Fleet Insurance & Risk Management

Services Designed For The Public Sector

Organisations in the public sector have a wide range of different considerations to make when it comes to their insurance when compared to private companies and entities. As such, businesses that are looking for help with this type of highly specialised insurance will want to rely on a service dedicated specifically to their type of organisation. The risks and lower costs that are unique to public services require extra attention and the team at Forum Insurance is aware of all the unique caveats of public insurance services.


For over 30 years, Forum Insurance has worked to provide a wide range of insurance services to the public sector, including the fleet insurance and risk management services described here. As such, we have been given exclusive approval from Crown Commercial Service, a trading fund that’s part of the UK government. As the most widely respected commercial and procurement service, their support for Forum Insurance should attest to the quality of the tailored insurance solutions that we offer.


To learn more about how we can help your organisation, get in touch with our public entity specialists. We will work to understand your potential risks, unique requirements, and how best to avoid the potential monetary and financial stresses that a claim can result in.


All kinds of public entities that make use of vehicle fleets could benefit from the services that Forum Insurance offers. We have already worked with a wide variety of different public partners, doing what we can to reduce their risks, mitigate the costs associated with any claim, and to protect them from unexpected crises. Some of the public sector entities we have worked with include local authorities, government agencies, town and parish councils, social housing, blue-light organisations, charities and non-profits, and much more.

Our Fleet Claims Management Solutions

Our services are dedicated to helping you reduce the total cost of any and all fleet incidents, whilst providing the best customer experience in the industry. As such, our fleet claims management team is there to manage every part of the claims process on your behalf, working to your benefit.


We take the time to tailor the Claims Management process to your individual needs, meaning that we are there from the First Notification of Loss to Risk Management, Vehicle Recovery, Legal Services, and beyond. We know that, aside from our attention, public entities also need speed and responsiveness. As such, we use custom-designed technologies alongside ISO-certified systems to make sure that the Incident Management process goes as quickly as possible, without sacrificing accuracy or reliability.


When first dealing with the First Notification of Loss stage of the claim, we work with a highly flexible claims technology platform that ensures we provide the specific questions needed to make for an efficient and effective claim reporting stage. As such, we can quickly and accurately gather the information needed at this stage without needing to ask about your specific policy covers or excess level details, because we already have that information available within the system. This means we can help clients sooner address workflow triage needs, while also aiding with the early intervention that Third-Party services offer.


Forum Insurance works with a wide network of accredited repair service providers. As such, we can help lighten the burden for policyholders by managing any damage repairs needed. From mobile repair services to fixed Bodyshop services, we work with a network of outsourced and in-house engineers. Fair pricing is always assured by the time we take to investigate any repair estimates and methodology. Furthermore, we make sure that all repairs meet both the manufacturer and legal safety specifications, offering you peace of mind that any vehicles we return are fit for the road.


Our services also involve closely working with third party intervention that is crucial for helping to reduce the costs of a claim. With your help in reporting incidents as soon as it is safe to do so, we can get in touch with the third party within an hour of the incident report. By offering repair and replacement services, we can prevent the third party from instead relying on expensive car hire companies and personal injury lawyers that could see your claims becoming more costly.


By working to reduce third party expenses, we can further help you mitigate costs. We offer our repair cost interrogations, engineer inspections, and more to make sure that policyholders and insurers do not have to pay more than is necessary. As such, we could help you reduce the costs that the third party’s insurers may try to claim are necessary to cover their losses. Throughout the entire life of the claim, we monitor these costs carefully, doing everything we can to make sure that our clients are not paying more than they have to.


Forum Insurance also works with a team of loss recovery experts that will pull out all of the stops to make sure that any money rightfully owed to our policyholders is reclaimed, regardless of what non-fault/partial fault status applies. Through detailed negotiations with Third-Party Insurers that begin hours after the initial claim and access to incident details through our bespoke integrated systems, we can work on your behalf to provide responsive and accurate loss recovery services.

Our Risk Management Services

The mission of our public sector fleet risk management services is to improve the safety of all drivers, reducing work-related driving risks. This is the single largest unmanaged risk that companies are currently dealing with, resulting in 1-in-3 fatal crashes, 20 million injuries caused by work-related collisions, with an annual cost of over £300 billion to companies.


We work with public sector entities to make all work-related driving much safer, with the additional benefits of reducing the costs of driving and making a more sustainable fleet, as well. As such, we can work with both drivers and managers to reduce collisions by up to 20% and reduce operating costs that can see a substantial return on investment. We also work to reduce your work-related fuel consumption by up to 15% by motivating drivers to take on more eco-friendly driving habits. When companies and public entities take on our risk management services, they can create a culture of safe driving that has seen an app adoption rate of 95%, as well as high rates of driver engagement.


