Gap Insurance – Are you covered?

September is one of the busiest months of the year for the UK motor industry with the launch of the new registration plate

Jackson Lee* has advised that in September 2016, according to the Society of Motor Manufacturers and Traders, 469,696 new cars were registered.  Similar numbers are expected this year with around 80% of new cars being purchased on finance.

What is GAP insurance and why do I need it??

If your vehicle is stolen or written off due to an accident it is likely that your motor insurer will only pay the current market value for your vehicle.  This amount could be less than what you originally paid for your vehicle or even less than what you still owe on finance.  With 70% of consumers leasing and financing vehicles this is a financial risk many consumers face.  Universal GAP insurance is designed to protect you against this financial shortfall.

My motor insurance policy offers a new replacement vehicle whilst in its first year of registration. You may not be eligible for a new replacement vehicle if:

  • Your vehicle is pre-registered, i.e. new to you but has already been registered to the dealer to reduce VAT
  • Your vehicle has exceeded a certain mileage
  • You are not the owner/registered keeper of the vehicle. Consider lease agreements.
  • If current production is no longer available. Often insurers will then revert to the market value which will be significantly lower than their obligation under replacement vehicle cover.

Why should I buy GAP cover from a broker?

  • You are charged 12% insurance premium tax (IPT) opposed to 20% through a motor dealer
  • No need to cancel your GAP policy if you change your vehicle and you can change your vehicle as many times as you wish
  • In the event of a claim, Jackson Lee will assist you with verifying the value of your motor insurers claim settlement
  • No more paying for cover you don’t use. The product is annually renewable should you choose, eradicating the need to pay a lump sum upfront for a 3 year policy and runs in line with your current motor insurance
  • You are covered no matter how and when the vehicle is purchased. Motor dealers will only sell GAP at the point of sale and customers generally cannot return several months later to purchase GAP.
  • You are covered for the £250 excess in the event of a fault claim
  • Competitive pricing across all car makes, models and derivatives – available for new or used vehicles.
  • Just 3 policy exclusions and only 2 ½ pages of policy wording

You can now purchase GAP insurance for your vehicles from us at Bruce Stevenson.  Please contact your account handler or call us on 0131 553 2293 | email [email protected].

Underwritten by Jackson Lee Underwriting who have been accredited as the BIBA Approved Scheme provider for GAP since 2012.

 

Countdown to Spirit of Speyside: Distilled!

If you’re looking for beer that promises to be – in the words of a Speyside brewer – a refreshing change from “mass produced mouthwash” or cool ideas like adding a slice of apple, rather than a wedge of lemon, to enhance a gin and tonic, then Spirit of Speyside: Distilled is the place to be.

Keith Brewery and Caorunn Gin feature in the 30-strong line up of exhibitors taking part in the two-day celebration of the region’s gastronomy on September 1 and 2 at Elgin Town Hall.

Spirit of Speyside: Distilled offers the chance to meet the producers – like the chocolate maker from Favour-it Flavours who is isn’t afraid to experiment with new tastes, with crushed Oreo, caramel biscotti and jelly bean being among the most recent trials, and she’s never short of volunteers to help with a spot of new product sampling.

Find out the best cuppa to start the day, with Cairngorm Leaf and Bean and discover how Macleans Highland Bakery add a twist to their oatcakes offering ranges that have a touch of chilli, haggis, seaweed and black pepper or vanilla.

Whisky Maturation - insuranceBartenders, baristas, brewers, whisky makers and foodies will be there so expect to find samples and tastings, demonstrations, food and drink pairings, storytelling and masterclasses.

It’s the second of the new-breed event celebrating the vibrancy of Speyside’s food and drink producers, from artisanal operators to the globally renowned drinks brands.

It seeks to show the region’s wide range of gourmet delights with surprising flavours from alternative producers who, alongside the region’s well-known whisky brands, are keeping the region at the fore of the Scottish food and drink scene.

The craft producers join the big hitters and they all have one thing in common – people passionate about making great tasting food and drink.

The two-day pop-up festival is being delivered by the team behind the world-famous Spirit of Speyside Whisky Festival.

Festival chairman James Campbell said: “A new generation of people want to seek out artisanal products while enjoying the produce of pioneering businesses that placed the region on the food and drink map.

