in the dark and, without the correct safety precautions, potentially hazardous. At night, vision is reduced, making it much harder to see signs and other road users, such as pedestrians and cyclists. There are several things you can do to ensure your visibility isn’t compromised, including: Checking your lights to make sure all lights in and outside your vehicle are fully functioning. Driving slower than usual, as poor visibility means you may not see another road user or a hazard until the last few seconds. Driving at a slower speed not only means you have more time to see what’s in front of you but also more time to react. Taking regular breaks in night conditions, as the risk of falling asleep at the wheel is also greater. If driving at night is unavoidable, make sure you take regular, planned breaks and if you feel tired, stop and find somewhere safe to rest. Prepare ahead There’s no better time for a service than in the approach to winter. If a service isn’t possible, you can carry out your own tests. This should include: Routinely checking the concentration of antifreeze in the coolant system and bringing it back to the correct winter level. Making sure the windscreen and wiper blades are in working order and that the screen wash is topped up. Checking all lights are working and replacing any faulty bulbs immediately. Checking the car battery and replacing it at the first sign of trouble. Checking that the brakes are working well. Checking the tyres for any damage to the tyre walls such as cuts, cracks or bulges. These should be dealt with immediately as they could lead to slow punctures or blow-outs at high speeds. You should have a minimum tread depth of 3mm and anything less than 2mm remaining on a tyre should be replaced immediately. Never under-inflate your tyres – it’s a myth that a softer tyre means better grip. It may be worth installing winter/all season tyres. These are tyres that are specifically designed to give increased grip in winter conditions. In instances of particularly extreme winter weather, snow chains are also worth consideration. Please note that any tyre enhancements must be fitted to the manufacturer’s standard. Putting together an emergency kit It’s a good idea to put together a winter emergency kit, in case of breakdown in the winter months. You can have peace of mind knowing that you’re prepared for the worst by stocking your vehicles with the following items: Ice scraper and de-icer spray Powerful torch with spare batteries Reflective triangle First aid kit Warm clothing, wellington or other boots, blankets and/or a sleeping bag Insurance and broker documents, including any contact information for emergency claim hotlines Bottled water and non-perishable foods Jump leads Snow shovel Sat nav and maps Fully charged mobile phone(s), charger lead and auxiliary battery. Before you set off When setting off for a journey in severe conditions, make sure you: Decide if the journey can be postponed. If you are an employer then you must follow the legal duties relating to employee safety. You should consider the age and experience of your employees when it comes to making decisions about driving in potentially severe weather conditions, particularly if they will be alone. Check weather forecast and travel bulletins before leaving. Give yourself extra time for your journey and stick to main roads, where possible. Have plenty of fuel in the vehicle. In severe weather there may be less filling stations open for business. Always let someone know where you are going and when you expect to arrive. Use gentle manoeuvres, especially when braking. Be cautious with all road surfaces, even if they have been treated. Remember that stopping distances will be considerably longer in wet and icy conditions. Always try to pull away in second gear and select a higher gear such as third or fourth for travelling downhill. In the event of skidding, depress the clutch, steer into the skid and avoid the temptation to brake forcefully. Remember black ice can appear to just be a wet patch, so proceed with caution.

Why Does Running A Business From Home Affect My Home Insurance?