Our process of work-related driving risk management is simple. It starts by having your drivers download the risk management app to their smartphone or onboard device. As soon as it is installed and the driver goes through the intuitive and efficient account creation process, the app starts to immediately capture data from each journey.


The device and app are then used to keep monitor and assessing drivers on their journeys. Throughout the process, we will also help directly coach drivers by making sure they stick to five key principals of safe driving behaviour. We will help them pay attention to the number of high contextual road risk incidents. We will show the amount of time they spend driving above the legal limit as a percentage of overall road time. We will show the number of distractions they face from their smartphone while driving. We will measure the time spent driving without the recommended breaks, which can indicate fatigue. Finally, the app measures the number of harsh accelerations that can affect the fuel consumption of the vehicle. With these objective indicators, drivers can quickly understand which of their habits are a safety or cost risk, allowing them to track their reduction of bad driving habits over time.


Incentivising your drivers to manage their risks properly is important. As such, our app works with a rewards system. Drivers can earn points based on their safe driving habits and improvements they make along the way. With the clients’ cooperation, these points can then be traded for rewards or for donations made to a charity of the driver’s choice. Meanwhile, the mileage assistant helps you capture all data on trips undertaken by your drivers. This data can be quickly exported from the app, saving you time and money while giving you the data that helps you assess your own drivers’ performance.


The app that we use also provides actionable insights that you can immediately work on to make improvements to the fleet. There’s no need for endless reports, just simple steps that anyone can follow. This includes a Manager Portal that allows you to identify the drivers most at risk. Through the measurable indicators mentioned above, we can help managers see exactly what poor driving habits are most common their highest risk drivers. This can be used to target interventions and provide training for specific drivers and can be operated in anonymous mode.


The app-only nature of the risk management system that we use means that there’s no need for additional hardware and makes it suitable for all kinds of drivers and vehicles. With high-grade cybersecurity and GDPR compliance, you can rest assured that your data is kept safe at all times, as well.

The Public Sector Fleet Insurance And Risk Management Partner That You Need

Our team is here to help with the wide range of specific challenges that your public sector organisation can face as a result of work-related driving incidents. Our extensive experience as a specialist public sector insurance team can offer you peace of mind. We bring over 30 years of insurance to custom-design a fleet insurance programme based around existing and potential risks, working to the latest developments within the insurance market.


The support team at Forum Insurance has also been recognised as being amongst the very best in the industry, addressing your questions and concerns at any step before, during or after a claim as speedily and accurately as possible. With a dedicated account manager and access to an insurer panel at any time, we always have your back.


It’s thanks to our experience and this quality of support that Forum Insurance has been approved by Crown Commercial Service. This accreditation is valued by all of the team, who work to uphold the highest standards of service to public sector entities.


Forum Insurance ensures those standards by following the ideal of C.H.E.C.K.S., which stands for:


  • Competent - Investing in creating the employees who are at the core of the high-standard of services we provide through the best training and development practices available.
  • Honest - Each member of our team operates to the principle that honesty is the best policy. As such, we are open about your options and risks at all stages, communicating openly with all clients and stakeholders and following regulations by the FCA and members of the CII and BIBA.
  • Experienced - For over 30 years, Forum Insurance has been providing insurance solutions As such, we have been working to the highest standards of the industry since as early as 1990. It’s this experience that lends us the confidence to assure that you will get the first-rate insurance solutions that you need.
  • Consistent - The market and economy can change regularly, but we always aim to ensure we maintain the same high standards no matter what. The longevity of our team and our client retention rate help to demonstrate this commitment to consistency.
  • Keen - Our team is motivated and engaged with our clients, working to meet and exceed expectations. We work with passionate individuals with a real dedication towards maintaining and improving our professional relationships.
  • Sincere - As well as working to the statutory requirements and legislation imposed upon us by the government and the FCA, we also follow a strict code of moral standards. Founded as a family-run brokerage, we treat our clients with courtesy and respect you’d expect from family.


With the C.H.E.C.K.S. values, we make sure that our insurance team provides the highest standards of fleet insurance and risk management services available to public entities. As a result, we have been able to maintain 97% client retention, with 2,700 live policies to date.