“What makes Distilled stand out is that food and drink producers come together under one roof. There are so many great food and drink companies operating in the region and this event is a good way of highlighting that diversity while making it easily accessible to visitors.

“It’s a chance to discover new tastes and products, and to try some punchy tastes and flavours, some of which may be familiar and some which will be new. Tickets are selling fast and places are limited so pre-ordering them is the best way to ensure you don’t miss out.”

Distilled is sponsored by Bruce Stevenson Insurance Brokers and runs over four sessions, from 1-5pm and 6-10pm on both the Friday and Saturday. Tickets are priced at £20 and this includes entry, six vouchers for tasting samples of gin, whisky or beer, a lanyard and a Glencairn crystal nosing and tasting glass.

All whisky, gin, beer and foods on offer will have a Speyside provenance and there will be the chance to purchase products from stand holders. Festival merchandise will also be on sale.

For more information and to book tickets, visit www.distilled.scot

Distilled is active on social media at www.facebook.com/distilledscot on Twitter and Instagram @distilledscot. Follow the festival at #distilled17

Platinum Sponsors of Spirit of Speyside: Distilled

BEER, BEETROOT AND BERRY-FLAVOURED GIN THE PERFECT BLEND FOR SCOTTISH BROKERS

Leading insurance brokers confirmed as headline sponsor for Spirit of Speyside: Distilled

One of Scotland’s largest insurance brokers Bruce Stevenson Insurance Brokers is getting into the spirit of Speyside as the headline sponsor of Spirit of Speyside: Distilled – an innovative event bringing together a blend of the region’s best food and drink producers next month.

Niche producers such as Simpson’s Ice Cream, Berry Good Gin, rum distillers Beach Craft Spirits, Spey Valley Brewery and chocolates from Favour-it Flavours will set up alongside globally renowned brands including Baxters, The Glenlivet, Walkers Shortbread and The Macallan for the two-day event.

Spirit of Speyside: Distilled, which is staged in Elgin Town Hall on September 1 and 2, is an off-shoot of the popular annual Spirit of Speyside Whisky Festival. Now in its second year, Distilled, sponsored once again by Bruce Stevenson Insurance Brokers, aims to showcase the region as a true foodie paradise offering so much more than whisky.

Bruce Stevenson is Scotland’s second largest insurance broker with offices in Glasgow, Edinburgh, the North East and Scottish Borders.  The Firm, which opened in 1981, provides first class insurance broking and specialist risk management services for both private clients as well as businesses.

Graeme Dempster, Account Executive from Bruce Stevenson Insurance Brokers, said: “The Spirit of Speyside; Distilled event is a great fit for our brand. The food and drink sector is specialist when it comes to its insurance requirements and one which we actively support, in particular distilleries, manufacture and production, with policies offering tailored protection and enhanced cover. Last year was a superb event with a plethora of visitors and producers represented.  This year’s event looks set to be even bigger than before with new exhibitors as well as all those companies who attended last year.”

Festival chairman James Campbell highlighted that the fact that Distilled blends together household names with small one-man operations proved to be a real talking point at last year’s inaugural event, and organisers are delighted to introduce new exhibitors this year.  He said: “It is only when so many food and drink producers are gathered together under one roof that people really begin to realise how many fantastic companies we have operating right here on our own doorstep.

“The feedback we got from visitors last year was that they really enjoyed being able to wander around, sampling cocktails, gin, whisky and beer and getting a taste of the food that has also put Speyside on the map.

“And, of course, it is a great opportunity for them to come face to face with the people who are critical to our food and drink industry – the master distillers, distillery managers and innovators – which is also a hallmark of the main Spirit of Speyside Whisky Festival.”

Bruce Stevenson Sponsorship Spirit of Speyside

As well as producers, visitors to the event will be able to enjoy the products served up by some of Speyside’s best bars and eateries. The Copper Dog – part of the Craigellachie Hotel – will be re-created in the hall’s Supper Room and will have cocktails flowing, live music and food.  The Station Hotel, Rothes, will have a team of mixologists on hand to pour its signature range of whisky and gin cocktails – including the specially created ‘Distilled’ in honour of the event – while Elgin-based bar The Drouthy Cobbler will be giving visitors a taste of what it provides along with some Speyside-themed street food.

And – showing that Speyside is not all about hills and glens – the team at Harbour Lights in the coastal town of Lossiemouth will be showing off local seafood by serving up smoked salmon canapes and other treats.