By Niraj Mamtora • 11 Oct, 2022
Having a home based business is a brilliant move, it saves you money on a costly office/work space, it allows you to work odd hours with peace and quiet (hopefully) and saves stress and money on commuting. Many entrepreneurs, start-up businesses or side hustles operate from home, but how does this impact your home insurance? Running a business from home can also increase the level of risk to your property and your contents, which is why you need to make sure you have the right business at home insurance in place. What additional risks are there when running a business at home? It will largely depend on the type of business you run and the types of activities you are undertaking, but essentially running a business from home will increase the risk of loss occurring to your buildings and contents. Some of the elements you need to consider when running your business from home are below Stock If you run a business that requires you to hold stock at your home, this can put your property at increased risk of a break-in and theft. It will also increase the amount an insurer would have to pay out in the event of a fire or flood, and the resulting damage to any stock. Your insurer would need to know if you hold stock at the premises as this is not covered under standard contents insurance. Business Equipment Again, you may have expensive or additional equipment you use for your business such as desktop computers, laptops or specialist machinery. Your insurer will need to know about any computers, laptops, or specialist machinery you have at home in the event that they need replacing due to loss or damage. Usually, if you’re just performing a clerical role from your home with a laptop/PC that doesn’t impact your home insurance. Just make sure these items are covered by the employer’s business insurance – this will avoid hefty replacement/repair costs for a cracked screen, or if you spill a drink on your keyboard. Public Liability If you run the type of business that has customers or suppliers visiting, there is an increased risk of someone injuring themselves at your property. The more visitors, the greater this risk becomes. Accidents or injuries to members of the public while at your property could result in liability claims and would only be covered if you have the correct insurance in place. It is advisable for your business to have its own public liability cover in place, as home insurance providers will often ask you to confirm you have this covered. Your home insurance will likely have limitations, exclusions or conditions will often apply within the home insurance policy. What information will I have to provide to get a quote? The first step to purchasing home business home insurance is to get in touch with a specialist home insurance provider. What kind of business do you run and what it involves? For example, are you doing clerical work or production e.g. making curtains? What equipment do you use, such as a laptop, machinery or specialist equipment If you hold stock in your home and its value If you have business visitors, such as customers or suppliers, and the frequency of those visits If you have a separate business liability policy in place How much is home business home insurance? There is no clear answer for what you’ll be paying, but this is good news! As the risk factors vary between the nature of the work, business equipment, stock and if you have visitors your insurance cover will be tailored to your unique circumstances. This means you’ll be correctly covered and not overpaying for your insurance. What is not covered? As home business home insurance is not the same as business insurance, there are a few covers which will not be covered: Public Liability Insurance Public liability insurance protects your business against compensation claims and their legal costs if you cause injury (including death) to a third party or damage to their property. Public liability insurance covers you on your premises and working off-site. Professional Indemnity Insurance Professional Indemnity Insurance provides cover for legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded if you’re alleged to have provided inadequate advice, services or designs that cause your client to lose money. Employer’s Liability Insurance This cover is compulsory if you have any employees (including any volunteers or apprentices). This is to ensure you can meet the costs of compensation for your employees’ injuries or illnesses, whether caused on or off-site. What’s Next? By now you will know if your home insurance is impacted by you running a business from home. Your next point of call will be to find an experienced insurance broker to provide you with the right advice on what types and cover you should have. Luckily you can contact your Forum Insurance account executive, email at info@foruminsurance.com or call us on 0208 909 2899 . We will then search the insurance market so you don’t have to, this secures you the best cover, policy wording and insurance premium. 

How Insurance Can Support Landlords During the Cost of Living Crisis

By Niraj Mamtora • 10 Aug, 2022
With inflation going up at a faster rate than usual, everyone feels the effects of prices rising across the board. And with inflation currently at 8.2% ( ONS July 2022 ) and the Bank of England already predicting it could rise to 10 per cent, landlords and tenants alike are feeling the financial squeeze. As a landlord, with your own costs unavoidably increasing, it should be a priority to make sure that rental income keeps arriving in your account each month. But what if your tenants are struggling to make rent payments because their take-home pay simply isn’t stretching as far as it used to, thanks to spiralling utility bills, fuel and food costs? Loss of Rent Insurance There are two types of rent insurance you can secure: Loss of Rent Loss of rent due to an insured event, such as a flood at the property. With loss of rent, if the tenant has to move out, the insurer will cover both the cost of repairs and lost rent for the period of time the property is uninhabitable. Rent Guarantee Rent guarantee insurance gives you peace of mind that if your tenants default, you’ll continue to receive the full rent amount each month (up to a specified limit). This will protect you, whatever happens to your tenant’s finances. There are different types of cover and limits, we can advise what is best for you on this. We have a panel of insurers that offer rent guarantee protection as a separate policy. Although terms and cover will vary, most policies include: Rent paid in full each month if the tenant defaults (commonly for up to either 12 or 15 months of the rental contract, to a maximum total of £50,000) Cover for the cost of evicting the tenant and regaining possession of your property Cover for damage caused by tenants or their visitors Your landlord insurance policy can also help protect your profits by making sure you’re not left out of pocket if your tenants cause damage to your property – whether deliberate or accidental. Whether we like it or not, damage to a property happens through burglaries, burst pipes, malicious damage, storms, fire and flooding. While you may be able to make a deduction from the tenant’s deposit for small costs, if it costs much more than the amount held or there’s any issue with retaining funds, it’s good to know that your insurance policy has you covered. For those in doubt, help is at hand To find out how loss of rent insurance can help you, please contact your Forum Insurance account executive, email info@foruminsurance.com or call us on 0208 909 2899 .

