Scottie's Blog

Welcome to your source of useful information and platform for open discussion around the latest issues in the insurance world.

We have moved!!!

We are now successfully moved into our new shiny offices at 38 Thackeray's Lane, Woodthorpe. What a difference the new place has made to our working.  Brighter, airier and more space, with room to grow. We hope to continue our promise of "Protecting people's livelihoods and businesses" for many years to come from our new location.    

Firth & Scott are moving offices

As per our previous updates, we are moving to new offices and our IT systems are being relocated.  As such, we will not have access to our computers from 3:00pm on Friday 13th October 2017.  Our telephones will be working as usual; however, due to our inability to access file, where possible please contact us from 9:00am on Monday 16th October 2017.

Changes to compensation payments

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.

Business as Usual for Firth & Scott Insurance Brokers

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"