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General Chat (Vincent Related)
Insurance in the UK
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<blockquote data-quote="Arthur Farrow" data-source="post: 11708" data-attributes="member: 933"><p><strong>Insurance UK visitors</strong></p><p></p><p>Ah this is a complex subject.</p><p> </p><p>Essentially what was never a problem has become so because of the action of US lawyers. A motorcyclist visiting Uk 2 years ago had an accident and hurt somebody who is suing. In UK the settlement would have been £80k ish. BUT the action is being brought in a Florida court...and is estimated at $5m settlement + legal costs. </p><p> </p><p>Im not sure the american motorcyclist is being very helpfull so making life difficault for the Insurer to defend.</p><p> </p><p>Premium was about £100 and of course they dont do that many a year so the value of buiness is neglible.</p><p> </p><p>Needless to say this is not a cool business model for a UK based Insurer pretty much all of which have assetts in USA.</p><p> </p><p>Recently there has been an extension of the absolute ban on short term Bike policies for Americans and Canadians to Australians probably just got swept up in the overall mess. Insurers are not making money and are scarred.</p><p> </p><p>Recently there has been an Indian rally here in UK/Ireland (dire organisation I hear) campsites in Ireland flooded..no B & Bs..no loos etc and some of the boys brought there bikes here. Latest I have is that cover was done by Motorcycle Express (NY?) although I'm surprised as not sure their policies are compliant here and therefore maybe illegal. Dunno for you to check and feed back to me please.</p><p> </p><p>So dont blame the Insurance industy..blame the lawyers!!</p><p> </p><p> </p><p>ARTHUR FARROW</p><p> </p><p>Insurance Broker to VOC, VOCSC and Insurance/liabilities advisor to VOC secretary</p></blockquote><p></p>
[QUOTE="Arthur Farrow, post: 11708, member: 933"] [b]Insurance UK visitors[/b] Ah this is a complex subject. Essentially what was never a problem has become so because of the action of US lawyers. A motorcyclist visiting Uk 2 years ago had an accident and hurt somebody who is suing. In UK the settlement would have been £80k ish. BUT the action is being brought in a Florida court...and is estimated at $5m settlement + legal costs. Im not sure the american motorcyclist is being very helpfull so making life difficault for the Insurer to defend. Premium was about £100 and of course they dont do that many a year so the value of buiness is neglible. Needless to say this is not a cool business model for a UK based Insurer pretty much all of which have assetts in USA. Recently there has been an extension of the absolute ban on short term Bike policies for Americans and Canadians to Australians probably just got swept up in the overall mess. Insurers are not making money and are scarred. Recently there has been an Indian rally here in UK/Ireland (dire organisation I hear) campsites in Ireland flooded..no B & Bs..no loos etc and some of the boys brought there bikes here. Latest I have is that cover was done by Motorcycle Express (NY?) although I'm surprised as not sure their policies are compliant here and therefore maybe illegal. Dunno for you to check and feed back to me please. So dont blame the Insurance industy..blame the lawyers!! ARTHUR FARROW Insurance Broker to VOC, VOCSC and Insurance/liabilities advisor to VOC secretary [/QUOTE]
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