Five Steps To File An Insurance Claim For Your Business

By Niraj Mamtora • 18 May, 2022
Five Steps To Navigate An Insurance Claim
Meet the UK's top 50 petrol station owners - Top 50 indies

Meet The UK's Top 50 Petrol Station Owners - Top 50 Indies

By Niraj Mamtora • 04 May, 2022
Uncover how UK's Top 50 Forecourt Owners thrived amid Covid-19 and fuel shortages. Valuable insights from The Belfry event highlight expansions and EV opportunities!

Spring Event 2022 - Round-up

By Niraj Mamtora • 04 May, 2022
On the 17 th March 2022 we attended the the Eastside Rooms in Birmingham for the inaugural Hedron Network Spring Event. It was a celebration in many respects, of the first conference as Hedron Network, the first time many people had met face-to-face, and – of course – St Patrick’s Day! The day kicked off with David Hopwood, CEO of the Hedron Network, recognising the challenging time that the insurance industry has endured; hardening market, Brexit, consolidation, COVID-19, and Business Interruption claims to name but a few. It was also recognised and applauded that as partner brokers, our response was quicker and better than much bigger businesses with many more resources. David referenced the recent news of Brown & Brown’s acquisition of GRP, Hedron’s parent company, and the collective optimism within the Network for what the future holds under this new ownership. David also commented that to remain competitive, brokers need to evolve, embrace change, and to focus on their strengths, working with partners to provide support and agility. He went on to stress the importance of collaboration and everybody pulling in the same direction, and this was certainly evident throughout the day, where the collaboration between providers and brokers alike contributed to the success of the event. David called for insurers to “step up” to meet the core broker demands of better access to decision makers, improved service levels, and trading flexibility that were identified in the recent broker survey. Speed Dating This is a cornerstone of Network events with some more experienced “speed daters” than others taking part. A strict 14-minute window ensured conversations between us and insurers were to the point. It was amazing how much can get done in such little time! Meetings were held between insurers and the members of Forum Insurance , Barry, Amish, Bhavik, and Robert. I did not attend any of the meetings but as an observer, it was great to see the hustle and bustle of new connections being made, current relationships being developed, and some fantastic trading opportunities being discussed. All of these conversations were aimed at look after our clients by sitting down with our current insurers and adding new insurers to our panel. Expo With 48 insurers and providers exhibiting, it was a room full of the “who’s who” from the insurance sector, ready and armed with the usual high standard of branded goodies on the stands we’ve come to expect! Systems were demonstrated, appetites shared, benefits conveyed, frank conversations had, and some new relationships set up there and then. Insurers, service providers, brokers, and Hedron staff all participated with genuine enthusiasm to make it an incredibly productive day of networking for Forum Insurance. Afternoon After enjoying lunch courtesy of Allianz, the afternoon got underway with two punchy presentations focused on the impact of inflation. First up was Steve Good from Allianz who spoke about the drivers of inflation and the impact from an insurer perspective. Supply chain issues, emanating from a combination of COVID and Brexit were driving up both costs and reinstatement periods. In commercial property, claims inflation was being fuelled by steep rises in both material and labour costs. Weather-related losses have also seen an increase in frequency and volatility. Brokers were encouraged to review sums insured with clients and get RICS valuations. BI indemnity periods should also be reviewed to allow for current circumstances, you can read more here . Will Molland from Rebuild Cost Assessment then took to the stage to explain some of the specific challenges that the UK construction industry is confronted with. He indicated that c. 500,000 workers had left the sector as a result of Brexit, added to the long standing employment issues that the sector was wrestling with. Will shared some jaw-dropping increases being experienced in raw materials with wood, steel, and bricks leading the way. Accelerating energy costs were adding fuel to the flames prompting the question - The cost of energy security? In summary, inflation is a major concern now and shows no signs of slowing down in the near future. You can find out the importance of getting a report at a discounted rate here . Armed with the knowledge of the afternoon presentations and the confidence from the morning’s networking, we re-engaged for a full afternoon of networking and speed dating. It was a very engaging session and invaluable to speak directly to key decision makers. As the day drew to a close and jaws and feet ached in equal measure, the Guinness Bar opened and the sponsoring Miles Smith team handed out much needed refreshments as a reward for a job well done and to toast St Patrick’s Day. The Guinness flowed as fluently as the conversations had all day. Evening After a quick turnaround to freshen up, we re-grouped for pre-dinner drinks, kindly sponsored by NMU and a chance to catch up with friends and contacts. The room was absolutely buzzing with conversation. And so, with the completion of our first event with the Hedron network in years we came back to the office with stronger relationships with insurers and increased knowledge about risks you could potentially face.We have certainly taken a big step forwards and will continue at BIBA 2022. Photo gallery below: 

