A year ago, the prospect of a double dip recession had seemingly diminished, but uncertainty around the Eurozone and a bleak forecast of declining growth and rising unemployment has intensified the threat once again.

Economic confidence levels remain low with up to 90% of businesses saying they are no more confident about the state of the UK economy than they were 12 months ago. The vast majority of firms also think there will be no improvement in the situation during 2012. 

There has been a surge in the number of businesses in serious financial distress, prompting a new warning that the UK economy has hit ‘rock bottom’. The financial outlook is poor across almost every sector and region. Professional services reported the greatest increase in financial distress during the last quarter of 2011, with insolvencies up by 61% on the previous year. The retail sector has also been hit hard with a number of household names going into administration recently, including Peacocks, Barratts (for the second time) and Blacks Leisure.

Despite this depressing outlook, it is essential that businesses continue to sell and, in particular, develop export opportunities to trade our way out of this downturn. Credit insurance can provide valuable support by protecting the company against bad debt and providing ongoing positive information on the financial health of customers on the ledger. 

Many businesses will remember, following the demise of Lehman Brothers in late 2008, the rescue of the major banks and the fallout in the credit insurance market that followed.  This created some very difficult years where confidence in the product itself plummeted after credit cover was removed in droves by some insurers. Lessons have since been learnt, credit insurers have completely changed their underwriting models for assessing risk, and they have become more transparent and visible in their decision-making and in the sharing of information with their customers. 

In addition to the above, we have seen new insurers entering the market providing bespoke solutions, some on a non-cancellable cover basis. Gone are the days of the traditional whole turnover structure. Policies are now built around individual requirements and their needs, rather than a one-size-fits-all approach.

The broking industry is also working hard to raise awareness of the challenges facing their customers. BIBA has joined forces with professional bodies including Business Innovation & Skills (BIS) and UK Export Finance (previously ECGD) and this approach has already started to yield results with the launch of ExiP, a product that provides guarantee of payment in difficult export territories and where cover is not available in the private market.

The message is clear, whilst times are difficult, insurers are open for business. 

The challenge remains to convince businesses of the value of credit insurance.  When times are difficult and Finance Directors are looking to reduce costs, credit insurance may appear to be a luxury you can’t afford. However, given that having a credit insurance policy can save a business from going under, we would argue that the question now is not "Can you afford it?", but, "Can you afford not to?".

Sally Del Principe,
Associate Director and Credit Team Manager

The news of Darren Rowe's appointment follows the announcement of new directorships for Julia Harrop, Mark Ford and Aslam Ismail. Perkins Slade's new team of Executive Directors for 2012 is therefore now as follows:

• Nick Tamblyn, Chief Executive
• Richard Doubleday, Managing Director Sport and Recreation
• Darren Rowe, Managing Director Corporate
• Julia Harrop, Client Service Director
• Mark Ford, Broking Director
• Aslam Ismail, Finance and IT Director

As previously announced, Ron Forrest resumes as Chairman following David Slade's decision to move to a Non-Executive role.

Commenting on the changes, Chief Executive, Nick Tamblyn, said,
"We are delighted to welcome Darren to Perkins Slade, his experience, professionalism and expertise make him a valuable addition to our executive team. He'll play a key role, along with our new board, in defining and implementing our strategy for business development and client retention, enabling us to take advantage of the market opportunities ahead."

Darren Rowe added, "I am delighted to be joining such a well established brokerage and taking up this unique opportunity which will enable me to utilise my experience to the full as we build on the success that has been enjoyed by Perkins Slade over the past 40 years."

Further information
For more information about this press release contact Rachael Sherrey on 0121 698 8132, 07971 408 434 or by email to r.sherrey@perkins-slade.com.

* Subject to FSA approval

Burst pipes can be a real problem; often causing significant damage to your property with even the smallest of leaks can soon become a torrent. 30% of the population do not know where their stopcock is located and are therefore powerless to do anything in the event of a water leak.