In addition to the wide number of exhibitors, there is a programme of masterclasses giving visitors the chance to enjoy rare and cask strength drams, learn how to pair food, and discover more about Speyside’s other drinks producers. Tickets for masterclasses must be bought in addition to entry tickets.

Distilled will run for four different sessions, one from 1-5pm and one from 6-10pm on each day. Tickets are priced at £20 which includes entry, six vouchers for tasting samples of gin, whisky or beer, a lanyard and a Glencairn crystal nosing and tasting glass.

All whisky, gin, beer and foods on offer will have a Speyside provenance and there will be the chance to purchase products from stand holders. Festival merchandise will also be available to buy.

For more information and to book tickets, visit www.distilled.scot Distilled is active on social media at www.facebook.com/distilledscot on Twitter and Instagram @distilledscot. Follow the festival at #distilled17 or visit www.brucestevenson.co.uk.

Farming Insights – August 2017

What a difference a year makes! This time last year we were looking at one of the wettest summers and very difficult conditions in the run-up to harvest. In addition we had to contend with the uncertainty caused by Brexit and the weakened pound.

12 months on and although there has been occasional flooding and very heavy downpours the weather has been much better in the North East. Other areas in Scotland have had too much of a good thing and crops have been stunted due to drought conditions. This could potentially lead to a shortage of straw post-harvest and lower yields being recorded.

Farming Update Bruce Stevenson Insurance Brokers

The Brexit issue is still rumbling on and although there has been a promise of Support payments post Brexit, it is not known what these will look like. In addition there is still no solution to the problem with the system for processing applications or indeed whether subsidy payments will be made on time to all farmers.

The supply of labour from the EU is now under threat with no guarantee that EU workers will return after Britain leaves the EU. The number of foreign workers coming into the UK for seasonal agricultural work has already reduced due to improved working conditions in their home country and the impact of the UK exchange rate on their income.

The ban on Glycosphate was postponed in 2016 and is due to be decided upon in December this year. In the meantime Syngenta, along with other organisations, have instigated independent testing as to the impact of nicotinoids on the bee population in UK & EU. The results of 3 years of testing are still being analysed but it is looking likely that the ban will come into effect with no viable alternative available.

Recent arable crop trials have resulted in a few new varieties now being licensed. Potentially this gives farmers more choice and allows them to find the product most suitable for their growing plan for the coming year. However, it still requires co-operation from the maltsters in sourcing competitive markets for these.

The red meat market is still looking strong, with exports playing their part and the pig market is also looking positive in Scotland, with profits being recorded in both sectors.

If the crop harvest can be filled with heavy yields and buoyant premiums then hopefully farmers will feel more positive about the industry.

Home Security – Protect yourself

At Bruce Stevenson Private Clients we seek to advise clients on the best way to protect their home.

Evident physical security measures are a must, but perhaps less obvious is being aware of what you are posting on social media.  Photographs posted on Facebook, Instagram or Twitter of you on holiday can be hacked or viewed by undesirable prying eyes, alerting them to the fact that your home is unoccupied.

Andrew Davies, senior risk surveyor at AXA Art Insurance Limited always says treat security like an onion – starting with the outer perimeter layer (your boundary) then the layer around the house (locks and alarms) with further layers (safes, panic buttons, valuables such as cash distributed evenly around the house) until only finally do you reach the core. The more layers an intruder has to overcome, the harder it will be to break in, which will take longer and therefore they are less likely to try.

Layers of security:

Perimeter /Boundary of your property

  • Make it hard to penetrate, even hedges can be thick, prickly and thorny.
  • CCTV
  • Gated entry with video phone and security lighting

1st Inner layer – the garden

  • Don’t leave things like ladders lying around, or bins that can be used to climb up to access windows.
  • Keep outbuildings locked so thieves cannot access tools and implements that could be used for breaking into your home.

 2nd inner layer – exterior of the house

  • Visible intruder alarm box on the exterior of the house.
  • CCTV and security lighting
  • Double glazed windows, window locks, minimum 5 lever mortice deadlocks on accessible doors

3rd inner layer – in the house

  • If you are planning on being away, make the house look occupied. Use lights on a timer, alert neighbours, friends and family and arrange for them to check the house from time to time, clear post away.
  • Use a housesitter.
  • Make sure alarms are set.
  • Use a door viewer and a door chain.
  • Use a safe for your valuables ensuring it is adequate for the values contained within it and try not to keep large sums of money in the house – if you must, make sure it is well dispersed around, but check your money limit on your insurance policy.
  • You can use a UV marker pen to place an invisible imprint of your postcode and house name or number of your possessions.

