Commercial Combined Key Facts

Transcription

1 Commercial Combined Key Facts

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3 Commercial Combined Insurance Guide and Certificate 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 less than 250. Your broker is there to help you assess your insurance and risk management needs. Fusion is a Lloyd s service company which means that you have the strength, security and tradition of Lloyd s of London, the 300 year old, second largest commercial insurer in the world, with total resources of 28 billion behind you. Recognised by two independent international rating agencies: A.M. Best and Standard and Poor s who rate Lloyd s as A (Excellent) and A (Strong) respectively. 93% of FTSE100 Companies insure at Lloyd s. Additional Benefits As well as the insurance cover, Fusion offers its Commercial Combined 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 Certificate. Any customer who has a dispute over the amount, liability or any other aspect of a claim, can insist on a face-toface 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. Target 100- Health and Safety Management System All companies employing over 5 people (including part-time staff) are required by law to keep health and safety records. You must have a written, up-todate, health and safety policy, carry out risk assessments and record the main findings and arrangements for health and safety. Non-compliance can result in a major fine or even imprisonment. Target 100 is a simple to use, online system to help 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. Ancillary features of Target 100 include: Accident and incident reporting, which can be linked to risk assessment performance; Management reporting on health and safety progress; Self audit; Training monitoring and reporting; Creating and updating a Health and Safety policy; Up to date information on current legislation Health and Safety information. Support by a helpline facility that provides easy access to a team of fully qualified health and safety advisers, as well as access to a range of additional services at a fee. Achieves nationally recognised standards, HSG 65 and OHSAS Target 100 can be accessed by registering at

4 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, plant or stock gives competitors the chance to lure away hard won customers, who almost never return. Un-fulfilled contracts can also cause a terminal loss of reputation. 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 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. 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. Fusion business law 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 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. Businesses need to be aware of their legal responsibilities and develop practical proposals for taking action to reduce the effects of stress in the workplace, such as increasing the awareness of staff and developing a supporting culture. Such a policy should emphasise senior management commitment to implementation and outline how the management framework for risk assessment, discussion, analysis and review of problems is to be set up. Making a stress counselling service available to staff is a clear demonstration of commitment. Employers who adopt a positive policy towards stress as part of their health and safety at work can promote improved morale and work performance, lower sickness absence, as well as helping to mitigate any Employers Liability claims and obligations under health and safety law. The telephone number for this service is , further details 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 certificate can be invited at expiry rates and terms regardless of claims experience. 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, Maintenance and Security and Fire Protection. Certificate Summary Fusion offers tailored cover designed in partnership with your broker to meet your needs. This Certificate Summary contains key information about

