Property Owners Key Facts

Transcription

1 Property Owners Key Facts

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3 Property Owner s Insurance Guide and Policy Summary Fusion Deliberately Different Fusion has a deliberately different approach to Commercial Insurance. Rather than sell you a standard package of insurance cover as cheaply as possible we believe that time needs to be spent assessing the risks that businesses face and then finding practical ways to manage those. Traditional insurance cover has a role to play but so do improved health and safety and loss reduction initiatives: a tailored approach which means you may well buy less insurance. This approach demands that Fusion work in close partnership with the most professional and respected insurance brokers in the UK. Fusion deals exclusively with our selected brokers. Your broker is there to help you assess your insurance and risk management needs. Fusion Insurance is a coverholder and acts for certain leading insurers. Fusion has the strength and security of a selected consortium of insurers, led by Norwich Union and including some of the other best known industry names. As well as the insurance cover, Fusion offers its Property Owners customers a number of added value services to underline its deliberately different approach to other insurers and these are set out below. Claims The ability to respond in the event of a claim and treat you fairly is what you ultimately buy. That is why, unlike many insurers, Fusion will look to understand your claims needs at the start of the contract. Fusion work with a panel of loss adjusters, selected for their ability to mirror our approach of Instant response, investigation and assessment of losses; Flexible approach to interim and cash payments; Working with you to resolve the loss and reinstate the business in the shortest and most economical timescales; Defending spurious liability claims where the appropriate health and safety documentation and procedures are in place and where economically viable; and Keeping you and your broker aware of what is happening at all times Fusion is committed to investigating liability incidents, obtaining medical reports where necessary and getting people back in to the workplace as quickly as possible because a failure to do so can lead to a poor claims experience and increased premiums. As Fusion believes in dealing with problems proactively and pragmatically it is the only commercial insurance provider to incorporate a Claims Disputes Clause into its Policy. Any customer who has a dispute over the amount, liability or any other aspect of a claim, can insist on a faceto-face meeting with the Underwriters to discuss it. Fusion will deal with the claim with the minimum of fuss and if all the information is provided often do not need forms filled in. Tailored Approach Fusion are able to offer a range of optional extensions to it s Property Owners policy as follows: Omission to insure Reduction in investment value Loss of attraction Buildings awaiting sale Fly-tipping Inadvertent failure to insure Loss of freehold or leasehold value following an alteration in planning consent Further details of these are available upon request Renewal Guarantee Fusion guarantee to you and your broker that at 21 days prior to renewal if: Your broker is not in possession of our renewal terms Or Your broker is not already in discussion or negotiation with us about your renewal terms and conditions Then the policy can be invited at expiry rates and terms regardless of claims experience. Online Safety Training Safety Learning is a web-based, health and safety training system that enables both large and small companies to fulfil their safety training requirements online with greater ease. This diverse system can be accessed securely by chosen employees as well as the administrator who has full control over the running of their account online. A training session and assessment can be undertaken in a number of different modules. Each training session takes between minutes. The subjects are divided up into 6 or 7 interactive sections, which include information, click & drag interactivity and questions. Questions will relate to the information in the section to ensure that the users have understood the relevant information. At the end of the training session there is a Checklist and a multiple choice Self Test. The answers to these questions are recorded and at the end of the test, there is an option to print out a certificate of training which also includes the test result. Legal Expenses Insurance Legal disputes are often costly and stressful to pursue or defend. Many businesses are deterred from taking legal action because of the financial risk and uncertainty of the outcome. This is where legal expenses insurance can help. Unlike conventional insurance, Legal Expenses Insurance can cover the legal costs involved in pursuing or defending a claim. Legal costs include the appointment of solicitors, barristers and expert witnesses. For Property Owners, the cover automatically includes Lease Disputes between the policyholder and a tenant

