Alarm & Security Companies
Specialist policies are widely available for those firms in the security industry, from alarm installation companies through to providers of security and door staff.
Policies provide not only the usual property, revenue and the employers and public/products liability exposures, but also often include financial loss, professional indemnity, in-efficacy (failure to perform), equipment all risks on site, hired-in plant, abuse of telephones and loss of keys etc.
Speak to a Corporate Account Manager to discuss your requirements.
Kidnap and Ransom Insurance
… An International Industry
Kidnapping for ransom is big business. There’s an estimated 15,000 kidnaps for ransom each year and annual ransom payments estimated at over half a billion dollars. Kidnap and Ransom Insurance should always be considered if you or any employee may be exposed.
Kidnap for ransom is also a global business with Central and South America the biggest single area. However, the practice extends across northern Africa particularly, Eastern Europe and the Middle East, plus parts of India and Pakistan to Central and South East Asia. There are even reported incidents in Western Europe and North America.
Kidnap and Ransom Insurance policies are indemnity policies – they reimburse a loss incurred by the insured. The policies do not pay ransoms on the behalf of the insured. The insured must first pay the ransom, thus incurring the loss, and then seek reimbursement under the policy. Losses typically reimbursed by kidnap and ransom insurance polices are ransom payments, loss-of-ransom-in-transit and additional expenses, such as medical expenses.
The policies also typically indemnify personal accident losses caused by a kidnap. These include death, dismemberment, and permanent total disablement of a kidnapped person. They also typically pay for the fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident.
The policies may be written to cover families and corporations. Some policies include kidnap prevention training.
Who is it for?
Extortionists don’t discriminate. Any company of any size can be a target for extortion threats against the company and its employees. People tend to associate business extortion and kidnapping with global companies. The fact is, radical groups and criminals exist everywhere.
Our clients range from small firms through to multinational companies operating in high risk regions of the world, key executives working in commercially sensitive positions and individuals whose wealth or fame may attract the attention of criminals. The simple fact that you are from a western country can make you susceptible to kidnap and extortion attempts.
Rowlands & Hames can also provide worldwide travel insurance insurance to the Kidnap insurance should persons fall ill during their trips.
|Crisis consultants fees and expenses
||Ideally no time limit, financial limit or deductible for consultants’ fees. The priority is the safe return of the victim and the specialist tactical advice and guidance of the consultants is essential to achieve this.
||Ransom may be cash, securities or property. Cover is also usually provided in case the ransom is lost, destroyed or confiscated while it is being delivered.
|Forensic analysis, extra security, reward money for information
||Expert services and financial resources to minimise or remove the threat of extortion.
|PR and communication
||Public Relations fees and expenses to ensure professional and consistent communication with the pres during the crisis.
|Up to 5 years salary costs
||Victim’s salary while in capacity and of relatives who leave their jobs to assist with negotiations. Includes pension contributions, average bonuses etc.
|Medical and rehabilitation costs
||Medical costs, not only for the victim but anyone involved in the handling or negotiation of the crisis. Includes psychological and neurological treatment, counselling or cosmetic surgery.
|Financial loss caused by inability to attend to finances
||Such as failing to renew insurance contracts, exercise share options or meet mortgage and loan payments while in captivity.
||Consequential loss of profit suffered by the business as a direct result of the kidnapping or extortion event (e.g. trading activities affected in a particular jurisdiction.)
||The traumatic experience of being a victim may necessitate an adaptation to, or complete change of job after release. Cover may include retraining costs for victims (e.g. external training courses) to facilitate this.
|Subsequent legal action
||Protection for the company in case any action is brought against the company or an insured person because of the kidnapping, extortion or wrongful detention.
How Rowlands & Hames can assist you…
If any Director or Employee (and perhaps their families) is considering travelling to any country considered ‘at risk’ please ask Rowlands & Hames to obtain an indication of premium. A full proposal form will be required to finalise the premium and terms but indications can be provided relatively quickly.
Please contact Rowlands & Hames for further information.
You should be aware that due to the nature of the product it is essential that knowledge of the existence of such insurance is kept to the minimum number of persons.
You may also wish to consider Travel Insurance in conjunction with K&R cover.
To discuss your requirements and seek a quotation please contact
A performance bond , also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
A job requiring a payment and performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion.
For example, a contractor may cause a performance bond to be issued in favor of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to the bankruptcy of the contractor), the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.
Performance bonds are commonly used in the construction and development of real property, where an owner or investor may require the developer to assure that contractors or project managers procure such bonds in order to guarantee that the value of the work will not be lost in the case of an unfortunate event (such as insolvency of the contractor). In other cases, a performance bond may be requested to be issued in other large contracts besides civil construction projects. Another example of this use is in commodity contracts where the seller is asked to provide a Bond to reassure the buyer that if the commodity being sold is not in fact delivered (for whatever reason) the buyer will at least receive compensation for his lost costs.
