Two families who colluded to create a fictitious car crash in an attempt to con £77,000 from an Insurer have been sentenced – with two men given jail terms of 12 months. (source Insurance People October 2013) The families admitted to fabricating the “accident” and then submitting bogus claims to ‘esure’ for whiplash injuries and […]
Costa Concordia Cruise Ship Highest Marine Insurance Loss
It is estimated that the Costa Concordia cruise ship disaster will cost insurers between approximately £326m and £653m. This would make it the highest ever marine loss. The previous largest ever marine insurance loss was the Exxon Valdez oil disaster in 1989 which cost insurers approximately $500m including the cleaning up of the pollution damage. […]
Help With Property Insurance Claims Following Riots
Commercial Property owners wondering where they stand following the recent riots should take note of the following. The local police authority has a legal responsibility to reimburse anyone sustaining damage to property as a result of a riot under the Riot Damages Act 1886. Any claim under the Act must “be made in writing and […]
Claims – A Lighter View
With the recent doom and gloom of natural disasters, economic belt tightening and the not too distant memories of weather and snow disruption , it is always good to remember of the lighter side of life. In line with this, one insurer has released some very interesting details of its most weird and wonderful motor insurance claims. One customer […]
Japan Earthquake
Following the recent earthquake and tsunami in Japan, which left an estimated 10,000 people either missing or dead, Insurers have delivered their first verdict on the effect of damage costs to the global insurance community. Whilst the Lloyds market in London have played down speculation about how hard they would be hit by the effect […]
Big Freeze Costs Insurers ££££s
Aviva Insurance (formerly Norwich Union) has reported that the exceptionally cold winter we had this year has resulted in Insurers paying out a massive £650 million in claims. These 335,000 claims were due to a variety of causes, including damage to homes and businesses from the weather and vehicle related claims from the snow and ice. A typical […]