4 arising from a breach or alleged breach of a tenancy agreement All customers have access anytime to confidential advice services which provide Business legal advice. Tax advice. Employment guidance (website access). Fusion incorporates 100,000 of this cover for clients with annual turnover under 25,000,000. Fusionbusinesslaw Fusionbusinesslaw is the gateway to DASbusinesslaw which is an online library of legislation, regulation and case law. In addition to providing a range of interactive document builders, the site contains more than 600 business guides covering areas such as Finance, Sales & Marketing, Employment, Legal, Government, Technology and Investors in People. The system can be accessed by registering at and using the password FUS Risk Management Approach Fusion take a practical and pragmatic approach to your risk management needs. Any solution has to be realistic within a working environment as well as cost effective. They have a UK wide team of experienced Risk Control Surveyors to work with your broker to assist you in understanding your exposures and managing them better. This can help to eliminate claims, lead to lower premiums and produce a more efficient, safer workplace. Our Risk Control Surveyors are always available to provide you with advice and support on all matters relating to risk management including Health & Safety, Employment, Maintenance and Security and Fire Protection. Risk Management Features Fusion also provide Target Health and Safety Management System; A simple to use, online system that helps businesses in the management and control of health and safety, including compliance with legislation. Comprehensive hazard lists allow you to build an action plan to achieve compliance. Checklists then help you further identify risk exposures, which can then be controlled and monitored by Risk Assessments also held in the system. Reporting tools within the system are ideal when assessing exposures across multiple locations Target 100 can be accessed by registering at Stress Counselling Service Fusion incorporates a confidential service provided by skilled and experienced counsellors employed by DAS Legal Expenses Insurance into its product offer. You can make this available to your staff, providing them with confidential support that will help them cope with the stresses and strains of modern life such as stress, anxiety, depression, health, relationships and bereavement. The telephone number for this service is , further details are available upon request. Business Continuity Planning In the event of a major loss, businesses that are unprepared seldom recover to their pre-loss trading position. Too often, delays and difficulties in sourcing alternative premises, gives competitors the chance to lure away hard won customers, who almost never return. Fusion provides an on-line planning tool that helps devise tactics to enable businesses to survive disaster, continue operations, recover market position and cement and secure contracts with key customers. It is a straightforward step-by-step process that records data specific to the business operation and produces a bespoke report that can be reviewed and amended as necessary. The system can be accessed by registering at Policy Summary Fusion offers tailored cover designed in partnership with your broker to meet your needs. This Policy Summary contains key information about the insurance Policy that you must read. It does not contain the full terms and conditions of the Policy, which can be found in the Policy booklet. This Policy Summary does not form part of your contract of insurance Insurer This insurance Policy is underwritten by a consortium led by NU (Registered in Scotland No 2116 Registered Office Pitheavlis Perth PH1 0NH. An AVIVA company. Authorised and regulated by the Financial Services Authority). Policy cover The covers available are summarised below. Your Schedule will tell you which of these apply to you. The covers available are: A. Material Damage which provides indemnity against physical loss of or damage to your property against a range of specified perils including fire, lightning, aircraft, explosion, riot, civil commotion, malicious damage, impact, storm, flood, burst water pipes and impact. Accidental damage and sprinkler leakage cover are also available. Inflation protection can also be provided. Automatic extensions include cover for glass, debris removal, drain clearance, architects and surveyors fees, capital additions, unauthorised use of electricity, gas or water, costs incurred in the tracing of and gaining access to escapes of water or fuel oil, landscaping costs following damage by emergency services, replacement locks, fire extinguishment expenses, sprinkler upgrade costs, unrecoverable VAT, failure of other insurances. Limits may apply to some of these extensions. Cover also includes a non-invalidation clause and mortgagors, freeholders and leasors, clauses B. Loss of Rent which provides indemnity for loss of rent sustained as a consequence of a loss insured under the Material Damage section. The cover can be additionally extended to cover additional expenditure needed to reduce the amount of rent.. Inflation protection can also be provided. Automatic extensions include cover for loss of rent following damage at the premises of public utility suppliers, denial of access, contagious diseases, advance rent, rent reviews and failure of other insurances. Limits may apply to these extensions.

