Burnett Moore A-Z Glossary:
 
Abandonment insurance is aimed at Events such as concerts, fund-raising galas, corporate functions and even Weddings – in fact virtually any event which may be cancelled due to circumstances outside the organizers control. Various cover options may be available including insurance against rainfall, adverse weather or Death of the Head of State. Premiums for abandonment insurance depend on a number of variables including sum insured, type, duration and nature of event and precisely what cover is required. Burnett Moore can help.
Accident Sickness & Unemployment insurance, also known as ASU cover, is available from a limited number of suppliers. A weekly benefit is payable if the person insured is unable to work due to Accident or Sickness. Unemployment cover, typically with a maximum benefit period of 12 months can be included. Premiums depend on a number of variables including weekly benefit required, precise cover and whether unemployment is to be included.
Book debts insurance is a type of business interruption insurance. It is relevant to most businesses that advance credit. Should the business records be lost or damaged by an insured peril, typically fire or flood, book debts insurance will cover the cost of reproducing those records. It should also provide funds to chase outstanding invoices which in turn should help the business recover quicker and resume normal trading. Burnett Moore can help.
Cargo Insurance – for details please see our Marine Sure website – www.marinesure.co.uk
Cyber liability insurance should be on the risk management agenda for most online businesses or indeed any business that collects and stores personal data digitally. It was initially aimed at providing insurance protection against hackers and malicious attacks on computer systems. These core covers are now being extended as cyber crime grows and data breaches or loss of data become more common. There is a suggestion that Directors could be personally liable if they do not take sufficient and suitable steps to protect against data breaches, phishing or loss of date. Burnett Moore can help.
Defective title insurance is relevant if title deeds are missing or if there is some other problem with them such as a restrictive covenant on a property. Defective title insurance can provide protection against loss of market value, liability for damages or compensation or other costs and expenses that might be incurred. Applications are considered on a case by case basis. Premiums depend on a number of variables including cover required, sum insured and what enquiries have been made by or on behalf of the proposer. Burnett Moore can help.
Directors & Officers insurance is a specialist form of cover aimed at individuals who are Director or Officers of Corporate bodies. This market is growing especially as the implications of the Corporate Manslaughter Act 2007 takes hold. Directors & Officers wishing to protect themselves and their personal assets should consider this type of cover. Burnett Moore can help.
Employers Liability insurance can be a legal requirement if you have any employees, even if they are part-time or unpaid. There are very few exceptions to this requirement and even where it is not compulsory we recommend it as desirable form of cover. The Law requires a £5,000,000 minimum limit of indemnity although many Insurance offer higher levels than this. Some insurers only offer Employers Liability insurance in conjunction with Public Liability covers. Burnett Moore can help.
Excess of Loss insurance relates primarily to Public Liability insurance where Limit of Indemnity required is greater – ie in excess – of the primary policy. For example, a groundworker may be required to hold Public Liability insurance with a £5,000,000 limit of indemnity; his primary insurer is only willing to provide £1,000,000. The solution is for the ground worker to arrange an excess of loss insurance policy for the balance – in this case £4,000,000. Excess of loss policy wording typically follow the primary policy so there are no gaps in cover. Many insurers and underwriters offer excess of loss cover although they are likely to be selective. Excess of loss cover is also relevant to credit insurance risks. Burnett Moore can help.
Fidelity Guarantee insurance is designed to protect business owners against loss of money or other property caused by the dishonesty of one or more employee(s). Typically a Fidelity Guarantee policy will have an indemnity limit of £100,000 or more; the policy should include Accountants costs in investigating a claim. It will require a system of risk management checks to be followed; these checks are designed to minimise the likelihood of theft or other loss occurring. Burnett Moore can help.
Glass insurance covering all fixed glass in business and retail premises may be included as part of an overall business insurance package. Some glass insurance policies include access to 24-hour boarding up facility. If you need Glass insurance and are not sure if it is covered under your existing policy then Burnett Moore can help.
Goods in transit insurance in a variety of formats including RHA, CMR, Fire, Collision & overturning risks plus also ‘All-Risks’ is available via our sister company Marine Sure. Please see www.marinesure.co.uk for more information.
Holiday homes insurance – is available to cover buildings, contents and personal liability insurance risks for second homes or holiday lets within the UK and in Europe. We have access to various markets offering insurance policies for holiday homes, ski-lodges, villas etc in Sterling or Euros. Burnett Moore can help.
Indemnity Limit is the maximum amount that your insurer will have to pay should a claim occur. This is usually shown within your insurance policy and on your policy schedule. When selecting an indemnity limit you need to consider the maximum potential claim that could arise against you and set the limit accordingly. Although your chosen Insurer may advise how much cover it is willing to provide generally it is not their responsibility to advise on how much insurance cover is required – it is the policyholders responsibility to make sure the cover is adequate. If you would like a second opinion on your current covers then Burnett Moore can help.
Joint Contracts Tribunal (JCT) insurance may be relevant for Clients, building contractors and developers. Cover is available for the existing structure and or the contract works; this can be in joint names if required to meet the JCT contract conditions. Burnett Moore can help.
Key-person insurance is aimed at protecting key personnel within a business. These could be partners or directors although could just as easily be a key employee who death or loss of skills would adversely affect business trading. Rating factors include the age(s) of the person(s) to be insured, amount of cover required and the term of the policy in years. Burnett Moore can help.
Liability Insurance – there are many types of cover that come under the generic banner of liability insurance. This includes Public Liability (link to PL), Employers Liability (link to EL), Directors & Officers (link to D&O) and Professional Indemnity (link to PI).
Marine insurance – please see our sister website Burnett Moore Marine Insurance www.bmmi.co.uk
Mutuals – we can hardly do justice to this intricate area in a couple of sentences. Mutuals, including hybrid mutuals, can be an useful alternative method of protecting assets whilst retaining a degree of control on costs. Jeff Moore has extensive experience and valuable market contacts in this area. Contact Jeff at Burnett Moore.
Not for profit organisations and charities can have their own rather unique insurance requirements.
Professional Indemnity insurance
Quality Assurance - a type of guarantee cover that falls under the generic heading of Financial Risks. If the product fails or the Company ceases trading we can help source insurance cover to offer some protection. Burnett Moore can help
Shop package insurance packages is product that many providers are trying to commodotise. Typically, standard package benefits are offered on a take-it-or-leave-it basis, even if some of them are not relevant to the covers actually required. We do offer this cover on a package basis but also have access to providers that allow us to offer a more bespoke product, built around the particular needs of the Client. Burnett Moore can help.
Travel insurance for single trip, long-stay, backpackers and business travellers is available from a number of sources. Flexible cover includes medical expenses, cancellation and curtailment cover, baggage, loss of passport and personal liability on a UK-only, European or worldwide basis
Treating Customers Fairly – abbreviated to TCF – is high on the Agenda of our regulatory body, the Financial Services Authority. We believe this is rightly so as it is also a high priority for us as intermediaries. Every Client receives a copy of our Treating Customers Fairly policy and we are happy to be measured against it.
Wedding Insurance
Yacht Insurance – for more details please see our sister company Burnett Moore Marine Insurance which can be found at www.bmmi.co.uk
Burnett Moore Risk Management Ltd registered in England, number 6344993.
We are regulated and authorised by the Financial Services Authority, number 473626. (See www.fsa.gov.uk)
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