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Category: Client

Stillage Conditions Explained

Posted on: January 3, 2019
Categories: Client, Retail, Warehousing

By Emma Hughes, New Business Broker

A stillage condition is simply the height at which goods must be stored off the ground. It is important to know whether or not your policy contains a stillage condition as it usually a condition precedent to liability. When a condition is precedent to liability it means that if you are non-compliant with the policy condition then the insurer can avoid meeting liability for that aspect of the insurances.

The condition is most commonly found when a business stores a large quantity of stock or materials. Most warehousing and retail policies will contain a stillage condition but it is not exclusive to these sectors.

Below is a typical example of a stillage condition wording:

STILLAGE CONDITION
It is a condition precedent to liability under Section A of the Policy that all Stock insured shall be stored on pallets, shelving, racking or similar at least 15 centimetres off the floor.

The height stipulated can vary and is generally influenced by the flood risk in your area, where the goods are being stored e.g. a basement presents a higher risk of flood than first floor, or the value of goods at risk.

If your policy contained the above stillage condition and you were unfortunate enough to suffer from a flood, any stock that was stored below the 15cm would not be indemnified by insurers. This would be the case even when you have insured for the full value of all stock. For some businesses this could represent a huge uninsured loss.

Any conditions of this nature should be highlighted in your policy documents but if it is unclear then please do not hesitate to contact us on 01642 240400.

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Seasonal Stock Increases

Posted on: November 6, 2018
Categories: Client, Trends

By Emma Hughes, New Business Broker

The final quarter of the year brings about increased levels of activity within the retail sector. The surge in consumer demand sees the stockpiling of goods, greater number of staff and longer working hours. During this hectic time it is unlikely you will stop to think; am I covered for this?

Check and Don’t Chance

You may find that the increased stock you are holding over the festive period leaves you open to underinsurance. In the event of underinsurance the insurers will apply the clause of Average. The clause of Average influences how much of a claim will be paid. For example, if you have insured your stock for £10,000 but during the month of December this increases to £20,000 then the Average Clause would be applied and any claim would be reduced by 50% in-line with the underinsurance.

Some Insurers may offer a ‘Seasonal Stock Increase’ extension to their Retail packages. This extension offers a discretional increase of 20% to 30% typically during the busier months. It is important to check whether this extension is included and whether the uplifted sum is adequate to cover your increased exposure. If you are unsure then it is best to make insurers aware immediately of the change.

It is also important to make insurers aware of any other changes that may happen over the festive period; from Santa Clause meet & greets to the loaning of a Fork Lift Truck in order to move stock more easily. Anything that is out of the ordinary for your business needs to be disclosed to insurers.

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Five Tips To Stay Safe On The Road This Winter

Posted on: October 26, 2018
Categories: Client, Community, Erimus IB, General, Technical, Trends

By Emma Hughes, New Business Broker

As we say goodbye to our glorious summer it is time to start thinking about winter and how to keep yourself and loved ones safe on the roads. The clocks going back signals the start of dark evening commutes, increasing road accidents between the hours of 5pm and 8pm by 34%. With this in mind we have put together 5 top tips to ensure you are prepared for winter driving.

 

Lights Make sure that your headlights are free of dirt, switched on and in good working order – no matter the time of day. The darkness coupled with adverse weather conditions means visibility is reduced and the likelihood of an accident increases.

Speed Inclement weather and poor visibility means that you may have to react quickly to unforeseen situations, try to keep below the speed limit allowing for easier adaptation of speed. You should aim to maintain a moderate and steady speed.

Pedestrians Although your lights may be in tip-top shape be aware that others, particularly cyclists and pedestrians, may not be as well prepared. Darker clothing and no lights can make people difficult to spot so be vigilant.

Tyres Seasonal hazards such as slippery leaves, mud and ice can be treacherous so make sure that you have checked your tyres. If they are looking borderline then don’t risk it, get a new set and consider investing in specialist winter tyres.

Visibility The low winter sun and headlights can cause glare; avoid excessive glare by keeping your windscreen clean (inside & out) and making sure your wiper blades are in good working order. Also, make sure your windscreen wash is topped up regularly with anti-freeze solution.

 

For further information see Insure The Box’s full study: https://www.insurethebox.com/beware-fright-night-as-the-clocks-go-back-this-weekend/

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TIC and Erimus Insurance Brokers are delighted to announce that Mercedes-Benz Retail Group trading as Corporate Sales have agreed access for all TIC and Erimus's customers to preferential rates and terms for the supply of new Mercedes-Benz cars. If you are in the market for a new car and particularly enjoy the prestige Mercedes-Benz brand we are confident that we will be able to introduce you to the best rates and terms available. You can access Mercedes-Benz Retail Group Corporate sales by clicking here. Alternatively, please call us on our main land line number and we will set the 'wheels in motion' towards obtaining your new Mercedes.

Please note: If your enquiry is made by email via the links on our websites or directly on the phone to Mercedes-Benz Retail Corporate Sales, to obtain our preferential terms you MUST state or mention in the comment box "referred by Erimus Insurance Brokers" or "referred by Teesside Insurance Consultants (TIC)".

Erimus Insurance Brokers is a trading name of Teesside Insurance Consultants Ltd. Registered in England No. 2043783. Authorised and regulated by the Financial Conduct Authority No. 307660.
Directors: P.J. Davison, S.D.E. Hughes, I. Miller ACII, S.S. Pinnell. Non Executive Director: G. Lumby MBE, FCIBS.
Company Secretary: C. L. Nolan.
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