For the elderly or the 10 million people in the UK who suffer with arthritis the brass stopcock is almost impossible to use. This inability to control mains water in our homes has meant that insurance claims for escape of water have doubled since 1993, and escape of water is now a bigger risk for insurers than fire or burglary. During December 2010 there were over 100,000 UK insurance claims for burst pipes at an average cost of £6,700 each.

By following some simple risk management steps you can reduce the likelihood of any such incidents: 

• Check your central heating system regularly and ensure the thermostat is working. Consider annual servicing by a registered Gas Safe engineer
• Some new central heating systems are fitted with an anti-frost device. If your boiler is a few years old think about fitting frost thermostats to your heating system
• Keep the heating on during freezing temperatures, even at night
• Any exposed pipes should be lagged or suitably protected
• Make sure you know how and where to turn off the main water supply to the property
• Replace washers on dripping taps.

 If your property will be unoccupied for a period of time: 

• Drain the central heating system and turn off your main water supply or ideally leave the central heating on low
• Where possible get a neighbour, friend or family member to regularly check the property
• Leave the loft access open to circulate air.

 It is not always possible to prevent your pipes from freezing, or even bursting, but you can help minimise the damage: 

• Turn off your main water supply
• If you notice a leak call a plumber immediately
• Check for any damage to your electricity supply, if you suspect any damage have it checked out by an electrician
• Keep a list of useful emergency numbers to hand
• If you notice a frozen pipe slowly thaw the affected area with a gentle heat, such as a hairdryer. Never use a blow torch or open flame
• Install a preventative solution such as a Sure Stop Water Switch. This multi-award winning device allows you to easily control your mains water supply at the flick of a switch and can be located in an accessible position such as inside a kitchen cupboard door.

By following the above steps you can help prevent damage to your property, and avoid any personal upheaval, and in the longer term, save money on your insurance premiums.

We hope you find this information helpful. To discuss the issues raised in this article, or to talk to someone in more detail about risk management, please speak to your usual Perkins Slade contact. Alternatively you can call us on 0121 698 8000 or email privateclients@perkins-slade.com

Mark Ford has more than 22 years experience in insurance broking with roles in claims, broking and development. Mark will take company-wide responsibility for broking standards and strategic insurer relationships with active involvement in major client and prospect reviews.

Julia Harrop is FCII qualified and has been at Perkins Slade for more than five years. Julia will promote Perkins Slade's client service strategy across all business areas with focus on setting standards and overseeing delivery.

Aslam Ismail has worked for Perkins Slade for more than 20 years in both finance and IT. Aslam's board role with see him take responsibility for the financial management and control of the business while also advancing the company's IT infrastructure.

Managing Director, Nick Tamblyn, commented,"The new appointments put client care and broking standards at the heart of our business strategy. Along with our Chartered Broker status, the changes are another indication of the importance we place on customer service and professional excellence."

Contacts

For more information about this press release contact Rachael Sherrey on 0121 698 8132, 07971 408 434 or by email to r.sherrey@perkins-slade.com.

About Perkins Slade

Founded in 1970, Perkins Slade is one of the UK's largest independent brokers, providing expert, impartial advice for UK and international businesses, sport and recreation organisations and private individuals. Visit our web site at www.perkins-slade.com  Perkins Slade is authorised and regulated by the Financial Services Authority

Claims should be submitted to Insurance Companies through the normal claims process as soon as possible.

If you have suffered a loss as a result of the current situation or have cause to think you may be affected in some way, please consider the notes below to help ensure that any potential material damage claim is not invalidated by the delays.

It is important that policyholders who have been affected by the current situation, or feel that they may have a claim arising from these disturbances, notify insurers of any potential claims within 7 days of the relevant incident. You should do this through your normal claim notification procedures.

Provisions under the Riot Damages Act 1886

The current definition of a riot is codified in the Public Order Act 1986. The essential points are:

• 12 or more persons must be present together and use or threaten unlawful violence for a common purpose and the conduct of them (taken together) must be such as would cause a person of reasonable firmness present at the scene to fear for his personal safety
• It is not necessary for the Claimant to show intent to use force to resist such opposition
• It is not necessary for anyone to be present and actually harmed

The local police authority has a legal responsibility under the Riot Damages Act 1886 to reimburse persons who sustain damage to property as the result of a riot. The wording of the statute is explicit, in that any claim under the Act must “be made in writing and received by the local police authority within 14 days of the alleged incident”.

