Motor insurer says stop start drivers are a growing threat on UK roads

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by Tiffany Parker April 01, 2011 in Insurance News

A new study from the motor insurer Axa suggests that there is a new sub-class of 1.5 million young drivers who are a potential hazard to themselves and others on the road.

The drivers, called “Stop Start Drivers” are aged between 17 and 29 and having passed their driving test, the research found that almost one in five (17 per cent) only get behind the wheel once or twice a month, with around half of these driving even less than this, often with gaps of several years.

According to Axa, these drivers are more likely to cause an accident having lost their confidence and forgotten the highway code.

Sarah Vaughan, Axa’s motor director said: “Stop Start driving appears to be an increasing trend and difficult to address as an insurer . Among the under 30s you have some very good drivers but there are clearly issues with those who rarely drive. Read more…

Be Safe on Public Transport

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by Tiffany Parker March 28, 2011 in Insurance News

Chances are, if you’re traveling to a city or large town, you’ll be taking a ride on some form of public transport. Buses, taxis and trains make getting around on your vacation cheap and easy. But public transport is not without its hazards – how can you keep safe and prevent a claim on your travel insurance?

Keep safe on trains by moving away from a person if they are too close to you, in the train corridor or on the platform. If you’re traveling by night train, lock your compartment. If this isn’t possible, secure your locked luggage to the racks with a padlock and keep your valuables close to you.

Only take subway cars if there are plenty of other people in them and try to sit by the driver on buses. Some cities have “women-only” cars on trains and subways so use these if you are concerned about your safety. Try not to travel late at night. If you need to, wait for public transport in a well-lit area, preferably near a ticket booth or security guard.

Alert

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Landlords warned to examine insurance policies as residential cannibis farming increases

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by Tiffany Parker March 24, 2011 in Insurance News

As the level of residential cannibis farming rises, Aviva is warning landlords to be extra vigilant.

There has been a 30 per cent year-on-year increase in claims relating to cannibis farming, according to a report from the insurer, which is consistent with a Home Office report that reveals there was an increase of 18 per cent in the number of cannibis plants seized in 2009/10 compared with 2008/9.

Matthew Gordon, underwriting manager, property owners, at Aviva said: “Despite the upgrade of cannabis to a class B drug two years ago the industry continues to grow. Cannabis farming comes with serious risks for landlords, properties can be completely ruined inside to make space for plants, water damage can occur and fire poses a risk due to interference with electrics or strong lighting left on for a long time.”

Aviva urges landlords to ensure they have the right level of insurance in place as a standard home insurance policy may not be adequate.

A standard home insurance policy may not cover fine and rare wines

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by Tiffany Parker March 21, 2011 in Insurance News

People who want to invest in fine and rare wines are being urged to make sure they have the right insurance cover in place.

Fine and rare wines will not generally be covered by a typical standard home insurance policy and will require specialist insurance, perhaps taken out as part of a high net worth home insurance, or as a separate policy, depending on the value of the collection.

Physical security has to be considered as a valuable collection could become a key target for thieves. The wine also needs to be valued, which may be a value for the whole collection, or if there are some high value individual bottles of wine, these will need to specifically referenced within the insurance policy. Further, the value will need to be regularly reviewed.

Collectors are advised to include other relevant risks in the policy too, for example water damage to labels that will devalue bottles and accidental bottle damage.