To discuss your requirements and obtain a quotation, please contact:
From the one-man band requiring the basic level of public liability or perhaps a working from home policy to an organisation with tens of millions pound turnover, our Commercial or Corporate teams can assist sourcing the correct business insurance to suit your needs..
We can provide a whole of insurance programme (including Financial Planning if required) to cater for an organisation’s entire insurance and protection needs.
Alternatively for those specialist products such as credit insurance, kidnap & ransom, environmental liability, latent defects etc., we can limit our involvement to these particular product types.
Ask yourself these questions to see if your business should be considering a credit insurance policy:
- Right now, how much money is outstanding on your sales ledger?
- How much do you know about your customers’ ability to pay?
- What are the risks of non payment?
- Do you have any contingency plans for customer insolvency?
- How badly would your business suffer if some of your largest customers failed to make those crucial payments to you? Could your business even survive?
In business, there is only one thing that is really important: getting paid. The only ‘good’ client – so the phrase has it – is a paying client.
Over half of all UK insolvencies involve established companies with a previous record of prompt payment.
Association of Business Recovery Professionals
There are, however, a whole host of reasons for non-payment, some simple, some more complex. Whatever the reasons, and wherever the fault lies, however, a bad debt could place your business in serious jeopardy. The business world as we know is littered with incidences of spectacular bad debts bringing companies to their knees.
Consider a Balance Sheet. Whilst most firms insure their physical assets (buildings, stock, contents), future income by way of business interruption insurance, and purchase liability insurance to protect against third party claims, far fewer consider protecting their debtors’ balance, often a significant asset.
In the course of a year the average company will lose more than three of its active customers because of financial distress, insolvency, administration or receivership.
Credit Management Research Centre
A simple insurance policy can make all the difference. This is where Credit Insurance (or Trade Credit Insurance) comes in.
Historically many businesses considered trade credit insurance as a luxury. Today companies are recognising how trade credit insurance can offer invaluable protection against invoiced clients, particularly in the current economic environment.
For more information on Credit Insurance, please click the links below:
It is important to see trade credit insurance for what it really is. A business tool which can be used pro-actively as a mechanism for securing further funding for business expansion, something which can help them grow as their customers grow, and enable them to take on new business with confidence and security which they need going forward.
Contact us to discuss your requirements
How credit insurance helped a box manufacturer take on new businesses with confidence
Stockport maintenance contractor keeps on trucking thanks to Credit Insurance
Global metal merchant couldn’t function without credit insurance cover
Credit Insurance gives wholesale distributor confidence to expand
“If a customer of yours goes into liquidation, in the vast majority of cases, you won’t get paid a thing… and if you are lucky enough to get something, as a trade creditor it’s usually around 5p in the pound.”
Association of Business Recovery Professionals
“Couldn’t happen to you, or could it? You see, over 50% of all UK insolvencies involve customers who were previously prompt payers. Add to this the possibility that you may have up to 60% of your assets linked to your sales ledger and you start to see the potential problem. What’s more, if you are an average company, each year you’re likley to lose more than three of your active customers because of financial distress, insolvency, administration or receivership.”
Credit Management Research Centre
Insurance for the Self Employed and Tradesmen
Many insurers provide a bespoke ‘package’ type policy for the self-employed or tradesmen, catering specifically for all their general insurance requirements.
Initially designed for self-employed one or two man firms of contractors, these policies have developed into accommodating almost all forms of small contracting firms (often up to 8 staff including owners).
Further, non-contractors are increasingly accommodated such as management consultants, self-employed contractors and designers, and other such professionals.
Non-contractors operating a business from home are best catered for by a working from home policy. The main insurances included are:
- Property Damage & Theft (Buildings, Glass, Contents, Stock etc.)
- Computers (separate wide cover, some insurers)
- Business Interruption – generally on an Increased Cost of Working basis
- Money on the premises, in safe, in transit
- Employers’ Liability
- Public Liability
- Products Liability (if applicable)
- Legal Expenses (some insurers)
- Personal Accident (some insurers)
Rowlands & Hames have access to numerous insurers competing in this market.
Fish-Guard: a dedicated insurance scheme for fish processors and fish wholesalers.
Rowlands & Hames are the North West representatives for the Fish-Guard scheme. We have a team of experienced specialists who fully understand the risks and pressures faced by businesses in the fish sector and who are ready and waiting to help you.
There are many benefits to this scheme including, but not limited to, the following:
- Local Service from your Local Broker
- A comprehensive Insurance policy specifically for YOU.
- You will benefit from Comprehensive All Risks Cover
- The National Scheme for Fish Wholesalers and Processors
- Scheme established over 25 years
- You will benefit from Competitive Premiums
- Full Theft Cover
- High Levels of Cover for Refrigerated Stock
- 24 hour Claims HELPLINE
- Your own Dedicated Scheme Loss Adjuster
- Health and Safety and Risk Management Advice
Rowlands & Hames and Fish-Guard working together for the benefit of fish wholesalers and processors in the North West.
To discuss your requirements and obtain a quotation, please contact one of our specialists: