Adequate insurance needs to be arranged by winter sports fans

With winter now here there may be many people that are planning on heading out for a break to enjoy the exhilarating thrill of winter sports. This is the type of holiday that is hugely popular with many people, but is also the type of break that comes with increased risks due to the higher risk of injury. There are also higher risks posed because of the costly equipment that holidaymakers on winter breaks have to take with them, which can cost a fortune in the event of loss, theft or damage.

Officials are now urging consumers to ensure that if they do decide to take a break involving winter sports they take the time to take out the right level and type of travel insurance. Whilst some people may already have travel insurance or may take out a standard policy it is necessary to take out a special policy when participating in winter sports. Without this, the holidaymaker may find that they are not covered and in the event of an accident, injury or issue with equipment this could prove to be extremely costly.

When arranging travel insurance for winter sports holidaymakers need to make sure that not only are they covered against the increased medical and health risks that come with winter sports but that they also ensure that their costly equipment is also covered. With standard travel insurance a large percentage do not provide cover for any type of winter sports, which is why travellers need to check their policy before they head off on a winter holiday.

One official stated: “To ensure they get the right type and level of cover for their trip, people need to focus first and foremost on pinpointing the features they need.”

Tags: health, break, event, whilst, policy

Charity ideas – great ways to give in the recession

With the recession still in full swing in the UK most households are trying to make cutbacks, and this includes having to try and save money on everything from going out and entertainment to grocery bills, utilities, holidays, and more. Read more

Tags: charirty, donate during recession, charity credit card, quilts, charity recession, swing, uk

Highest number of insurance calls since 2007 floods

The recent storms and bad weather have generated the highest number of calls since the floods of last summer, according to one insurer.

Abbey stated that call volume doubled by half with people enquiring about their insurance cover while claims increased by over 55 per cent.

Findings from the financial expert said that the average claim total for 2007 storm damage stood at £913 while the average claim total for flood damage is £15,350.

The Association of British Insurers (ABI) said that some of its members will already have started contacting policy holders in the hardest hit areas.

Speaking to the Guardian, spokesman for the ABI, said: “Insurers will be contacting customers and saying that they know they are in the eye of the storm, as it were, and offering them help with their claim.”

Abbey insurance advised homeowners to keep all insurance and important documents in a water tight container and ensure you have a copy of your insurance hotline telephone number in the event of an emergency.

Tags: event, insurance hotline, Association of British Insurers, container, home insurance, Storm damage

Mortgage deals upset by credit crunch

Mortgage applications are being hit by the global credit crunch, new research has warned.

The chaos in global financial markets caused by the US sub-prime lending crisis is now unquestionably affecting ordinary people in the UK.

Brokers are reporting that 17 per cent of decisions in principle by mortgage lenders are not being honoured after the event, due to the rapidly changing conditions.

And nearly a quarter (23 per cent) of all mortgage offers being made have been affected by the credit crunch, brokers have told GE Money Home Lending.

Duncan Berry, Sales Director, GE Money Home Lending, warned: “During these challenging times there will inevitably be changes to ranges with shorter notice periods, but communication is key and lenders should endeavour to give brokers reasonable notice to alterations in product ranges and changes to pipeline dates.”

Nevertheless, brokers themselves were found to be remarkably tolerant of lenders’ behaviour.

59 per cent said that it was acceptable for deals to be withdrawn or changed at short notice.

Tags: event, chaos, Financial economics, Yield spread premium, product ranges, Financial crisis of 2007–2009, brokers reasonable notice, crisis

Employers must help staff with finances

Employers should play a bigger part in helping their workers deal with debt, a panel of experts has claimed.

Businesses should provide their staff with clear, impartial financial advice and help them to get into the habit of planning their finances, it was argued.

Stress caused by financial worries costs British businesses £9.6 billion a year in absenteeism, delegates at a roundtable discussion hosted by insurance giant AXA.

The event was in aid of My Budget Day, an AXA-sponsored event aimed at encouraging businesses to help their employees keep control of their money.

Richard Lambert, director general of the Confederation of British Industry (CBI), told the meeting: “It’s clear that industry needs to take responsibility for the wellbeing of their employees. There are a lot of companies out there that are considering how they might offer generic financial advice to their employees, and there are parallels with what companies are doing to raise general education levels as well as the fitness of their employees. It all improves morale.”

Another delegate, acting Liberal Democrat leader Vince Cable warned that any advice provided must be impartial.

“We also need to ensure that there are safeguards in place to prevent financial services companies from selling their own products to their employees,” he stressed.

An experiment AXA ran last year found that households given access to independent financial advice, on the whole, ended the year better off than those left to their own devices.

Tags: control, Vince Cable, place, richard lambert, event, aid

Homeowners urged to prepare for winter

With Britain’s wettest ever summer confirming that people are no longer safe from “extreme weather” at any time of the year, Defaqto has urged homeowners to check that their buildings and contents policies offer adequate levels of cover.

The independent financial research company warned policy holders to pay particular attention of exclusions incorporated into their buildings and contents policies, particularly those which might concern storm damage or flooding.

Although storm and flood damage is usually standard in most contents policies, they do not all include “contents in the open” such as garden furniture, Defaqto warned, revealing also that nearly all buildings policies exclude cover for weather damage to fences, gates and hedges.

Mel Gray, senior researcher at Defaqto, said: “A lightning strike could set your property on fire, resulting in your home and all your possessions being destroyed.

“So it’s essential that people check that the sums insured under their buildings and contents policies are adequate to cover such a catastrophic event.”

Last week, Lloyds TSB Insurance urged people to act quickly if they need to make a claim for damaged properties, following the tornadoes that wreaked havoc in Hampshire, Warwickshire, Bedfordshire and Derbyshire.

Tags: Product Issues, claim, lloyds tsb, tornadoes, home insurance

How Your UK Credit Rating Can Affect Your UK Car Insurance Premiums

So you’ve never had a parking ticket, speeding ticket, been picked up for drunk driving or had any points on your driving licence. In short, you are the model UK driver. And yet, when you compare your car premium payments with your friends, you find out that you are paying more them. How can that be so? Read more

Tags: Types of insurance, UK motor insurance, UK car insurance, credit rating, licence, event, car insurance premiums, Insurance