Remember:

  • 36% of all burglaries are crimes of opportunity, with burglars letting themselves in through unlocked doors or windows (Association of British Insurers)
  • You are 10 times more likely to be burgled if you don’t have basic security (Association of British Insurers)

If you would like some help with the security protections of your home we can help you.  Please contact your account handler or call us on 0131 553 2293 2293 | email [email protected].

Burglary – what you can do to protect yourself and your home

Earlier this year, industry-wide figures revealed that alongside its title of being the Scottish nation’s capital city and seat of power, Edinburgh also is the burglary capital of Scotland.  Homes in Balerno, Currie and Wester Hailes have seen the most break-ins with the EH4 area covering Dean Village, Comely Bank and the A90 to Barnton and Cramond following.

Michael Young, underwriter of high net worth homes in Scotland and expert in protecting your home from theft commented “At Hiscox, we have seen a spate of burglaries in Edinburgh and the Lothians. There has been no real pattern to this and the criminals do not care how they carry this out. Clients have had large amounts of valuables stolen in what seem like targeted attacks and we have seen gardening equipment and bicycles stolen from garden sheds. The best way of protecting yourself is to ensure you do all the things which are in your control to decrease the chance of you being the next victim.”

At Bruce Stevenson Private Clients we have seen thefts recently fall into two categories; thefts from outbuildings and thefts from homes whilst clients are away on holiday.  For both, evident physical security measures are a must, but perhaps less obvious is being aware of what you are posting on social media.  Photographs posted on Facebook, Instagram or Twitter of you on holiday can be hacked or viewed by undesirable prying eyes, alerting them to the fact that your home is unoccupied.

Andrew Davies, senior risk surveyor at AXA Art Insurance Limited always says treat security like an onion – starting with the outer perimeter layer (your boundary) then the layer around the house (locks and alarms) with further layers (safes, panic buttons, valuables such as cash distributed evenly around the house) until only finally do you reach the core. The more layers an intruder has to overcome, the harder it will be to break in, which will take longer and therefore they are less likely to try. For further information on security layers please read our top tips.

Many break-ins are carried by an opportunist.  The thief hasn’t had to actually break in because a door or window has been left open or unlocked.  Our clients have had their cars stolen because they have left car keys on a table near the front door.  The thief has used a fishing rod or other long device through the letter box, lifted the keys and then made away with the car without any physical evidence of entry to the property.

As your broker, we ensure that your sums insured accurately reflect what you actually have and making sure your valuations are up to date.  Insurance is a purchase that we make but hope not to use.  Imagine for a moment that you have suffered a burglary.  It is often a good way to focus your mind and think about how you evidence to the insurers or loss adjustors just what has been stolen.

Start by imagining you have to make a claim.  It is hard to remember what was in a room, or outbuilding, which valuables were taken, their values and descriptions.   Photograph your rooms, have professional up to date valuations of your collectables, jewellery and watches and ensure a copy is kept ‘off-site’ or digitally recorded somewhere that is accessible away from home.  Insurance is there to put you back in the same financial position immediately prior to the loss.  Having a valuation from the 1980’s for your jewellery and watch collection that has been stolen is going to fall woefully short of what the market value to replace those items today is.

If you would like some help with the security protections of your home we can help you.  Please contact your account handler or call us on 0131 553 2293 2293 | email [email protected].

The Edinburgh Care Forum

We are delighted to announce that Alexandra Richards from our Private Client team has been accepted on to the Edinburgh Care Forum.  The goal of the Forum is to provide a high level of advice and support to those in need of specialist care. At Bruce Stevenson we know that insurance can be a complex issue and it can be a burden when ill-health or family issues bring a change in circumstances and priorities.

As members of the Edinburgh Care Forum, we can help to shoulder the burden of insurance  at these times (ensuring that a home is insured whilst unoccupied for instance), and we’ll work with other ECF members with complementary skills, including trusted lawyers, property managers, financial planners and other advisers, to be part of the crucial ‘circle of care’.

