General Insurance Advice
Why should I insure?
Some of the most common reasons for purchasing an insurance product are:
- The person seeking insurance cannot afford to incur a loss relating to the item they are looking to insure
- It is required by law i.e. compulsory insurance for vehicles
KBIS recommend that you consider insuring any risk you are exposed to which could affect you physically or financially.
What should I consider?
You also need to consider if the insurance is required by law or statute, the following acts may affect yourself as a rider or your business and would therefore require you to have the appropriate insurance:
- Employers Liability Act 1969
- Riding Establishment Act 1964
- Road Traffic Act 1988
When taking out insurance you will most likely be asked a number of questions to enable the insurers to assess the risk prior to agreeing cover. It is your duty to ensure that you answer all questions honestly and reasonably. If you fail to tell your insurer something when asked or deliberately make misrepresentations when answering questions your policy may leave you with no insurance protection.
The Insurance Act 2015, which came into affect in August 2016, also has a significant impact on the operation of your insurance policy, including your disclosure obligations towards an insurer. The Act applies to all non-consumer insurance policies and we have detailed further information about the reforms and their importance in the following document: Client Information - The Insurance Act 2015.
Who can I approach?
The Insurer or Broker must be authorised and regulated by the Financial Conduct Authority (FCA) who regulate by means of a range of strict rules and principals. You can find out if a company is registered by the FCA by visiting www.fca.org.uk/register/. A broker may also be regulated by the Prudential Regulation Authority (PRA).
The Financial Ombudsman Service (FOS) also has an important role in that it serves to mediate between an Insurer or Broker and a consumer who feels that their complaint has not been appropriately resolved. You can find out more about the FOS by visiting www.financial-ombudsman.org.uk
What service will I receive?
An advised sale means that the customer will receive a personalised recommendation about the suitability of a product based on the individual's unique demands and needs.
A non-advised sale entails providing the customer with enough information so that they can make a reasonably informed decision about the suitability of an insurance product.
Generally speaking, most general insurance sales are non-advised however if you employ the services of an insurance broker you are more likely to be offered an advised sale.
How do I choose which insurance company to use?
Have you heard of the company before?
How long has the company been trading?
Are they registered with the FCA (Financial Conduct Authority)?
Are the staff knowledgeable and friendly?
Do they offer flexible cover options?
Have they gained a good reputation for paying claims?
Do they offer additional cover such as horseboxes, liability & property that you may wish to look at taking out in the future?
One of the best indicators is often to ask around and see what companies other people would recommend.
What will I pay?
What do I do if I need to claim?
When submitting your claim form you may be asked to forward any receipts/invoices in relation to the claim, together with any photographs of the damage.
In the case of a complex claim, the insurance company may appoint a Loss Adjuster, an independent claims specialist, to establish the cause of the loss.
You can view the KBIS Claims Procedure here
Can I cancel my insurance cover?
You may be able to cancel your policy on a pro rata basis, though there may be an administration charge incurred. A full refund may be offered on a policy if you cancel within the first 14 days.
In the event that a claim has been paid out on the policy then there will be no return in the premium.
How long does my insurance cover run for?
Some policies may run for a longer period, for example, KBIS provide 15 months vet fee cover contracts under our Competition policy. You can also obtain shorter contracts in relation to a specific time frame, for example, event insurance, or cover for a horse in transit which normally runs 24 hours before and after the specified journey.
What do I do if I am unhappy with my insurance company?
If the company is unable to resolve your complaint to your satisfaction and you want to take it further then your will be directed to the Financial Ombudsman Service (FOS).