However, policyholders are reminded that included within the Claims Notification Clause, a requirement for any claim for riot and/or civil commotion to be notified to Insurers immediately with full supporting documentation within 7 days of the incident occurring, specifically to prevent a recovery action being turned down by the police authority on the basis that the action is time barred. Insurance Company's are entitled to recover their outlays under the principle of subrogation.

The Company Chairman, David Slade, said, “we have lost a dear friend and close colleague. I worked with Damien from the time he joined the Company in 1988 and his warmth, caring attitude and professionalism will be missed by all his colleagues and clients”.

The funeral service was held at the Sacred Heart Church on Thursday 12th May at 12 noon followed by a private ceremony for close family only at the Crematorium.

The family have expressed their wish that any donations are forwarded directly to St Richard's Hospice noting Damien's name.  People wishing to send cards can send them via Perkins Slade marked for the attention of Angela Terry.  In addition, we have set up a memorial site where people who knew Damien can share their memories and donations can be made to St Richards' Hospice.

Further information 
 
Donations can be made via the memorial site or directly to St Richard’s Hospice noting Damien's name, address details are as follows:

St Richard’s Hospice
Wildwood Drive
Worcester
WR5 2QT
Tel. 01905 763 963

Only seven other industry professionals have received the title. The Honorary Fellowship is in recognition of David’s outstanding contribution to the insurance industry and follows a win at the BIA Awards in 2009, where he received the Achievement Award for his contribution to insurance broking during a career spanning five decades.

David started his career in 1961, aged just 16, working for a major insurer. Nine years later he founded Perkins Slade Limited, now the largest privately owned insurance brokerage in the West Midlands, specialising in providing insurance and risk management advice for corporate businesses, sports organisations and private individuals.

In addition to his commitment to the insurance industry, David is a proud Brummie, keen to contribute to the region where he’s spent most of his career. He has held the position of director of the Birmingham Chamber of Commerce, Birmingham Forward, The Princes Trust (Birmingham and Solihull) and has successfully completed the role of Chairman of the Landmark appeal, raising over £600,000 in 24 months to fund the restoration of the Church of St John the Baptist in Bromsgrove.

Speaking about his achievement, Mr Slade commented,

"I have been fortunate to work in an industry where integrity, professionalism and customer care are recognised so to be awarded this singular honour by one's peers is a source of great pride".

Further information

David Slade

In addition to the positions outlined in the release above, David’s contribution to the insurance industry and local community also includes:

• West Midlands Chairman of BIBA
• Founding Chairman of Faculty of Insurance Broking
• Treasurer of Worshipful Company of Insurers
• West Midlands Regional Group Chairman of British Junior Chamber
• Bailiff of the Ancient Court Leet of Bromsgrove
• Board member of General Insurance Standards Council
• British Chairman of the Senate of Junior Chamber International
• Past President of Birmingham and Edgbaston Debating Society.

Some fear a return to the 80s and early 90s when the cash strapped NHS struggled to cope. Long waiting lists were common, those who could afford it went private and jumped the queue.

The impact of Lansley’s reforms is already being felt. The number of NHS patients waiting 6 weeks or more for diagnostic tests has risen by 50% this year.

You may already have some PMI but it could be a good time to assess whether you need cover or if any changes in cover may be appropriate.

Why you should consider Private Medical Insurance (PMI)

PMI enables you to bypass NHS waiting lists, allowing you to get treatment promptly and privately, with any operation being performed at your convenience by a surgeon and at a hospital of your choice.

Costs are covered for the following: –

• quality treatment from consultants and specialists
• scans and x-rays
• clean and comfortable recognised hospitals
• breakthrough drugs and eligible treatments 

PMI has been in existence for over 100 years. Approximately 8 million people in the UK have PMI, two thirds of which is via their employer. According to a recent Employee Benefits Survey, PMI is the top insurance based voluntary benefit. PMI for partners and dependents is the third most popular and the most popular insurance benefit ^.