The Importance of Business Interruption Insurance

By Niraj Mamtora • 29 Apr, 2022
Unexpected business interruptions can be financially devastating. Fortunately, there’s a way to prepare for them. The two most common forms of business interruption are fire and flood. Unfortunately, statistics are showing a trend towards increased rainfall in the UK. According to the Met Office, the UK was an average of 6 per cent wetter over the last 30 years (1991-2020) compared to the 30 before that. Flooding remains a risk to businesses, but not only from rainfall, as events like a burst water pipe can be just as problematic. A flooded building can take between two and six months to dry out and become habitable. While building and content insurance policies will cover the initial damage, businesses must consider how they’ll cover financial losses while unable to trade. This is where business interruption (BI) insurance comes in. During the recovery from an interruption, a business may be unable to operate whilst leads to a loss in revenue. This downtime, in turn, may result in the loss of irreplaceable staff and valuable customers. To minimise this risk, a business would benefit from trading at a temporary location while their main premises is repaired. Yet, traditional buildings insurance doesn’t tend to cover this move or the associated loss of income. BI policies can be added to building and content policies to fill this void. Policies can include: Compensation for lost income while the business is out of action and gross profits that would have been earned had the major event not occurred Operating expenses incurred , such as utilities and rent, even though the business has temporarily ceased Compensation for the increased cost of working , including the expenses of operating in a temporary location while repairs to the permanent premises are completed Help towards the cost of the employee payrol l BI insurance can be a lifeline for businesses in the event of a disaster. Businesses can feel safe knowing that they’ve prepared for the worst by adding BI insurance to their existing policies. Contact us today to find out more. Commercial Building Maintenance Tips There is never a better time than now for a commercial business to check make sure their buildings are properly maintained. Businesses should consider these commercial building maintenance tips: Routine maintenance checks — Pipework, boiler and plumbing systems should be regularly inspected year-round. These checks become even more important because a failure in one of these systems – eg not having hot water – will impact both customers and employees. Electrical analysis — Electronic components and appliances should be checked thoroughly to make sure they’re working safely and don’t present any risks. The review should include electrical switches, sockets and fuse boxes. Finding any cracks or signs of deterioration early will allow a business to correct the problem before it gets worse, saving time and money in the long run. Roof and gutter inspection — A thorough roof inspection will allow businesses to spot potential structural issues early and ensure gutters are free from debris. Intense rain spells—more likely with global warming —make it easier for gutters to become clogged, causing rotting and water damage to the fascia board. Flooding preparation — According to the Environment Agency, 1 in 6 properties in England (around 5.2 million properties) are at risk of flooding. Businesses should check if their insurance policy covers flood damage and consider how best to mitigate risk (eg storing stock above flood level). Alarm check — Businesses should examine and service any fire and burglar alarms to ensure they’re secure and protected. Though planning for a disaster is a lot of work, cleaning up after one is worse. Proper maintenance allows a commercial business to spot potential problems early and take action. Paying attention to regular maintenance will help a business avoid unnecessary costs down the line and ensure safety and security to its employees and customers. For those in doubt, help is at hand To find out how business interruption insurance can help your business, please contact your Forum Insurance account executive or email info@foruminsurance.com .

