What's New
MacKay Corporate Insurance Brokers
38 Miller Road
Ayr
KA7 2AY
Ayrshire
Scotland
Tel: 01292 611028
Fax: 01292 611179
What's New?
Top Articles
Storms Update 2011/ 2012.
The end to 2011 and the start of 2012 was an eventful time for the Insurance Industry, especially for those of us based in the West of Scotland. This period was dominated by an extremely windy month with excessive winds being recorded on a number of occasions. The West of Scotland experienced three days of excessively high winds which resulted in widespread damage across the region. It is expected that the clean up from this will last for a number of months going forward and Insurers and everyone involved in the claims chain are exceptionally busy following the events.
The advice that we have provided to customers in these situations is for small damage that occurred to property to have repaired themselves and forward to us the invoices and supporting documentation to allow recovery to be made from their Insurers. Due to the high volume of claims it is extremely difficult to get hold of contractors who can carry out the repairs and if clients have access to contractors it has been suggested that they utilise these relationships and have the work carried out as soon as possible. This will prevent further damage occuring and also consequential losses following the damage to the property.
For unfortunate clients who have sustained extensive damage a claim will have to process along the route of a Loss Adjuster approving the works and then the scheme of works being undertaken by an appointed contractor. Speed again is of the essence in order to prevent ongoing damage occuring and everybody in the insurance chain will work to ensure that repairs are carried out and clients are returned to normality as soon as possible.
It is estimated currently that the cost to the Insurance sector and business could be as high as £100 million following the storms over the last 4-6 weeks.
If any clients have questions regarding a particular claim, potential claim surrounding the recent period of bad weather they should contact the Account Executive at Mackay Corporate to discuss these matters and bring about a speedy resolution.
Published on: 18/01/2012
Costa Concordia Marine Tragedy
The recent events in Italy where the Costa Concordia Cruise Ship struck disaster when it was holed which ultimately resulted in the Cruise Ship being evacuated and turning into a wreck. Our thoughts are with everyone involved in this and the human tragedy element of this which at the time of writing is still unfolding.
The Insurance Industry has estimated that this could be the largest single marine loss with some estimates putting the losses up to £650 Million. The previous largest loss was that of the Oil Tanker 'Exxon Valdez' which ran aground in Alaska in 1989 and had a total cost of circa £500 Million.
The expected cost although large to the Insurance Sector as a whole will not be borne by any one insurer at this time. The majority of the risk will be passed onto the re-insurance market and it will be sometime before the total loss is calculated. It is interesting to note that the Excess on the hull is reported to be £30 Million which to many clients will seem enormous but when compared to the total value at risk is not unusual for this sector.
The main point to raise for clients of Mackay Corporate would be the need to have travel insurance in force prior to engaging on any trip. This will in an event of a disaster or inconvenience occurring whilst on holiday, it will secure your wellbeing and your return to the United Kingdom at the earliest possible opportunity. The Policy should also ensure that financially you are reimbursed for the cost of the inconvenience. In the instance of the cruise ship passangers it is expected the owners will compensate and arrange safe passage for the passenegers.
Published on: 18/01/2012
Keeping Us Advised!
HELP US TO HELP YOU
Brokers exist to help their clients but to give the very best service, we need help from our clients too.
Something unexpected - a bad debt, floods, one of a dozen perils or a major lawsuit - could damage or even destroy your business.
To help you, your broker must be made aware as soon as possible of all relevant changes in your business in order to avoid last-minute panics.
The prompt provision of information should ensure that no final decisions need to be taken before you fully understand their likely impact on risks and premiums.
In any of the following cases one quick call to a broker could save money and prevent expensive mistakes.
Buying a business
The broker should be involved in the due diligence process. A detailed examination of the business is all the more important at a time of rising premiums. There may also be undisclosed liabilities or particular areas of business that will prove hard to cover at a reasonable price.
Selling a business
The impact of disposing of a business on your existing insurance programme could be unexpected and extreme. Cover may be necessary to protect against late-reported claims. Sometimes 'hold harmless' agreements - indemnities or warranties against unforeseen past losses that suddenly surface - may leave liabilities which call for extra insurance.
Buying and building new premises, moving or extending existing premises
Sometimes these will be unsuitable for the use you intend. Insurers may ask for costly improvements, such as fire doors and security equipment, and architects may not fully appreciate what' the insurers require. Small changes to the plans in advance could substantially reduce premiums.
New contracts and developments
Any new contracts could affect your insurance programme by introducing new risks that require cover and management. Wherever possible, these should be assessed by a broker before any documents are signed.
Entering new markets and launching new products
Insuring exports to some countries can prove expensive, and the supply of goods or services to particular sectors may bring insurance problems. New products or service may also have a fundamental impact on your insurance arrangements.
The broker should be involved in the evaulation process.
Police withdrawing support
The police sometimes withdraw support for monitoring alarm calls. It is vital that you inform your broker immediately as cover is unlikely to operate.
Taking on major new suppliers and customers
New contracts may impose extra liabilities as well as adding to the risks your business must consider.
New plant and equipment
Existing insurance may be inadequate and special cover could be necessary. A new process could mean an increase in premiums or breach a condition in your curent policy.
New drivers or cars
Employing a young driver with a Ferrari could make your entire motor fleet uninsurable(Tony, is this right, or would it just invalidate the existing insurance?). Yes it could apply). It's wise to discuss changes in recruitment and vehicle policies in advance.
Help us to do an even better job. Keep us informed!
Published on: 18/01/2012
Christmas Office Opening Hours
We will be closed from the 24th December until the 28th December 2011
The office will then close on the 30th December and open again on the 4th January 2011
Wed 28th - Friday 30th 9am - 5pm
Wed 4th January normal service will resume.
Thank you and have a Happy Festive Period.
Published on: 23/12/2011
Management Changes December 2011
New Team
We are delighted to announce the following structural changes to our business, with effect from the 1st December 2011.
Alan MacKay, who founded the Company in 1989, becomes Non-Executive Director
Ian Warnock promoted to Chairman
David MacKay promoted to Managing Director
These changes reflect the success of our business and our commitment to the development and strengthening of our team.
There will be no changes to the personnel looking after your interests and please be assured that we will continue to focus entirely on delivering excellent customer service at all times.
Published on: 14/12/2011