CCB INSURANCE BROKERS’s Christmas Insurance FAQs

In the run-up to the Christmas holiday season, we often get customers calling us to ask about whether they need to change or update their policies to account for an increased level of risk over the winter months. And it’s true, with so much to think about at Christmas, from buying presents to organising the Christmas dinner and decorating the home, many homeowners simply forget that the holiday season can significantly impact the insurance that they need. 

We’ve rounded up our most commonly received questions relating to contents insurance around Christmas time. These may help you decide whether you need to alert your insurer or get in touch with a broker like CCB INSURANCE BROKERS to discuss the best policy options based on your risk.

Do you need to tell your insurer if you buy an expensive Christmas present?

Whether or not you need to tell your insurer about a high value Christmas present depends on both your current home insurance policy and the value of the gift itself. Within your contents insurance policy, insurers often (but not always) offer increased insured sums to cover loss or damage to contents. This includes cover for arts, antiques, jewellery and watches that are newly purchased, (whether for Christmas, birthdays or any other reason). However, this increase in coverage may still not be enough – especially if the gift is of particularly high value.

Should you be buying a high value gift this Christmas we strongly suggest giving our team at CCB INSURANCE BROKERS a call. Whether it’s jewellery, art, an antique or a watch, our team can give you professional advice and ensure that your policy covers your newly-bought gifts.

Is there more risk associated with Christmas time?

Many home contents insurers will provide a temporary increase to the insured value of your contents during the holiday season. This is not surprising, as the statistics show that there is an increased risk of some unfortunate eventualities around Christmas time. For example, there are an increased number of burglaries that take place in December and January. This is because criminals are aware that there tends to be brand new items, often of high value, in people’s homes at this time of year.

It is also worth noting that there are statistically more house fires over the Christmas period. This is usually the result of using Christmas lights, candles, fireworks, open fires or an increased number of electronics.

As mentioned above, some insurers may temporarily increase your level of cover to account for gifts bought at this time of year, but it is important to check whether your policy does this and that the amount of cover is enough to protect items that you have bought. The increased risk of fire and burglary puts your contents, including those high value, newly purchased gifts, at greater risk. Because of this, it is very important that you notify your broker or insurance provider to arrange additional cover for your increased amounts of contents and high value items in the house.

If I’m on holiday over the Christmas period or my home is empty, should I notify my insurer?

If you are jetting off on a long holiday or your home will be empty for a prolonged period of time, then it is important to notify your insurer.

Although your insurance provider does not expect you to be in your home all year round, many will need to be notified if your property is going to be empty for 30-days or more. In fact, some insurers will not be willing to offer you cover if your property is empty for more than this 30-day period.

So should you be away for that long, notify your insurer or our team here at CCB INSURANCE BROKERS beforehand. We will be able to advise you on whether your policy will need to be updated or changed to an alternative policy. Get in touch today for a quote. 

As the owner and/or property manager of a commercial property, your building may occasionally be empty. This may be for a temporary amount of time between tenants moving in and out, or it may be for a period of time while the property undergoes some essential maintenance. Whatever the reason for your commercial property lying vacant, it’s important that you have the right insurance in place that covers you while your premises is unoccupied. 

If your property will be vacant for a short or long period of time, then your current insurance may not cover you. This is because there is less risk associated with buildings that are occupied (whether full-time or over certain hours, for example the nine to five working day). Unoccupied buildings on the other hand tend to be at more risk of things like damage, damp, theft, flooding or squatters – as they are not as regularly maintained or monitored. All of these risks and more must be factored in by your insurer and insurance policy and so it is important that you get in touch with an insurer or broker (like CCB INSURANCE BROKERS) that can help you to be certain that you have the right policy in place. 

To help you think about the key things that you should consider when insuring a vacant commercial property, we have compiled them in this handy guide. This should help to ensure that you have the answers you need in order to receive a quote. 

How long will your property be unoccupied for?

This may be an unknown number for some property owners or managers, but for others, the time the property will be vacant for will be known. How long your property will be empty for will impact the policy that you need, so whether your property will be vacant for three, six, twelve months or longer, you should let your broker or insurer know so that they can find the right policy for you. 

