The insurance industry has bespoke policies for companies involved in the motor trade.
What is covered? The cover follows the business combined product in providing sections to include property, business interruption, money, goods in transit, engineering inspection and the various motor insurance exposures faced by motor traders.
When arranging cover for our clients, due consideration is given to:
- Driving restrictions, premiums charged for the motor element of the policy will vary hugely dependent upon the clients requirements. Is cover required for:
- unaccompanied demonstration?
- employees driving for social domestic and pleasure?
- non employees?
- any additional business use ie. Use not in connection with the motor trade?
- recovery work?
- courtesy vehicles provided to customers?
- Vehicle ownership
- Policy documentation needs to accurately reflect the ownership of the vehicles covered. Are all vehicles owned by the business?
- Stock fluctuations
- Cover can be arranged which automatically increases the stock sum insured at specified periods during the year to cater for increased sale periods
- Employees tools
- Are attractive to thieves and can be expensive to replace in the event of a loss. It is important to ensure the values covered are accurate and the level of security matches the policy requirements
- Self drive hire
- Separate arrangements need to be made if vehicles are being hired out. Restrictions around the driving criteria permitted and documentation to be obtained needs to be established and complied with
- Vehicles in the open
- Requirements with regard to vehicles stored in the open and key security warranties are becoming commonplace. These need to be negotiated with insurers to ensure claims are dealt with successfully
Castlemead Insurance Brokers have the knowledge, experience and market connections required to competitively place the required cover for your business.