The benefits of Cash Plans

Further research has highlighted 80% of Britons are worried about healthcare costs and are confused over NHS and private treatments. A third of people don’t know you have to pay for a dental check up and almost half wrongly believe eye tests are free.

If PMI is out of reach Cash Plans can be an affordable option. Tailored to suit personal requirements, they provide a range of benefits including –

• optical and dental fees
• allergy testing
• personal accident
• inpatient hospital benefit
• personal consultations

To a company or organisation, PMI and Cash Plans are very beneficial. Rather than staff being at the mercy of the NHS appointment booking system, employees can make arrangements to suit them, and their employer, ultimately providing valuable peace of mind.

Absence from work due to illness costs employers on average £495* per year. Indirect costs associated with illness average an additional £667* per year. So it makes sense for a company to insure against any potential loss.

How can Perkins Slade help?

With an increasing number of insurers and other companies advertising PMI schemes, it can be difficult to make a choice. We'll use our in-depth knowledge to search the market and ensure you get the right cover for your needs.

We have considerable experience in arranging competitive, personal policies that recognise and reflect individual needs. A dedicated Client Relationship Manager will work closely with you to build an insurance solution that suits you.

You can choose from a variety of policies ranging from budget to premier plans and we can also provide international policies.

For employers, giving staff access to PMI can protect a company from unplanned absences due to illness, reduce sick pay and help minimise any disruption to work schedules. In turn, PMI will go a long way in supporting employer best practice.

Next steps

To discuss the issues raised in this article, or to talk to someone about PMI and Cash Plans, please call Gaynor Lane on 0121 698 8174. Alternatively, you can email g.lane@perkins-slade.com

About Perkins Slade

Founded in 1970, Perkins Slade is one of the UK's largest independent brokers, providing expert, impartial advice for UK and international businesses, sport and recreation organisations and private individuals.

Perkins Slade is proud to have been awarded "Chartered Insurance Broker" status by the Chartered Insurance Institute. Our Chartered status is recognition of the professional standards of all our employees.

Given our experience we can offer the right support and guidance, tailoring the correct level of cover from the specific needs of the largest company to the smallest organisations. Not only will we seek out competitive premiums but we will also advise you on risk management.

^ Employee Benefits/Alexander Forbes Benefits Research 2010, August 2010.

* Based on Perkins Slade findings, per employee per year.

Burst pipes are a real problem, often causing significant damage to a property. It’s surprising how much damage can be caused by a leak. However, by following some simple risk management steps you can reduce the likelihood of any incidents -

• Check your central heating system regularly and ensure the thermostat is working. Consider having your boiler serviced annually by a registered Gas Safe engineer
• Some new central heating systems are fitted with an anti frost device. If your boiler is a few years old think about fitting frost thermostats to your heating system
• Keep the heating on during freezing temperatures, even at night
• Any exposed pipes should be lagged or suitably protected
• Make sure you and your family know where to turn off the main water supply to the property
• Replace washers on dripping taps

If the property will be unoccupied for a period of time –

• Drain the central heating system and turn off your main water supply or leave the central heating on low at 10C
• Where possible get a neighbour, friend or family member to check the property at regular intervals
• Leave the loft hatch open to circulate air within the loft space

It’s not always possible to prevent your pipes from freezing, or even bursting, but you can help minimise the damage –

• Turn off your main water supply
• If you notice a leak call a plumber immediately
• Check for any damage to your electricity supply, if you suspect any damage have it checked out by an electrician
• Keep a list of useful emergency numbers to hand
• If you notice a frozen pipe slowly thaw the affected area with a gentle heat, such as a hairdryer. Never use a blow torch or open flame

By following the above steps you can help prevent damage to your property, and avoid any personal upheaval, and in the long term save money on your insurance premiums.

We hope you find this information helpful. To discuss the issues raised in this article, or to talk to someone in more detail about risk management, please speak to your usual Perkins Slade contact. Alternatively you can call us on 0121 698 8000 or email privateclients@perkins-slade.com