Rising Building Costs Bring Underinsurance Risk

By Niraj Mamtora • 22 Apr, 2022
For property owners and investors – buildings insurance should provide a crucial safety net, protecting property assets against unforeseen events. It should step in to cover the cost of repairs or rebuilding work after an insured event like fire or flood, but for all too many property owners, across domestic and commercial property that vital protection may not be all it seems. In fact, recent research has found that 80% of UK properties are underinsured – to put that in context, that’s around 587,000 high net worth homes and commercial property with a total value of £340 billion standing without adequate buildings insurance. What’s more, those numbers are heading in the wrong direction, having risen from 580,000 and £325 billion respectively in the space of 12 months. Disastrous outcomes This insurance gap is not something that any property owner or investor can afford to ignore, because it can have a significant financial impact if the time comes to make a claim. Research tells us that on average, underinsured buildings are covered for just 68% of the amount they should be. In practice that could lead to two potentially disastrous outcomes in the event of a claim. First, the insurer could apply a ‘Condition of Average’, a clause in many building insurance contracts that enables insurers to reduce claims on underinsured properties by the corresponding percentage. For example, a property owner claiming £100,000 to cover repair or rebuild work after an insured incident could only receive £68,000 in settlement if only 68% of the property value is covered by insurance. Second, and even worse, in significant cases of underinsurance, the insurer could even say that the policy is void as the client failed in their duty of fair presentation under the Insurance Act – and remember, it is the responsibility of the property owner to ensure that valuations provided for insurance purposes are accurate. So what is behind this alarming trend? It boils down to a number of issues. Inaccurate property valuations There is a common misconception that a property’s market value and its insurance value are interchangeable. In reality, an insurance valuation refers to the cost of rebuilding a property, which would include a range of costs not covered by a market valuation. They include materials and labour, but also the cost of site access and the rebuild value of areas surrounding the property, such as car parks, outbuildings, or trees. The bottom line is that a property value for insurance purposes must mirror the definition of buildings set out in the policy. Rising construction costs To make matters worse, even buildings that were accurately valued when a policy was taken out may be tipping over into underinsurance now, because of steep rises in the cost of building materials and labour. Clearly, that means the situation is worsening for any property that is already underinsured due to an inaccurate valuation. The facts are stark. Pent up construction demand built up during COVID-19 lockdowns, along with the effect of Brexit on EU imports and the loss of around 1.5 million foreign workers since the beginning of 2020 have driven construction prices up by as much as 15% in 2021. Meanwhile, price rises for specific building materials have been even higher – timber prices have risen by 20-50%, while the cost of sheet materials like oriented strand board has more than doubled. At the same time, heightened demand for construction materials overseas has also extended lead times for virtually all materials, which may again add costs to a building works. Indexing and day one uplifts lagging behind? It would be easy to assume that property owners are insulated against these rising costs by inflation indexing for residential property and day one uplift clauses in commercial buildings insurance, both of which are designed to defend against the impact of inflation on rebuild costs. However, with building material cost increases far outstripping baseline inflation and the retail price index, this may be a false sense of security - because an inflation linked uplift in cover will almost certainly fall short of the actual increase driven by material and labour costs. Act now to address underinsurance The bottom line, according to the research, is that 80% of UK properties are underinsured and those properties are on average only insured for 68% of the true value. With that in mind, property owners – particularly high net worth residential and commercial properties – should act now to review buildings insurance policies, paying particular attention to the accuracy of rebuild costs and sums insured. For those in doubt, help is at hand To find out the reinstatement value of your property, or any other information about our services, please contact your Forum Insurance account executive or email info@foruminsurance.com . At Forum Insurance we work with RebuildCostASSESSMENT to offer our clients the peace of mind that comes with accurate insurance valuations based on multiple data sources.
Show More
Share by: