- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: WTF is the point of insurance?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "WTF is the point of insurance?"
Collapse
-
The best way to look at insurance is the same way you look a bookie. There is very little difference.
-
Originally posted by Paddy View PostParents had am similar problem and included the electrics. Cables were stretched over the attic diagonally, no tacking, no end loops earth missing etc. Obviously from a no qualified electrician, The building inspector has passed it as OK. It would have cost about £10k (25 years ago) to litigate. The answer was to move house. I have never bought new, I like WYSIWYG.
Leave a comment:
-
Originally posted by TykeMerc View PostSince you registered the issue during the warranty period then the builder can't just ignore it, you've got a clear case of going to law over it. Get some proper advice, perhaps your insurance companies legal department will be of assistance.
Leave a comment:
-
Originally posted by lilelvis2000 View PostHas anyone been able to make a claim on the new house "warrenty". I tried and after two years of being fobbed off the builder just told us that the period had expired now and to claim against insurance.
The problem? Shoddy morter which now means about half my house needs repointing. And its only 12 years old. Not to mention the shoddy work on the roof, and the gutters and more.
What a crock!
The current system really does suck. But...considering that a lot of the insurance companies are owned by banks...I don't expect anything to change. Unless...someone were to set up a insurance union?
Parents had am similar problem and included the electrics. Cables were stretched over the attic diagonally, no tacking, no end loops earth missing etc. Obviously from a no qualified electrician, The building inspector has passed it as OK. It would have cost about £10k (25 years ago) to litigate. The answer was to move house. I have never bought new, I like WYSIWYG.
Leave a comment:
-
Yeh. They'll pass it to a firm of solicitors who will pass it to their most junior trainee who will pass it to the cat and you won't hear anything for 3 months until you start pestering it and then you'll find out your claim isn't covered for some reason.
Leave a comment:
-
Originally posted by lilelvis2000 View PostHas anyone been able to make a claim on the new house "warrenty". I tried and after two years of being fobbed off the builder just told us that the period had expired now and to claim against insurance.
Leave a comment:
-
Has anyone been able to make a claim on the new house "warrenty". I tried and after two years of being fobbed off the builder just told us that the period had expired now and to claim against insurance.
The problem? Shoddy morter which now means about half my house needs repointing. And its only 12 years old. Not to mention the shoddy work on the roof, and the gutters and more.
What a crock!
The current system really does suck. But...considering that a lot of the insurance companies are owned by banks...I don't expect anything to change. Unless...someone were to set up a insurance union?
Leave a comment:
-
insurers will no longer be able to make risk ratings based on your age/sex. This is likely to make car insurance significantly more expensive for anyone who isn't a young male
Leave a comment:
-
Most insurers in the UK don't make money on the insurance they sell. Car insurers typically lose money on their book of business. They make their money on the "extras" (legal cover, hire car cover, stretching the premium out over 12 monthly payments and charging a huge APR of interest, etc).
So you can assume the reason car insurance is so expensive and seemingly useless isn't because insurers are making loads of money at your expense.
In fact, the reason it's so expensive is because insurers pay out so much in claims. They are currently paying out far more in claims than their actuaries had forecasted (due to "crash for cash" and other such things), so much so that actuaries are having to rewrite their models.
There are potentially a number of reasons for this. Personal injury claims make up a significant amount of payouts these days, but I think the reason is that the incentives of the medical examiners are all skewed, if they can convince the insurers to pay out more in personal injury claims, they know at least some of that money will come back to them in treatment. Similarly legal fees make up quite a bit of claims, because lawyers are so expensive. You could, of course, blame the insurers for paying out so much to these people in the past, and that's probably fair.
This problem is only going to get worse. EU legislation on age/sex discrimination is currently being brought into in English law, such that insurers will no longer be able to make risk ratings based on your age/sex. This is likely to make car insurance significantly more expensive for anyone who isn't a young male.
Leave a comment:
-
Originally posted by Mich the Tester View PostMortgage Insurance that doesn't pay out if people get redundancy.
But the insurance company were absolutely fine, no complaints from me.
Mind you, they went out of business.
Leave a comment:
-
You do have to read your T&Cs, I suppose I do it having worked in underwriting years ago so know about the tricks they will pull regarding clauses and restrictions in your policy.
Travel insurance is a right b*gger though, I damaged a camera in China years ago and they would only pay the claim if I had proof of original purchase, which I didn't recall reading the the T&Cs.
Leave a comment:
-
There are important differences in the legal meaning of words such as
Should verses Must verses Shall.
Eg “Should take due care” is not the same as “Must take due care” or "Shall take due care"
Leave a comment:
-
There are two good reasons to get insurance:
1) to comply with regulation (ie 3rd party car insurance)
2) peace of mind (which is of course an illusion)
HTH
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: