Employers Liability Database

To assist those employees who have suffered injury at work insurers have established a central database where information relating to Employers Liability policies will be stored. As part of the process this will include the Employer PAYE Reference. We will be asking all clients to confirm this reference so that insurers can continue to update the database.  

Without this number from April 2012 insurers will not offer renewal terms. We would therefore ask for your co-operation please in this process. 

Further information can be found at  http://www.elto.org.uk/Links_to_Resources.aspx

Financial Services Compensation Scheme Levy

Much has been said recently in the press and televison of the mis-selling of PPI (Payment Protection Insurance) by numerous banks and finance companies over the years, some of whom have now gone into administration.

The Financial Services Compensation Scheme (FSCS) is picking up the tab for claims of those mis-sellers who are no longer trading. This amounts to tens of millions of pounds. We have never sold such cover but unfortunately, as far as the FSCS is concerned, we and all other insurance brokers are classed in the same general insurance category as those that sold these policies.

Through Ten Insurance our contribution into the compensation fund recently increased by over 1,000% and it is likely to increase further later this year.

Unlike a number of other brokers we remain adverse to charging unwarranted fees and we have tried to absorb this cost ourselves. However with the significant increase imposed it is no longer possible for us to continue this and we have to pass on these costs in the form of a £2 per policy fee. We regret having to impose this fee and we can assure you this is merely being used to cover part of the levy.

Seasonal Cheer!

Once again rather than send Christmas Cards we will be making a donation to Stepping Stones where Kim Smith (a member of staff) is involved in part-time voluntary work.

May take this opportunity to thank you for your continued support and to wish you, your colleagues and families a very Happy Christmas and a Prosperous 2011.

Increase in Insurance Premium Tax

In yesterday's Emergency Budget the Chancellor announced an increase in the rate of Insurance Premium Tax from 5% to 6% effective from the 4th January 2011.  In addition the higher rate of 17.5% applicable to non-business travel insurance policies will rise to 20%.  This represents the first change since 1994. Whilst unwelcome the increase is not as feared by many leading industry figures. Happy news perhaps on a tax increase.

Christmas & New Year Best Wishes

Rather than send Christmas Cards this year we have decided to make a donation to a local charity. The charity we have chosen is Stepping Stones which is where our new member of staff Kim Smith outside of her hours with Trident undertakes part-time voluntary work. Stepping Stones is a therapeutic playgroup for children with special needs. 

May we at Trident take this opportunity to thank you for your continued support and wish you a very Happy Christmas and a Prosperous 2010.