5 the insurance Certificate that you must read. It does not contain the full terms and conditions of the Certificate which can be found in the Certificate booklet. This Certificate Summary does not form part of your contract of insurance. Insurer This insurance Certificate is underwritten by Lloyd s Syndicate No Certificate Cover The Commercial Combined Insurance covers available are summarised below. Your Certificate, Appendix or other documents 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 from a range of specified perils including fire, lightning, aircraft, explosion, riot, civil commotion, malicious damage, impact, storm, flood, escape of water 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, architects and surveyor s fees, capital additions, removal of property to exhibitions, costs incurred in the tracing of and gaining access to escapes of water or fuel oil and landscaping costs following damage by emergency services. B. Business Interruption which provides indemnity for losses sustained as a consequence of losses covered under the Material Damage section. The cover can protect against loss of profits, revenue, rentals, accounts receivable and can be additionally extended to cover additional increased costs of working. Automatic extensions include cover for consequential losses following damage at the premises of suppliers and customers in Great Britain and Northern Ireland, public utilities, denial of access, infectious diseases, book debts and essential personnel. C. Theft which provides indemnity against physical loss or damage to your property by theft from the buildings using forcible or violent entry or exit. Automatic extensions include cover for collusion by employees, replacement locks and removal of property to exhibitions. Limits may apply to these extensions. D. 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. Public 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. Products Liability protects against your legal liability for damages in respect of accidental bodily injury to or damage to the property of a third party caused by or arising from products supplied by you. Each of the above areas of cover will be subject to limits of liability stated in the Certificate. Extensions to this section include payment of claimants costs and expenses, defendants costs and expenses for legal representation and legal costs and expenses of defending criminal proceedings brought for a breach of the Health and Safety at Work etc. Act (1974) E. Money which provides indemnity against loss of money and extends, subject to limits, costs of replacement safes, keys and locks. Additionally there is a Personal Accident Assault extension that pays benefits to any insured person injured or incapacitated following assault for the purposes of theft or attempted theft of money. F. Goods In Transit which provides indemnity against the risks of physical loss and damage to property whilst in transit by various means of transport within the UK and internationally. For transits within the UK cover is extended to include items of personal effects and equipment used in conjunction with the business. G. Business Machines which provides indemnity on an all risks basis for specific items at or away from the premises and can provide cover worldwide if required. H. Frozen Food which provides indemnity for loss or damage to contents of goods in deep freezers caused by a failure in public electricity supply or a failure in the cabinet including any escape of refrigerant fumes. I. Fidelity Guarantee which provides indemnity for theft of money or goods belonging to or the responsibility of the Insured by any employee. The theft must be discovered within 24 months of the theft or the expiry of the period of insurance in which the theft took place. J. Loss of Licence which provides indemnity against forfeiture or refusal to renew a licence for the retail sale of excisable liquors. K. Terrorism which provides indemnity against damage or consequential losses to the items stated in the Material Damage, Business Interruption and Business Machines sections as a result of an act certified as an act of terrorism by the Government. Legal expenses insurance is underwritten by DAS Legal Expenses Insurance Company Ltd 100,000 limit for legal costs including solicitors and barristers fees, court costs, expenses for expert witnesses, attendance expenses and accountants fees not exceeding 500,000 in any one period of insurance

6 Employment Disputes and Compensation Awards Employment contract defence costs. Defence costs arising from an alleged breach of employment statutory rights. 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 your business activities. Civil actions under Section 13 of 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 Certificate 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. 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. Exclusions and Limitations Exclusions and limitations may apply to the insurance cover and extensions described above. Where relevant, these will be set out in your Schedule and otherwise will be highlighted by your broker. 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 Fusion via your broker immediately you become aware of an incident likely to give rise to a claim under your Certificate When notifying the claim, you must provide your name, the insured person or persons name (if different), give details of the circumstances of the claim and the Certificate Number, together with your postal address and contact telephone number. Cancellation The Underwriters may cancel this Certificate or any part thereof by giving 7 days notice by recorded delivery letter to your last known address and in such case you shall be entitled to the return of a proportionate part of the premium in respect of the unexpired Period of Insurance. Complaints Fusion aims to provide a first class professional service to its customers. Should you have any questions, concerns about your Certificate or the handling of a claim you should, in the first instance, direct your enquiry or complaint through your broker or the manager of our local office. Fusion local office addresses can be found at Otherwise, if you wish to make a complaint you should contact:- The Managing Director, Fusion Insurance services Limited, 71 Fenchurch Street, London EC3M 4HH Tel No Fax No E Mail Managingdirector@fusioninsurance.co.uk If you are unable to resolve the situation you may, in certain circumstances, contact the Complaints Department at Lloyd s: Address: Complaints Department, Lloyd s, One Lime Street, London EC3M 7HA Tel No: ; Fax No: ; Complaints@Lloyds.com Finally, in the event that the Complaints Department is unable to resolve your complaint, it may be possible for you to refer it to the Financial Ombudsman Service (FOS) or other local dispute resolution body. Further details will be provided at the appropriate stage of the complaints process. This complaints procedure is without prejudice to your right to take legal proceedings. Compensation Lloyd's underwriters are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the Scheme if a Lloyd's underwriter is unable to meet its obligations to you under this contract. If you were entitled to compensation under the Scheme, the level and extent of the compensation would depend on the nature of this contract. Further Information about the Scheme is available from the Financial Services Compensation Scheme (7th floor Lloyd s Chambers, Portsoken Street, London E1 8BN) and on their website:

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8 Ref: F002KF (04/05) Fusion Insurance Services Limited is authorised and regulated by the Financial Services Authority FSA No Fusion Insurance is a Lloyd s service company and acts for certain underwriters at Lloyd s and/or other insurers Registered Office: 71 Fenchurch Street London EC3M 4HH Company No England