For our latest blog our friend Judith Richardson at Qube Environmental has been invited to write a guest article which I hope you will find of interest. Of course if you follow the guidance, Firth & Scott have property owners policies that will provide protection for claims in respect of legionella and we would be pleased to discuss this with you. More > "Landlords Legionella Risk Assessments"
Insurers are entitled to discount compensation payments following a significant, life-changing injury due to the expectation that the claimant would receive compounded interest on the funds awarded. As the interest rate in the UK continues to be very low, the discount rate for compensation awards needed to be changed to reflect this. With effect from the 20th of March 2017, the Ministry of Justice has revised the discount rate for compensation lump sum payments from 2.5% to -0.75%. As insurers are now forced to pay larger settlements for claims, there needs to be an adjustment in the rate of premiums. Subsequently, insurane premiums for policies which include cover for personal injury claims, for example Motor and Liability insurances, have increased and we anticipate that they will continue to do so until the interest rate is re-revised. For further information on The Ogden Discount Rate and the subsequent impacts, please refer to media articles reported by The Guardian and Telegraph etc.
Our former sister company, Firth & Scott Financial Services Ltd, has recently been acquired by The Succession Group. Following this acquisition, the financial advisors who are currently based in our Sherwood office will be relocating to offices in Kidderminster. Some of our mutual clients have expressed concerns as to how this impacts us here at Firth & Scott Insurance Brokers; we can confirm that it is business as usual as we are a completely separate business. More > "Business as Usual for Firth & Scott Insurance Brokers"