To get a quote, contact our team of experts today – and if you are unsure as to how long your building will be unoccupied, then rest assured we can gather more information to make sure that you are matched with the right policy that gives you the appropriate level of coverage. 

 Why will your property be unoccupied?

There are some instances whereby the circumstances of your property being vacant are of importance to the insurer. For example, if your property will be vacant while you undergo significant building or improvement works, then you may require more specialist insurance which covers you for building work. This may be particularly important if your building is adjoined to other buildings and the nature of the work is fairly structural.

What is the value of your property and its contents?

It’s important that your broker and/or insurer knows exactly how much the property is worth and has disclosure over the contents that will need to be covered by the policy. 

When your property is empty, will the contents be emptied too? When it comes to commercial property, there may be millions of pounds worth of contents held within the building – such as computer equipment, data, raw materials, machinery and more. If you need help valuing the items within your empty commercial property, then get in touch with our brokers and we can discuss this in more detail with you. 

Policy terms

It’s worth considering the terms of the policy. This is where it can really pay dividends to get in touch with a specialist broker like CCB INSURANCE BROKERS. This way you can speak to a team of experts that have many years experience organising both private and commercial property owner cover. Our team will be able to give you competitive quotes and expert advice, as well as ensure that the policy is able to be converted, should your property become occupied sooner than you expected. 

To find out more about insuring a vacant commercial property, get in touch today for a quote. 

The UK insurance industry is the largest in Europe and the fourth largest in the world. There are almost 1,000 authorised general insurers in the UK (abi.org.uk), offering consumers and businesses more choice than ever when it comes to choosing a provider – so where do brokers fit in the insurer-client relationship? In this blog post, we explain the role of a broker and the value that a good broker can add to a client, as well as why our clients love working with CCB INSURANCE BROKERS. 

What is an insurance broker?

An insurance broker is a company (or person) that is a professional and impartial advisor when it comes to insurance matters. Working closely with the client, a good broker will carefully listen to and understand the customer’s insurance needs, and then offer that client impartial advice, matching them with the most suitable insurer and policies. 

Expert knowledge and impartiality separates a broker from an insurer, as the key difference is that a broker will be able to use their in-depth knowledge to understand the ins and outs of every single policy out there, and match that knowledge with your business’s needs. A good broker like CCB INSURANCE BROKERS will also act as an ongoing partner, so should you ever need to make a claim, your broker will work with you to help you submit and manage the claim. Better still, a broker can also negotiate with multiple insurers to make sure that you get the very best deal on the right policy. 

This can save individuals and businesses a lot of legwork, particularly if your insurance requirements are quite niche or specific to you, as our expert brokers can find a policy that will cover a broad range of risks.

If you are interested in finding out more regarding our high net worth home insurance please head over to the link provided

What is commercial property insurance?

If you own a commercial property – then you must ensure that it has suitable insurance in place to cover any risks to the property. Commercial property insurance is completely different to a standard residential property insurance policy, as it is a specialist type of insurance that can also include business contents insurance. 

Every commercial property is different – one property may house hundreds of employees, while another deals in hazardous waste or uses dangerous commercial equipment on a daily basis. The level of risk will vary greatly between each commercial property, and so it is important that your property is covered by an insurance policy that accounts for all known eventualities – as the stakes are high.  

Changing the structure of your property can naturally be a risk, particularly in the eyes of your insurer. There are a number of additional damages that could occur to your property during the time your remodel is being carried out and so it is in the interest of your insurer to either increase your premium, or to advise you of a separate policy that you will require to ensure you are sufficiently protected. 

Why use an insurance broker vs. working directly with the insurer?

When it comes to choosing an insurer, there are typically two routes that a client will go down. The first is to go directly to the insurer. This is typically the route a client would take if the insurance product needed is very simple. Often, only individuals or very small, non-complex businesses will opt for this route. 

The second route a business can choose when sourcing insurance is to partner with a broker. We whole-heartedly recommend this route to every single person that enquires with us – regardless of how complex their policy requirements are. This is simply because commoditising insurance products by going direct to the insurer can lead to poor buying decisions – and buying the wrong type or unsuitable insurance can render a policy useless. 

If you own a commercial property or portfolio of properties then we strongly advise contacting a broker about your requirements. Every property will have a different range of risks that need to be covered by a policy. These can vary depending on number of properties, communal areas, amenities and facilities, grounds, access, area, building and contents value, usage, cyber, climate change and more. This complexity of risk can make finding the right policy that covers everything required a challenge, let alone finding this policy at the best price. A broker can help you to find the right policy for your commercial property(ies) at the right price.

Why use CCB INSURANCE BROKERS?

When it comes to comparing commercial property insurance quotes, it pays to use a professional Insurance Broker like CCB INSURANCE BROKERS. Our team has over 150 years combined experience brokering the full range of commercial risk, which has earned us a first-class reputation in this specialist area. 

Over the years we have provided ongoing, personalised support and business insurance cover for both small businesses and large organisations in a diverse range of industries and sectors, from media and entertainment, property developers and high-tech manufacturing companies to well-known charities and not-for-profit organisations.

Rather than skimming through the jargon-filled policy documents yourself – or just ignoring it altogether and hoping for the best – we will take responsibility for understanding your precise commercial buildings insurance needs. We’ll use your information and our many years of professional knowledge to find you a range of relevant, competitive quotes. Ultimately, by trusting us with your insurance needs, you can be sure that we will match your commercial property with a policy that covers the appropriate risks. Get in touch today for a quote. 

If you have arrived at this blog post then you’re probably in the very early stages of building your extension. Perhaps you’re considering submitting a planning application or inviting builders to quote once you have done a little online research into the potential costs of building a basement. If so, then you’re in the right place.

A completed basement can cost anywhere between £3,000-£5,000+ per square meter, but with so many factors that can influence the cost of your extension, from the size you have in mind to the ground conditions, waterproofing requirements and more, this is nothing more than a ballpark figure. In this blog post we’ll run through some of the key items that are involved in building an extension which will all need to be budgeted for.

1. Insurance

With a basement extension it’s important to consider insurance right from the get-go. This is no ordinary extension – you’ll be excavating the ground from under your home, and moving so much ground can have a significant impact on both your own home and your neighbour’s homes.

One London homeowner and neighbour of someone undertaking a basement extension commented on a public forum under the name of MrsOctober:

“[A basement extension company] has recently finished a dig next door to us and our house (when it stops moving!) is going to need a whole load of repairs, redecorating and even a new front door. If you’re [in] a terraced house you must factor in those costs when you’re doing your budget.”

Whether you live in a detached, semi-detached or terraced house, securing planning permission for a basement doesn’t mean that damage to your property and your neighbour’s properties won’t occur – and your usual home insurance is not sufficient for this kind of undertaking. For a basement extension, you need specialist cover. MrsOctober is right to point out that you are responsible for the impact your extension has on neighbouring properties – but the cost of these repairs does not have to come out of your own pocket if you have the right insurance in place.

At CCB INSURANCE BROKERS, we are specialist insurance brokers and can offer both impartial and expert advice to make sure that you have the right insurance in place for your basement extension project. Get in touch with our team today to find out more.

2. Architect fees

Architect fees don’t come cheap and can account for between 9% and 15% of the overall build cost – so these are worth bearing in mind when you are scoping out the costs for your project.

3. Other fees

A whole host of other professional fees that need to be accounted for include:

• Structural engineer fees

• Your planning application (if needed)

• Building Regulations approval

• Party wall agreements (which can cost up to £750 per neighbour)

• Survey fees for drains, water table, trees and general geology.

4. VAT

Many of the professionals you are contracting on the job will also charge you VAT at 20% and so this is another cost that should be budgeted for when considering undertaking a basement extension in London.

5. Excavation and groundworks

Typically, the ground works associated with a basement construction will account for between 14-44% of the total cost of your basement. This process will typically last between 12-20 weeks and so as you can imagine this is a significant chunk of the total work that will be carried out.

Within this 12-20 week period, you can expect your site safety structures to be erected. Then, an initial external opening to the basement area can be created. At this point your existing foundations may need to be underpinned and temporary weather-proofing and supports can be installed where necessary. This is all key in order to ensure the structure is safe. Then, digging can begin, with the excavated ground brought to the surface and disposed of. Any electrics, waterworks and sewage works may also be rerouted at this point if needed.

Once this part is complete, waterproofing will be needed – but your waterproofing requirements will be specific to your ground type, location, surroundings and more.

6. The build, finish and additions

Of course, every basement is different – so the cost of this part of the build is dependent on the size, structural requirements, design specification and intended purpose for your new space. For example, you may be installing a kitchen diner, gym or swimming pool. This is the point where the £5,000 per square meter ballpark figure can really be blown out of the water, so if you’re creating something particularly special then be prepared to dig deep! (No pun intended!).

If you’re thinking of starting on a basement build then we highly recommend considering insurance at the very first stage. At CCB INSURANCE BROKERS, we are specialist insurance brokers and can offer both impartial and expert advice to make sure that you have the right insurance in place for your basement extension project. Get in touch with our team today to find out more.

When you think of ‘collectables’ the traditional categories will no doubt spring to mind – this includes the likes of stamps, art (antique, vintage and modern), wines, porcelain, watches and more. However, although collecting these items can still be lucrative, there are a number of more modern categories of collectables emerging which are yielding excellent returns for their investors. For example, who would have thought that investing in Lego sets over the years would secure a better return than stocks & shares or gold? (The Telegraph)

As a result, insurance brokers like ourselves are seeing an increasing number of requests from these collectors to insure these items and keep their investment safe. From whisky and handbags to Lego and Apple computers, we’ve compiled a list of 12 categories of collectables that are on the rise.

If you are interested in our High Net Worth Home Insurance options then please head over to the link provided

Whisky

Collecting whisky is seen by some as being more on-trend than collecting wine these days. You may be familiar with the phrase ‘aging like a fine wine’, but it’s important to note if you are considering investing in whiskies that the same rule does not necessarily apply here. Generally speaking, once a wine is bottled, it will continue to ‘improve with age’ and so its value will increase. With whiskies, the age relates to the time the whisky spent in the cask – not how long it has been in the bottle.

Six factors that affect the value of whiskies include:

• The age of the whisky (again, the time it spent in the cask before being bottled)
• The bottling date – this is important not to show age, but rather the likelihood that it is now ‘rare’. i.e. as bottles are consumed over the years, there will be less of that type left, and so in theory the value of yours will have increased.
• Distillation year – the specific year the whisky was made.
• Limited editions – any limited numbers produced or bottles made for a specific event may be worth more
• Label / box / packaging – just like with any other collectable, the condition matters, so pay attention to label damage or any damaged or missing packaging.
• Level – the level of the whisky should be into the neck of the bottle. Lower levels indicate that the alcohol within the bottle may have begun to evaporate, which will damage the flavour.
  

There are several existing funds investing in either physical whisky or in spirits related companies. The Platinum Whisky Investment Fund in Hong Kong, for example, holds a portfolio of around 9,000 bottles of rare whiskies. According to the fund, independent valuation of its portfolio shows it has appreciated at an annual rate of 17% between 2014 and 2017 (Forbes).

Vintage Computers & Game Consoles

It’s safe to say that most pieces of tech depreciate in value from the moment we buy them and continue to depreciate as the technology becomes dated. However there are exceptions to this rule. These exceptions include rare, vintage pieces of technology that are considered to have ‘defined’ a technological era and are increasingly sought-after by collectors.

One such example is the Byte Shop Apple-1, which is the name of a batch of 50 computers made by Jobs and Wozniak specifically for the Byte Shop in California (one of the first personal computer shops in the world). In total, Jobs and Wozniak made ~200 Apple-1 computers and only around 60 are known to still exist today. Once in a blue moon you’ll hear about one of these being listed for auction with the expectation of selling for £250,000-£400,000 (or perhaps more).