If you or a family member feel you might need some help and advice please get in touch with Alexandra on 07464 545648 | 0131 553 2293 | [email protected] or take a look at www.edinburghcareforum.com.

Undertaking home renovations? Make sure you let us know.

Bruce Stevenson Insurance Brokers are experts at arranging insurance for your home and building works. We have a specialist knowledge in providing insurance solutions to homeowners who are undertaking high value renovation or extension works. Clients’ homes are often their most valuable asset with rebuild values in excess of £1m.  Renovation work can be an exciting but sometimes stressful project. Insurance cover must be checked prior to undertaking any work;

  • Will your existing insurers cover the buildings work?
  • If they do what exclusions may apply?
  • What is the maximum value of works permitted under your existing policy?
  • What is the project timescale?

We highlight to clients why it is essential that they remain in control of the insurance arrangements for their home and not rely on a contractor’s insurance to provide cover for the contract works. Home insurers are often unable to accept the risk of insuring the home if it is undergoing works in excess of £50,000.  Some home insurers may not be willing to insure your home at all if undergoing any sort of building works. This could leave your home uninsured if for example, a fire breaks out unrelated to the building works. Our ability to advise how to effectively protect the existing structure and insure the contract works under one policy means there are no gaps in cover or grey areas. This allows a cleaner, simpler claims process should there be complications. Whether the property is listed, a home of heritage status, a country or townhouse, we work with specialist insurers flexible enough to offer competitive and comprehensive cover. As an independent broker, we are committed to providing the best possible service, advice and support. We would welcome the opportunity to review and quote for your insurance needs on a no-obligation basis.

For further information, please contact your account handler or call us on 0131 553 2293 | email [email protected].

Learner Driver Motor Insurance

Some of you may have children who are learning to drive which is one of life’s great milestones.  They will want to spend as many hours on the road as they can before the test.  Learner Driver Motor Insurance is for persons aged 17-21 who want a short-term policy to cover them while learning to drive in their own, parent’s, sibling’s, friend’s or a company car.

  • It is especially for learner drivers age 17-21
  • Only pay for the cover you need from 7 – 168 days
  • Fully comprehensive
  • Protects the earned no claims bonus and premium on the main motor policy

To qualify the individual must be a UK resident, hold a provisional driving licence and be accompanied by a full licence holder who is over 25.

For more information please contact your account handler or call us on 0131 553 2293 | email [email protected].

 

What is GAP insurance and do I need it?

If your vehicle is stolen or written off due to an accident it is likely that your motor insurer will only pay the current market value for your vehicle.  This amount could be less than what you originally paid for your vehicle or even less than what you still owe on finance.  With 70% of consumers leasing and financing vehicles this is a financial risk many consumers face.  Universal GAP insurance is designed to protect you against this financial shortfall.

My motor insurance policy offers a new replacement vehicle whilst in its first year of registration.

You may not be eligible for a new replacement vehicle if:

  • your vehicle is pre-registered, i.e. new to you but has already been registered to the dealer to reduce VAT
  • your vehicle has exceeded a certain mileage
  • you are not the owner/registered keeper of the vehicle. Consider lease agreements.
  • If current production is no longer available. Often insurers will then revert to the market value which will be significantly lower than their obligation under replacement vehicle cover.

Why should I buy GAP cover from a broker?

  • You are charged 10% insurance premium tax (IPT) opposed to 20% through a motor dealer
  • No need to cancel your GAP policy if you change your vehicle and you can change your vehicle as many times as you wish
  • In the event of a claim, Jackson Lee will assist you with verifying the value of your motor insurers claim settlement
  • No more paying for cover you don’t use. The product is annually renewable should you choose, eradicating the need to pay a lump sum upfront for a 3 year policy and runs in line with your current motor insurance
  • You are covered no matter how and when the vehicle is purchased. Motor dealers will only sell GAP at the point of sale and customers generally cannot return several months later to purchase GAP.
  • You are covered for the £250 excess in the event of a fault claim
  • Competitive pricing across all car makes, models and derivatives – available for new or used vehicles.
  • Just 3 policy exclusions and only 2 ½ pages of policy wording

You can now purchase GAP insurance for your vehicles from us at Bruce Stevenson.  Please contact your account handler or call us on 0131 553 2293 | email [email protected].

Underwritten by Jackson Lee Underwriting who have been accredited as the BIBA Approved Scheme provider for GAP since 2012.