R.M.S Titanic – Launched 106 years ago today

R.M.S Titanic – Launched 106 years ago today

Today is the 106th Anniversary of the launching of the Royal Mail Ship Titanic in Belfast, Ireland. As we all know, the 40,000 tonne ‘unsinkable’ ship struck an iceberg on the 14th April 1912 sinking early the next morning, the 15th April 1912 with a loss of around 1,514 lives. Lloyd’s of London paid out £1,000,000 (modern day equivalent over £107,500,000) within 30 days of the […]

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Blog Question: Schedule v Certificate of Currency v Certificate of Insurance

I received the following question from someone new to general insurance. Allan Certificate of insurance Certificate of currency Schedule What is the effective difference (if any) between these terms? Regards Oliver [surname and email provided] Hi Oliver, I could write a book on all that is going through my mind in preparing to reply to your question.

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Tianjin Explosion – initial report

The explosions at Tainjin in China is the largest man made catastrophe loss in many years. The estimate of insured losses continues to grow and at last account was in excess of USD3.3 billion. Putting aside the terrible loss of life and injuries caused by the explosions, the event once again highlights two issues, accumulation risk and supply chain risk. Aon Benfield have published an […]

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Is There Insurance for Sink Holes?

Peter [surname and email provided] wrote: Hi Allan Just a thought for a quick blog perhaps. In the news again. Sink Holes. Education process. My understanding is that most insurance would not cover. Peter.” I start with an explanation of what a sink hole is. It is, as the name suggests it is, a depression or hole in the ground caused by some form of collapse […]

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Risk and Insurance Trivia # 1

Lighthouses have saved thousands of ships and countless lives over the centuries. The earliest ones appear to have been towers in which fires were lit and tendered by priests or monks. The first purpose built lighthouse is believed to have been the Pharos of Alexandria (Egypt on the Mediterranean Sea) built in the third century BC. A top this massive structure the light from a fire […]

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MOP /Stock Throughput Covers – An Analysis – Part 5 – Where Stock is Insured for Full Retail Price do I need Business Interruption Insurance?

The simple and firm answer to this is YES YOU DO. There are a great many reasons for my taking this view.  In summary they include: If there is no Business Interruption cover in place, the  only time the Insured can claim for any consequential loss of profits is following a loss of stock. The maximum amount claimable is the difference between the cost price of the stock […]

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MOP /Stock Throughput Covers – An Analysis – Part 4 – The Trigger for Business Interruption Under an ISR when an MOP is used to Insure Stock

A common question asked me of me, that prompted me to write this series (this is the fourth) of articles on MOP / Stock Throughput policies, is “can the Insured still make a claim for Business Interruption when the only thing damaged is stock and this [the stock] is not insured under the business pack or ISR policy?” The trigger for a Business Interruption claim under an […]

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MOP /Stock Throughput Covers – An Analysis – Part 3 – Where and What is Covered Under a MOP Cover

This is article three in a short series explaining Manufacturers Output policies / Stock Throughput policies. Today we start with, “where is the stock covered?” As I always say, no two policies are the same so please check the policy you are contemplating using but often the locations include: Worldwide coverage Insured’s own location Retail locations Warehouses, Processing locations and Distribution Centres Exhibitions Unnamed locations […]

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MOP /Stock Throughput Covers – An Analysis – Part 2 – The disconnect in rating between the Marine and Fire Underwriters

This article is the second in a short series and follows on from one yesterday which you will see immediately below. As fundamentally a claims specialist, I struggle at times to understand how underwriters, often in the same company can offer such different rates for the same risk. For example, I often see an ISR underwriter rate stock in an warehouse facility constructed of sandwich panel, that is 2 […]

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Introducing a New Member to the LMI Team of Experts

A sizeable part of LMI Group’s consultancy practice is reviewing and/or providing due diligence reports on the adequacy and appropriateness of insurance and risk management programs for brokers with their major clients, brokers attacking an account, or lenders and purchasers involved in major merger and acquisition and construction projects. As this part continues to grow due to the quality of our work and our independence, […]

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