Latest Blog

Sep - 03

Duty of disclosure and declaration of material facts

Duty of disclosure and declaration of material facts What is meant by Duty of Disclosure? It is a requirement of the client or insured person to declare to the Insurer any material fact which could influence an insurer in respect of premium or acceptance of cover for a risk. Facts such as previous bankruptcies, criminal offences, prosecutions or special terms imposed on insurances are all classed as material facts. In additional if any of your insurances have been cancelled or refused renewal by insurers this must also be disclosed. Material facts are not just serious facts, they are facts which could affect the risk such as security measures at premises, type of building construction, being situated next to a hazardous premises such as a petrol station or being located in an isolated area or close to a water course, lake or river. With this information an insurer is able to determine whether the risk is acceptable to them, if a premium loading is required to accept the risk and/or if any special terms or higher excesses are to be applied. So, what happens if you don’t disclose?? Well, firstly Insurers have the right to void the policy from inception. In effect this means they would be entitled to act as if the policy never existed and to seek recovery of all claims already paid out although they would be obliged to repay the premium to the client in most cases. The actions Insurers would take would depend upon each separate…

Jul - 30
Management Liability Insurance

Management Liability Insurance

The SignElite team looks at essential corporate cover What is Management Liability Insurance? If you are a company director or senior company member, then you could be exposed to claims made against you personally making Management Liability insurance a critical business need. You might be forgiven that as a company director you can hide behind the limited status of the company however this is not always the case and the company has limited liabilities. If you are found to be held personally responsible for an action or a bad decision, the liability may fall directly on your shoulders and bypass the company altogether. Where a company, in simple terms has limited liability, you as a director or officer (senior company member) have not, it’s actually unlimited, so you could stand to lose your home, your car or your valuables. So, what do we need to do to make sure your company, directors and senior company members are covered? But it doesn’t really happen does it, not to small businesses anyway? Wrong, it can happen to small businesses as well as larger corporate ones. Covering the directors and officers (D&O) of the business is quite straightforward, however, we need to make sure some very important optional extensions to the policy are included too, which are Entity cover and Employment Practice Liability. The D&O covers what it says on the tin, the Directors and Officers, and the action taken against them as individuals. The Entity covers the company as a whole, and the…

Jul - 10

British Airways: the first major fine since the new GDPR rules came into force

British Airways: the first major fine since the new GDPR rules came into force As you may have read in the press earlier this week, British Airways is facing a record fine of £183 million from the Information Commissioner’s Office (ICO) after suffering a cyber attack in September last year. It is the largest fine the ICO has issued since the new General Data Protection Regulation (GDPR) rules came into effect from May 2018. When British Airways was unfortunately hit by the cyber attack in September last year, the airline took just one day to inform its customers that details from around 380,000 booking transactions had been stolen, including bank card numbers, expiry dates and cvv codes. It is understood these details were taken via malicious script designed to steal financial information by skimming British Airways’ payment page before it was submitted. This hack allowed the attackers to see people’s details as they were entered on the page. Our parent company have a blog post which makes an interesting read... Read More:  

Jul - 04

Optimism high in sign and graphics industry, according to new research

Optimism high in sign and graphics industry, according to new research It is good news to hear that following a recent survey and research carried out by ISA-UK powered by BSGA that the Sign and Graphics Industry is positive and optimistic in uncertain political times. The research reveals increased sales,  companies investing in additional training and the importance of creativity and marketing which all play a role in the success of a business.   To read the full article please follow the link below. Photo Credit: Sam Armstrong

Jun - 13

How technology is providing vital evidence with motor fleet claims

How technology is providing vital evidence with motor fleet claims Dash cams are becoming more commonly used by British motorists, with almost 11 million motorists using one. In the unfortunate event of an insurance claim resulting from an accident, they eliminate any element of doubt to an insurer by providing video evidence. For businesses that operate fleets of vehicles this can prove vital as footage recorded on a dash cam can be submitted directly to an insurer. The latest blog post by Real Insurance provides an insight and further reading with regard to visual evidence and motoring claims. The full article can be read here:

May - 16

Motor Theft: What trends should you be aware of in 2019

Motor theft: what trends should you beware of in 2019? Vehicle theft is on the rise throughout the UK. Alongside more traditional types of theft, there’s a worrying trend of criminals taking advantage of new motor tech by carrying out so-called “keyless” theft. But what’s the difference between these types of crime? And what do you need to know to keep your vehicle safe from all forms of theft this year? Here’s what all vehicle owners should be aware of in 2019… 2019 Overview While motor thefts have generally been on the decline, a sudden upturn made 2018 the worst year for thefts in a decade[1]. This was driven by increases in both keyless and more traditional types of theft. Keyless thefts affect newer vehicles that use keyless fobs for entry and ignition, while traditional thefts can affect almost any vehicle but rely on “old-school” forced entry methods. In terms of geography, at NIG we’ve seen a significant spike in vehicle thefts in London, particularly in East London – Romford is now the no.1 area for motor theft nationwide[2]. And in terms of timings, we’ve noticed a particular increase in the number of crimes occurring at weekends. We believe vehicle owners, especially those in London, should take additional steps to protect their vehicles, and should be aware of the risks of both forms of theft, particularly if they have a newer vehicle. To help you stay one step ahead of the criminals, here are some of the car theft trends…

Apr - 10

Fire or possibly Flood In The Hold !