RECENT POSTs

FCA Outlines New Rules To Improve The Insurance Market And Lower Prices

by Niraj Mamtora • 2 June 2021
At Forum Insurance we know that if we look after our clients, our clients will look after us. With over 30 years of experience we ensure our clients have the correct covers tailored to protect themselves and their business. We use our extensive access to the wider insurance market to find the best cover at the best price. We are pleased to see the Financial Conduct Authority (FCA) announce that from January 2022 home and motor insurance policies renewals will be offered the same price as new customers. Sheldon Mills, Executive Director, Consumers and Competition at the FCA commented; “These measures will put an end to the very high prices paid by many loyal customers. Consumers can still benefit from shopping around or negotiating with their current provider – but won’t be charged more at renewal just for being an existing customer.” Click here to read the full press release. This is already a part of our renewal process; as we approach the insurance market and search for the best cover and price for each policy. This is one of our key reasons we have a 4.8 out of 5 star rating online . The new rule set by the FCA will improve genuine competition within the insurance market, as firms will no longer be able to offer below-cost prices to attract new customers. This predatory pricing practice harms consumers long term by increasing insurance premiums for everyone. We look forward to seeing the FCA’s next steps and welcome any changes that improve the insurance market for our clients. Want to experience how we put our clients first? Call us on 0208 909 2899 and get a same day quote.

Achieving Long Term Success For Your Store

by Niraj Mamtora • 19 April 2021
What role does insurance play in securing long term success? Retail stores play a vital role in the local community across the nation by creating jobs and providing access to essential products and services. In our 30 years experience protecting retail and convenience store insurance risks, we know that to achieve long-term success retail store owners need their business to run smoothly, and most importantly be protected from any unforeseen incidents. Insurance is designed to do exactly that, protect your livelihood, your assets and your customers – paving the way for your business to truly grow. There are many insurance covers available to protect you and your business. Whether you’re looking for a new policy or checking the suitability of your existing policy we’ll discuss the plan to success. Liability Cover There are two main types of liability insurance to provide protection against accidents in your store. Public liability insurance is designed to cover compensation payments and legal costs if a member of the public sues your business because they have been injured or their property has been damaged. For example, if an employee fails to put out a wet floor sign after cleaning the floor and someone slips and breaks a bone. In this instance your public liability insurance would cover the financial impact of an unexpected claim up to the maximum stated limit of liability. Employers liability insurance is a legal requirement, and is designed to protect you from financial loss if your employee becomes ill or injured whilst under-taking their work for you. Business Interruption Cover In the event your business cannot function as usual you will most certainly start losing income. Business Interruption insurance will put your business back in the same trading position it was before the unforeseen event occurred. This insurance will cover your loss of revenue or profit for the period of inability to trade. With this cover in place you can assure that any interruptions in your business, will not result in financial loss. No more sleepless nights that a burst water pipe or fire damage are costing you lost income as your store is closed. Contents Cover Protecting vital assets like your fixtures, fittings, and equipment is essential for the function of any business. You should ensure your contents are covered on a new-for-old basis to secure your longevity in the industry. Accidental damage, a burst pipe or an electrical fire are risks we can prepare for, but the replacement costs can be enormous. Having the incorrect level of coverage will leave you out of pocket, due to the ‘averages clause’ most insurers follow. This clause can result in insurers to reducing claims settlements if you accidentally or intentionally underestimate the value of your contents. For example, you have valued your contents at £20,000 but the actual value is £40,000. This is an underinsurance of 50%, according to the clause the insurer is entitled to pay out only 50% of the claim value. It’s horrible to think, but to continue this example the business is burgled and the business claims for £12,500 of losses. The insurer can use the average clause to pay out 50% of the value of the claim meaning only a settlement of £6,250 and the other £6,250 would be paid from your business. Self-insuring or underinsuring can save you a small sum of money in the short term on the premiums, but in the event of a claim those savings can be wiped out in an instant setting you back a lot further than your initial saving achieved by reduced levels of cover. Don’t be caught underinsured. Typically the store’s general stock is not covered under your contents insurance and will need to be covered separately on the policy. For grocers, cigarettes, wines and spirits should be covered separately to general stock. Deterioration of Stock If you have frozen stock, this should also be covered separately, which can provide cover for damaged stock in the event of breakdown of the fridge or freezer. If you have a cold-room there are increased risks and this will need to have its own provisions within the policy. Goods In Transit Goods in transit will cover you for any loss or damage to stock while traveling between your supplier(s) and your store(s) up to your chosen limit. Theft Of Cash Theft is a daily risk your convenience store faces. Whether you’re open or closed, there will be cash at your premises. The cover available is often restricted depending on the circumstances, for instance there will be a limit on cash covered in the till, in a locked safe overnight, and when in transit. If you’re in doubt that you’re sufficiently covered, use your busiest day possible and set your cover to those levels. If you’re transporting cash from your store to the bank or bank to the store then you would need cash in transit. Fidelity cover is when your employees steal cash from your business, it isn’t always required but as you grow so will your risk of it occurring. What Now? Not every business has the exact same requirements and risks. Getting an expert review of your insurance with a broker will put your mind at ease and secure your path to long term success. At Forum Insurance we offer free reviews and quotations. We will create you a tailored insurance policy with the covers that are a right fit for you and your business at competitive rates. Request a call back via the green button on the right.
Valentine's Gift Insurance

