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Wholesalers insurance – cash and carry

Monday, June 21st, 2010

When looking for business insurance, you will, in over 90% of cases, end up speaking to an independent broker to get a competitive quote.

As part of this process, you will either speak to them over the phone or have a face to face meeting. When this occurs, there will be a large amount of information that they will ask of you, in order that they can present the risk to insurers to get the best price for the widest cover.

One of the questions, if you are selling products, will relate to the actual stock that you hold, and need to insure, at the business premises. For a wholesalers insurance quote, the two main questions will be what is the type of stock that you hold, and what is the maximum replacement cost. This cost is the amount you need to have cover for, so in the event of a loss you are fairly recompensed by the policy.

The dfficulty for a cash and carry business is actually defining the stock that hold. For a sweet shop, this is easy. But a cash and carry can have tens of thousands of different product lines, from meat, to sweets, to paper plates.

If you do not declare the correct type of stock, ie the sweet shop does not declare it has (much more theft attractive) tobacco stock, then if there was a break in the insurers could, quote fairly, turn down the claim.

So, the cash and carry owner want to be sure that they are adequately covered. One way of doing this is to get an insurer that has a specific business category for cash and carry. This way, in the event of a loss, if you can prove that the product line you are claiming for, is one that you or any other similar business would more than likely sell, then you will not have a problem in getting any claim settled.

As ever, speaking to a broker is the best, and easiest way to do this.

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Wholesalers insurance – what is a stillage warranty?

Monday, June 7th, 2010

When we talk about commercial insurance policy wordings, insurers do still use certain terminology which can be difficult to understand. The days are gone when you needed to have worked for years in the industry before you could interpret wordings, but we are still not quite at the stage where anyone can understand the policies.

There is a good reason for this, they need to be understood if a claim goes to court or is considered by solicitors. Additionally, to make things clearer can mean m0re lengthy, and nobody wants to receive a 300 page document when they have just bought a shop insurance package.

But, you do need to consider, and sometimes look for specialist advice, when you have obtained a quote. If you are looking for a wholesalers insurance quote, you will need to go to an independent broker so that you get some real choice of options.

When you get your quote, there will, as always, be terms, conditions and excesses specific to you. One of these, for wholesalers and importers, is called by most insurers a stillage warranty. If this were put into plain English, it would be called a stock storage minimum height warranty. You can see my point therefore about the need for shorter policies.

One of the biggest culprits of major claims against policies is from water. Whether this be from a burst pipe, leaking sprinklers or a flood, most types of stock are susceptible to serious damage, even if they get slightly wet.

So, to try and prevent this, insurers request, through a warranty, that you keep your stock at a certain height about the ground, or floor level.

Stillage warranties can be for different heights, the usual minimum is 10cm going up to 30cm in certain cases.

A stillage warranty is not going to stop a catastrophic flood damaging stock, but just raising the stock off of the floor will prevent a lot of claims. You will need to put the stock on pallets or shelving, it is usually cheaper and easier to have this on pallets.

If you have a claim for water damage and the insurers can prove that the stock was not stored at height, then you could have your claim turned down. Make sure you check very carefully the policy and/or quote.

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