5 C. Liability which provides indemnity against liabilities incurred in a number of areas: Employers Liability protects against your legal liability for damages in respect of bodily injury caused to an employee and arising out of and in the course of their employment. Property Owners Liability protects against your legal liability for damages in respect of accidental bodily injury to or damage to the property of a third party arising out of and in connection with your business This cover extends to include legal liability for obstruction, trespass, wrongful arrest and certain other similar events. Each of the above areas of cover will be subject to limits of liability stated in the Policy. Extensions to this section include liability under the Defective Premises Act 1972 and, payment of claimants costs and expenses, defence costs and expenses and legal costs and expenses of defending proceedings brought for a breach of the Health and Safety at Work etc. Act (1974). D. Terrorism which provides indemnity against damage or consequential losses to the items stated in the Material Damage and Loss of Rent sections as a result of an act certified as an act of terrorism by HM Treasury. Legal expenses insurance 100,000 limit for legal costs including solicitors and barristers fees, court costs, expenses for expert witnesses, attendance expenses and accountants fees (Aggregate 500,000). Employment Disputes and Compensation Awards Employment contract and employment legislation defence costs. Defence costs arising from an alleged breach of an employee statutory rights under employment. Compensation awards arising from an alleged breach of employment statutory rights in respect of claims DAS have accepted under Employment Disputes cover. Legal Defence Non-motor criminal prosecutions arising from the policyholder s business activities. Civil actions under section the Data Protection Act, compensation awards. Appeals under the Health & Safety at Work Act The attendance expenses of the policyholder s employees for Jury Service. Statutory Licence Protection Appeals against loss of licence or British Standard Policy of Registration. Contract Disputes Cover Relating to the purchase or hire or sale or provision of goods or services. Amount in dispute must be at least 250 but must not exceed 10,000. Lease Disputes Relating to breaches or alleged breaches of the tenancy agreement between the policyholder and a tenant. Amount in dispute must be at least 250 but must not exceed 50,000. Property Protection Relating to damage to material property, or any nuisance or trespass. Tenancy Disputes In respect of disputes with a landlord. Tax Protection including VAT Relating to Aspect or Full Enquiries (subject to an excess of 200 and a limit of 2000) employers compliance and VAT appeals. The period of insurance The Period covered is 12 months or any other period (not exceeding 18 months) which may be agreed. At each renewal it will be necessary to review and update the cover arranged to ensure that it remains adequate and appropriate to your needs. Claims notifications All claims should be notified to your Broker immediately you become aware of an incident likely to give rise to a claim under your Policy When notifying the claim, you must provide your name, the insured person/s name (if different), give brief details of the circumstances of the claim and the Policy Number, together with your postal address and contact telephone number. Cancellation The Underwriters may cancel this Policy or any part thereof by giving 7 days notice by recorded delivery letter to the last known address of the Insured and in such case the Insured shall be entitled to the return of a proportionate part of the premium in respect of the unexpired Period of Insurance. Complaints Fusion s goal is to give excellent service to all our customers, but we recognise that things do go wrong occasionally. We take all complaints we receive seriously and aim to resolve all our customers problems promptly. To ensure that we provide the kind of service you expect we welcome your feedback. We will record and analyse your comments to make sure we continually improve the service we offer. What happens if you complain a) We will acknowledge your complaint within 2 working days of receipt. b) We aim to resolve complaints within 5 working days. c) Once an assessment and full investigation of your concern has been made we will respond with a decision. Most of our customers concerns can be resolved quickly, but occasionally more detailed enquiries are needed. If this is likely, we will contact you with an update and give you an expected date of response. This will not be beyond 20 working days from when you first made your complaint. If you remain unhappy with the decision you receive from Fusion s local branch you may write to our Managing Director. If you are still unhappy with the decision you may write to the Chief Executive of Norwich Union Insurance. If you are dissatisfied with the final decision you can refer the matter to the Financial Ombudsman Service (FOS). The FOS will only consider your complaint if you have given us the opportunity to resolve it and you are a private policyholder, a business with a group annual turnover of less than 1,000,000, a charity with an annual income of less than 1,000,000 or a trustee of a trust with a net asset value of less than 1,000,000. Please follow the steps below. If however, we do not resolve your complaint within 40 working days, the FOS will accept a direct referral.

6 Whilst we are bound by the decision of the FOS, you are not. Following the complaint procedure does not affect your right to take legal action. What you should do if you would like to complain The steps you should take if dissatisfied Step 1 Step 2 Step 3 Step 4 Seek resolution by your insurance adviser or usual Fusion point of contact If you are disappointed with any aspect of the handling of your insurance we would encourage you, in the first instance, to contact the manager concerned. You can write or telephone whichever suits you, and ask your contact to review the problem. Refer your complaint to Fusion s Managing Director If you remain unhappy with the decision you receive, you should contact, with full details including policy number and/or claim number, the Managing Director Fusion Insurance Services Limited 40 Mitre Street London EC3A 3DE Tel: Fax: managingdirector@fusioninsurance.co.uk Refer your complaint to the Chief Executive of Norwich Union Insurance If you are still unhappy with the decision you receive please write with full details including policy number and/or claim number, to The Chief Executive Norwich Union Insurance Surrey Street Norwich NR1 3NS A review of the matter will then be carried out at a senior level and a final decision given. Refer your complaint to the Financial Ombudsman Service If after making a complaint to Fusion and Norwich Union Insurance as set out above you are still unhappy and you feel the matter has not been resolved to your satisfaction, please contact the FOS at Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR Tel: Compensation Scheme The Underwriters of this insurance as defined in this Policy are covered by the Financial Services Compensation Scheme (FSCS). If they cannot meet their obligations, you may be entitled to compensation under this scheme depending on the type of insurance and the circumstances of the claim. You are covered for 100 per cent of the first 2,000 and 90 per cent of the remainder of the claim without any upper limit. However, for compulsory classes of insurance, you are covered for 100 per cent of the claim without any upper limit. Further information about compensation scheme arrangements is available from the FSCS. You can visit their website at or write to Financial Services Compensation Scheme 7th Floor Lloyd s Chambers Portsoken Street London E1 8BN

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8 Ref: F002KF (03/06) Fusion Insurance Services Limited is authorised and regulated by the Financial Services Authority FSA No Fusion Insurance is a coverholder and acts for certain leading insurers Registered Office: Towergate House, 2 County Gate, Staceys Street, Maidstone, Kent, ME14 1ST Company No England