Storage of Stock and Flammable items Storage of Stock is something which is often overlooked when reading through policy documentation.  Whilst your total stock sum insured may be adequate to cover the total stock held at premises at any one time, the way it is stored may not be right. Most Insurers will apply a stock storage condition to a policy which will stipulate how the items must be stored. This is called a ‘stillage warranty’ and will stipulate the height from the ground the stock must be kept.  Generally speaking insurers impose a height storage requirement of 7.5 to 15cm above the ground however this will differ depending on insurer so check your policy. In respect of  certain types of stock there may be additional requirements stipulating the apparatus upon which it should be stored or an increased height if the stock is of a more delicate nature. Ultimately the condition is applied to protect the stock in the event of a burst pipe or flood but it also helps to limit the claims exposure under the policy and help keep premiums lower. A stock storage condition may be applied to stock stored in basements or at ground level. Remember however that should you store stock in a basement or below ground level insurers must be notified as they may apply different conditions to the policy for this.   Storage of Flammable Items Now most Commercial Combined policies will have a Flammables Condition applied which stipulates how flammable items…

Mar - 05

Non Declaration of Material Facts

Will my Insurance Pay a Claim if I dont Declare a Material Fact? 123 Signs insured their Business with a broker in 2017 under a Commercial Combined Insurance. In 2018 they had a break in and a substantial amount of contents including computers were stolen. They contacted the broker to make a claim. A loss adjuster was subsequently appointed by Insurers to assess the loss and collate the costs. Whilst the loss adjuster was undertaking his enquiries he found the client had previously been declared bankrupt in 2015 in respect of a previous company he owned. The loss adjuster reported this back to insurers to check if the client had declared this when taking out the policy. Insurers confirmed this had not been declared. Insurers subsequently contacted the broker to make further enquiries. It was determined that the broker had clearly asked if the client or any other directors been declared bankrupt / insolvent, had any non-motor convictions or criminal offences, been the subject of bankrupcy proceedings, had special terms imposed or renewal refused of insurance, any ccjs, iva’s or insurance cancelled, prior to the policy being taken out. The client had answered no to all of these questions. In addition to this a statement of fact had been sent to the client stating they must declare any material facts including reiterating the original questions the broker had asked. Insurers declined to pay the claim as it was demonstrated the client has been asked about this information when applying for…

Feb - 06

Does my Insurance cover me to install?

Signelite prides itself on supplying Sign Industry specific products to customers. Our commitment to understanding the Industry means our products are designed to include those all-important extensions a Sign Company needs. If these key covers are missing it could result in a problem and our case study below highlights this. Does my Insurance cover me to Install? A client who had been insured with Signelite for many years was approached by a local Broker to ask if they could quote for his business at renewal. The client agreed and the local Broker provided a quote which was £200 cheaper than Signelite. As a result the client decided to change to the local Broker to save some money. The team at Signelite did stress to the client to check the cover he had been offered to make sure no key covers were missing and gave the client some examples of the possible differences to check. The client confirmed to us the Broker had said the cover was the same therefore he was moving to save money. A year later the client contacted Signelite for a new quotation. It was established the client had tried to make a claim on his policy during the year and it had not been covered. He had been to install a sign for a local business, had dropped it and damaged a vehicle parked below. The Insurance company had declined to pay the claim. It turned out the local Broker had not asked if our client…

Jan - 18

BSGA Offer financial support towards training

BSGA Offer financial support towards training The BSGA are pleased to announce that from 1st January 2019 until 31st December 2019 all BSGA Full and Affiliate Members will receive financial support towards the cost of attending workshops and training provided by BSGA Members Make it Happen. This will apply to any of the education workshops or Dress Down Hands On programme offered by Make it Happen. These are CPD accredited and are considered beneficial for employees’ career progression and advancement. In one day, attendees can learn about more techniques and materials than any sign company will deal with in over a month’s work. The benefits are a more educated and enthused work force able to spot more and more lucrative opportunities. These courses are aimed at those who are new into the industry as well as working with those who have had more experience. The courses provide help and guidance so that those missed opportunities become less and less. Why are we doing this? Here are a couple of testimonials that go a long way in explaining why we feel Members of the BSGA should seriously consider these courses for themselves and there employees. For more information please visit              

By visiting the Signelite website you agree to accept our Privacy Policy and Terms & Conditions