Marine Insurance

Hello!

It’s hot, hot hot! The heatwave has returned to Cyprus, so I am on total meltdown yet again.

Let’s change the subject and continue with more about marine insurance. I stressed last week that you should never ship without this.

Not many people are aware that new rules were introduced in January 2005 by the Financial Services Authority (FSA), which mean that the UK’s removal companies have to be authorised by the FSA if they wish to provide bespoke removals and storage insurance; or they have to become an Appointed Representative of a firm who is authorised.

Make sure you check this carefully; otherwise you could end up picking up the bill if something goes wrong during your move resulting in your most valuable and cherished belongings being lost, damaged or destroyed.

The vast majority of removal companies who are not FSA regulated have to rely on their own standard or extended liability insurance. They can make a claim against this should the worst happen.

Important: This type of insurance covers the removers and not the customer.

So, if something does go wrong, you as the customer may have to pursue legal action against the remover in order to gain compensation.

This can be very costly, take a lot of time and even if successful, may not result in appropriate compensation. So beware!

Next week I’m covering the benefits of using an FSA authorised removal company.

See you then!

Best wishes

Jackie