Don’t let Valentine’s Day break your wallet and your heart

by Niraj Mamtora • 10 February 2021
Valentine’s day is full of romance and excitement for many people, but if you’re not careful it has the ability to leave you emotionally and financially distraught. There are many risks which are not considered which can result in an increase in insurance claims for lost or stolen jewellery, fires caused by candles or water damage from overflowing baths. Without the right insurance cover, the claim for the above reasons might be declined. This can leave you without compensation resulting in an emotional and financial loss. What can you do to reduce the chances of something going wrong this Valentine’s day? Expensive jewellery and watches The gift of jewellery is almost synonymous with Valentine’s day, most of these items can be covered by your home contents insurance policy. Single item value There is a value limit for any single item which is covered under your policy, an industry standard is around £1,000 although this does vary. Any item valued above this will need to be specified on the policy. Depending on the price of the item this can be a problem, we recommend checking your insurance policy for “single item limit”. If the item you want to insure exceeds the single item limit then contact your insurance company to list the item, note, you may need to pay extra for your cover or insurer it separately depending on the value. For your benefit, we recommend you keep ownership of the valuable items such as original receipt for the item, photographs or official valuations. In the event of a claim these will be vital to a successful claim. Away from home personal possessions There is a greater risk of something being lost or stolen when away from home, especially if it’s expensive jewellery, equipment or technology. Without cover away from your home you won’t be able to claim. Most standard policies only allow you to claim for lost or stolen items in and around the home so we recommend requesting this cover or using an insurance broker that can tailor your policy to your needs such as Forum Insurance. Fire Hazards Often you don’t think of fire hazard because you’ve lit candles before, you’ve used your fireplace or electric heater before and nothing has gone wrong. But in fact the risk of fire is always there but be more cautious on Valentine’s Day. Remember to turn off all candles, gas or electric heating sources when out of the room, going to sleep or when the area is heated up enough. Flood Hazards I doubt you’ll experience a flood in the traditional thought of it, from a river or excessive rainfall but more likely from a romantic bath. Remember to turn off the taps and remove the bath plug to stop it overflowing. If the bathtub overflows it can ruin your bathroom causing damp or even impact lower floors by destroying ceilings and floorboards. A leak from your bathroom to a floor below causes the cost of a claim increasing, which will impact your pocket through your insurance premium, or at the worst you’ll have to pay for repairs yourself. We recommend having accidental damage which will provide compensation to your property and contents through, yes, accidental damage. It is not often standard on policies so be sure to check your documents. Without it, you will be left having to pay for repairs and compensation out of pocket for the water damage. What’s next? Next, get an insurance policy that will cover you this Valentine’s Day for all the mentioned risks. At Forum Insurance it is within our consultation phase that we assess what type of home insurance policy you need. In fact, we will custom build you a policy so that you don’t have the wrong cover and to make sure you’re not overpaying. For more information speak to a member of our team on 0208 909 2899 or visit our website to request a call back. 

How improving home/office security can reduce insurance premiums and deter criminals