Other high-value vintage pieces of tech include:

• Gamma Attack (Atari 2600) – original price: £15, today’s value: £30,000+
• Stadium Events (NES) – original price: £40, today’s value: £20,000
• Air Raid (Atari 2600) – original price: £40, today’s value: £10,000+
• Tetris (Sega Mega Drive) – original price: £40, today’s value: £10,000+

(Source: Safestore)

Iconic Toys

Seemingly, ‘they don’t make them like they used to’, as some vintage toys can be worth a small fortune today. As well as how rare and iconic the toy is, condition has a significant impact when it comes to value. For example, if you are lucky enough to own an original Barbie, it would have had a RRP of just £1, but today be worth more than £15,000.

Alternatively, a mint condition multipack of seven valuable Star Wars figures from The Empire Strikes Back recently fetched £21,242 at auction.

The collectors item that has everyone talking at the moment is Lego. Specifically, Lego sets in pristine condition, which between 2000 and 2015 increased 15% year-on-year (more than the stock market and gold over the same period). If you are a collector, then sets tied to film promotions are the ones to watch out for. Since they are retired on a regular basis, this makes them rarer and thus more valuable than most.

Handbags

A valuable handbag will often be referred to as an ‘investment piece’ – a timeless item that is so iconic it will forever be ‘in fashion’. And, so long as it is in pristine condition, age will not limit its value and may only serve to make the piece even more sought after.

Perhaps the most famous example of an investment bag is the Chanel Classic Flap Bag. Available in four sizes, this style of bag is one of the most reliable to yield a return to any collector. Testament to this, Baghunter reports that since 2010, the value of the bag has increased by 70%.

Maps

With the birth of sat navs and 24/7/365 connectivity, came the death of maps. However, this is good news for collectors.

Once viewed as a bit ‘square’, collecting maps is back on-trend and since quality, original maps are becoming increasingly rare, the % return on these for collectors is getting better all the time.

From fantasy maps to real-world, we’ve clearly fallen back in love with the stories that maps can tell. Recently, the original map of Winnie-the-Pooh’s Hundred Acre Wood sold for £430,000 and in 2017, a 350-year-old map of Australia sold for $600,000 AUD after being stored in an attic in Sweden for more than 60 years (Daily Mail).

Rare / Vintage Musical Instruments

The vintage and rare musical instrument market is in full swing and in recent years has topped the tables among collectables when it comes to delivering the biggest returns for investors. Coutts’ index reported that the value of rare musical instruments rose by 16.4% in 2016.

There’s plenty of guides out there to read if you’re just starting out in this collectors market, but if in doubt, stick to the biggest names – Gibson, Fender, Gretsch, Rickenbacker. If you time your purchase right, you may get lucky and have a hit on your hands.

Vinyl Records

With most music going digital and anything vintage / nostalgic bang-on-trend, Vinyl Records are more popular than ever and can make a great investment.

Rare vinyl records can fetch thousands, if not tens of thousands, but dozens that many of us may have stored away are worth hundreds, which can really raise the value of your collection.

Comic Books (first-editions, inc. modern)

In-keeping with vintage / nostalgia-inspired collecting becoming increasingly popular, some comic book collections are rapidly increasing in value.

The most valuable comic believed to be gathering dust in several attics is the inaugural issue of Action Comics. This issue marks the first appearance of Superman and helped kick off the entire superhero genre. In 2014, a pristine issue of the 1938 comic, with its original price of 10 cents still on the cover, sold on eBay for 3.2 million dollars, making it the most valuable comic book of all time. It’s believed that 50 to 100 copies of this first issue are still out there just waiting to be found.

If you are a specialist collector and are interested in insuring your collections in order to fully prevent them from theft or damage, or insure them during transport, then get in touch with our team today. No matter what you collect, we can arrange cover that will protect you should the worst happen.

If you have a particular collectors insurance requirement you’d like to discuss or want to get a quote today, why not give our team a call on +44 (0) 20 7727 8625.