The Ogden Discount Rate Explained
The Government’s recent announcement that the Ogden discount rate is to be reduced from +2.5% to -0.75% has affected the insurance industry significantly. What is it? The Ogden discount rate is a calculation used to determine how much money insurance companies should pay as compensation to people who have suffered life-changing injuries so that it will cover all their predicted future losses. The settlement amount agreed aims to reflect the claimant’s future loss of earnings, as well as covering any care costs. However, because it is paid in a lump sum which will be invested when it is received, the amount is adjusted to account for the interest they would expect to earn. This is where the discount rate comes in. How does it work?......
Just under 6 weeks until 12% Insurance Premium Tax
Amid reports that car insurance premiums have seen an 8% increase in the last six months, the new rate of Insurance Premium Tax (IPT) is on the horizon. Currently the rate is 10% and from the 1st June, the new figure of 12% is estimated to add £51 to the average household’s bills, with an increase on car insurance of £15 a year, according to research from Mirror Money. However, the government insists that when offset with a crackdown on whiplash claims and a freeze in fuel duty, drivers may see a decrease in their motoring outgoings, despite the change in IPT.
New Car Tax Rules
New vehicle tax rates are coming into force this year and will affect the way in which vehicle tax is calculated for vehicles that are registered with the DVLA from 1st April 2017. They do not apply if you registered your vehicle before 1st April 2017.
Retailers – Are you thinking of selling fireworks?
If you have a shop you may start to sell small amounts of fireworks as we approach Bonfire Night. If you are doing so, there is some important Government advice to be aware of and remember to advise your insurer:
The Insurance Act is Coming
Please see the our article providing general information on the effect of the Act which is to be implemented in August this year.
Hot Hot Hot
TRAVEL INSURANCE - Wishing everyone in Shoreham By Sea, Sussex and further afield a great weekend in our first hot weekend of the year. It may remind you of your upcoming summer holiday or that you need to book one. One thing to ensure is that you have appropriate Travel Insurance
We are proud to announce our new sponsorship of Storrington Squash Club, Dunsfold Cricket Club and Worthing Hockey Club and continuing sponsorship of Shoreham Football Club, the Adur Arts Trail, the Shoreham Bonfire Society’s 2015 Event and main sponsors of St James's Montefiore Cricket Club. All good causes in and around Sussex.
Insurance Premium Tax Rate Change (AGAIN)
This time, the Chancellor is increasing Insurance Premium Tax from 9.5% to 10% with effect from 1st October 2016 so within the space of a year it will have increased in total 4%!!!
Congratulation to our Helen Harris who recently qualified ACII - the Advanced Diploma in Insurance. It is an excellent achievement and no easy task. What with Helen's 20 plus years of experience, a credit to Dennis Watkins & Co
For some people sadly, the start of 2016 has been noteworthy for the continuous rain which has, in some cases brought flooding to their homes and businesses. We have listed some links containing information you may find useful:
Insurance made simple
The Chartered Insurance Institute (CII) has launched “Insurance Made Simple”.......
Insurance Premium Tax Rate Change
With effect from 1st November 2015, the Chancellor of the Exchequer is increasing the rate of Insurance Premium Tax (IPT) from 6% to 9.5%.
We are proud sponsors of Shoreham Football Club, the local Annual Donkey Derby, the Adur Arts Trail, main sponsors of the Shoreham Bonfire Society’s 2015 Event and main sponsors of St James's Montefiore Cricket Club
Insurance Act 2015
Together with the consumer insurance reforms in 2013, this Act represents the most significant changes to insurance law in over 100 years.....
Information regarding your Driving Licence
From 8th June 2015, the DVLA will no longer issue the paper counterpart. You will...
Having the correct sums insured is extremely important to avoid underinsurance and average applying in the event of a claim.