Released on: December 1, 2007, 1:03 am

Press Release Author: Alexandra Lewis

Industry:

Press Release Summary: Businesses affected by the UK floods could face months of
waiting for their property to dry out before their insurance claims are settled. But
the UK's leading insurance broker Aon is urging companies to check their policies,
which may allow interim payments for repairs and loss of revenue.

Press Release Body: Businesses affected by the UK floods could face months of
waiting for their property to dry out before their insurance claims are settled. But
the UK's leading insurance broker Aon is urging companies to check their policies,
which may allow interim payments for repairs and loss of revenue.

Donald Morgan, client relationship director at Aon, said: "Delays in claim
settlement are a major frustration for companies, particularly in cases involving a
loss of revenue. However, to reduce calls upon reserves or special short term bank
facilities, insurance policies may allow for interim payments to assist with repair
costs. Brokers, including our claims consultants, can negotiate these to help
companies with cash flow when most needed."

John Bell, head of claims at Aon, has already seen claims coming in for over £1
million and believes more commercial property has been affected than in Carlisle or
the West Country floods. He said: "Most commercial policies will cover flood damage
but, typically, flood losses take longer to settle as the property needs time to dry
out before all damage can be identified. As soon as possible, businesses must
identify the extent of the damage through qualified loss adjusters and then notify
their insurer to negotiate settlement. Insurers and brokers will then work with
specialists to help restore the property."

Warehouses in particular need to be aware of a flood-related policy exclusion which
may prevent a claim being made. A likely policy condition will be that all stock is
stored a certain level above the ground as failure to do so may prejudice a claim
for damaged goods.

Donald continued: "For employers, the floods have highlighted the importance of
effective crisis management and business continuity planning. For example, we
activated our disaster plan by contacting each employee at our Sheffield office to
ensure they only attempted to travel to work if safe."entertainment
and media liability insurance


Employers must ensure:

1. the health and safety of all employees, visitors and contractors through a
robust system to track all staff and visitor movements and a readiness to place
safety above short term operational needs;
2. procedures are in place so business can continue, for example, with planned
alternative facilities to minimise disruption to clients and operations;
3. a speedy recovery phase as they look to recover additional costs or revenue
shortfalls incurred as a result of damage. Here, the insurance policy is key in
covering interruption such as damage to utilities or lack of access to premises.

Aon UK is ranked by A.M. Best as the number one global insurance brokerage based on
brokerage revenues and voted best insurance intermediary, offering classic
sports car insurance, high value home insurance, entertainment and media
insurance and construction site insurance.


Web Site:
http://www.privateclients.aon.co.uk/privateclients/microsites/cars/classic.aspx

Contact Details: directory@vandelay.co.uk