UK Insurance & Consumer Protection 'ACT'

UK Insurance & Consumer Protection 'ACT'

In the UK, the Consumer Protection Act 1987 and the EC Directive on Product Liability require that manufacturers or suppliers of goods carry some form of product liability insurance that is usually part of a combined liability policy. In public liability insurance, premiums depend on the type of business, turnover and number of employees. It is a good idea to compare the quotes given by your broker with the quotes being offered by other brokers. When you apply for an insurance policy, you fill out a proposal form which is your offer to the insurance company where you state the premium amount you are willing to pay.

Sometimes, they will agree to accept your offer if you make certain changes to the terms you have proposed. In this case, get advice from several brokers about whether the amount the insurance company has quoted is reasonable or not. Get advice from more than one broker about this that you do not offer to pay more than is necessary. The insurance company will either accept or reject your offer. Obviously, you should apply to several well reputed, reliable and licensed insurance companies to be able to choose the best possible quote. In an indemnity contract, the insurance company will pay you no more than the actual loss suffered. This will ensure that you remain in the same financial position that you were in immediately prior to the accident which led to the insurance claim. Most personal accident insurance contracts and all life insurance contracts are non-indemnity contracts. You need to watch out for under-insurance and excess clauses issues in your contract. Do not under insure your property in order to pay lower premiums. This is not a wise decision because if you under-insure a car worth 20,000 at 10,000, if there is partial damage to your car your insurer will pay only a percentage of the 10,000, which means you will have to bear the remaining amount of loss yourself.

Commercial insurance brokers deal with commercial fleet, product liability, public liability and employer’s liability (workers compensation), among other things. An example of a major UK commercial insurance broker is Marsh & McLennan Companies.

Рlease write comment on my blog!