by Niraj Mamtora • 2 February 2021
The recent pandemic times have left everyone in a financial crisis, and during such phases, it is advisable to keep your budget in check. There are various ways in which you can cut back on the costs, and no matter how small that saving is, it will compound over time. One of the things that require our time and investment in home insurance. These policies act as a safety net in case of any theft or accident. This can account for a significant chunk of our income, so we need to be aware of how to bring the insurance premium down. One resourceful way of doing that is by investing in improved home security. The money that you spend in the security installations will be covered over time in the form of a decreased annual premium. Here are some ways you can upgrade your home security and eventually reduce premium costs: Security Locks Investing in secure locks can help in reducing your premium insurance costs and ensure the safety of your home. But this includes modern locks and not the conventional style locks as thieves are familiar to them. If you already have some sort of lock system in place, you can opt for an upgrade. It is better, however, that you go for locks approved by the British standard as they have been subject to various tests to ensure they are resistant to all sorts of attack techniques. Alarms This might sound reasonably traditional to you, but modern alarms are a great way to secure your house and intimidate anyone who tries to break in. The warnings come in many different forms, such as smoke alarms or home intruder alarms. The smoke alarm can either be a standalone variety that will go off if there is any smoke in the premises of a system alarm that automatically calls the firefighters if it recognises smoke inside the house. It is recommended to do a fire drill just to confirm the functionality of these alarms and to be on top of any maintenance or wear in tear, especially in terms of battery replacement. Home intruder alarms are usually installed on entry points such as doors or windows and automatically make a loud sound once they are triggered. These are often wireless and some with pet-friendly sensors to reduce any discrepancy. Some of them are designed in a way that does not make noise but alerts the security officials in the area to reach the site of the breach. CCTV Installation Modern technology makes way for new and improved methods of home security. CCTV cameras are one such upgrade that puts your mind at ease with regards to home security. Installing a CCTV camera increasingly lowers your chances of a possible theft which then gradually leads to a lower premium. You can establish one or several cameras in various locations to monitor every activity that occurs in your home premises and surrounding areas. The entire footage is recorded and connected either to your phone or a backup memory card so you can easily access it if needed. Neighbourhood Watch Scheme The neig hbourhood watch scheme has been around for many years and is still considered to be a valuable asset in maintaining security. It not only looks out for the community but also makes others keep a keen eye out for any unwanted entry in your house too. This scheme is also a great way of spreading awareness among the local communities on how to protect themselves against any harm. It brings together the community members in a way that serves every person. Overall, it is believed to reduce premium costs so ultimately, you would be saving up as well as returning the favour to the community . Final Thoughts There is no doubt in the fact that security policies markedly reduce your home premium by a fraction of the total cost. All the retained money can be used elsewhere either for personal expenditures or just savings, the true benefit is peace of mind.

Are You A Sole Trader? You Should Know Why Business Insurance Is Necessary For You

by Niraj Mamtora • 27 January 2021
The legal definition for a sole trader states that it does not have a separate legal existence from its owner. Keeping this in mind, all sole traders must know that business insurance is vital for them to protect their business and personal interests. After all, running a business all alone involves putting your financials in a lot of risks. So, better be safe than sorry, and get yourself business insurance to protect you from the worst! Here at Forum Insurance, we tailor the perfect business insurance for sole trader to ensure that all their personal and business interests are safeguarded so they can enjoy complete peace of mind and take risks that would help their business grow! Why Is Business Insurance Vital For Sole Traders? There are plenty of reasons why a sole trader must get business insurance, no matter how big or small their business is. Here are few of the several reasons why they should do so! Insurance Keeps Your Business Running Smoothly As you might already know, sole traders cannot afford any time off, and they need to work continuously to keep on earning their living. Without you working around the clock and managing everything, your business will take a quick dip. However, this is something that you can control. What if something happens that is out of your hands? For instance, a theft or a robbery? Well, even if you are working around the clock, a theft or a robbery can still halt your business for some time. However, if you have business insurance and your claim succeeds, all the losses suffered and the profits you have to forgo because of a non-functioning business would be paid by your insurance company, bringing your business back on its feet! Builds Credibility Having business insurance plays a great role in building credibility in the eyes of your prospective clients and customers. An insurance builds trust, and gives reassurance to the clients that you are a safe bet in case things go south as you have complete coverage! Business Insurance Protects Your Personal Assets As a sole trader, your personal assets are at risk of lawsuits as well. This means that in case you go bankrupt or liquidate for whatever reason, claimants can come after your personal property to recover money. A business liability insurance, professional liability insurance, or malpractice insurance can safeguard your business and personal assets in case you lose a personal injury claim or any other lawsuit. You Are Responsible For Property Damage And Other Liabilities Being a sole trader, you are the only one responsible for any property damage that occurs on the premises for whatever reason. If you want it to be covered, you need to have business insurance, or else paying it all from your pockets is nearly impossible. On the other hand, if an employee or a customer gets injured while on your business property, they have the legal right to sue you for compensation. Here, considering all the legal expenses and the damages, you would need business insurance to safeguard your business, or you would most probably liquidate. Different Types Of Business Insurances There are multiple kinds of business insurance policies for you to choose from. Hence, it is essential that you have adequate knowledge about them all. Sole Trader General Liability Insurance The general liability insurance protects you when a client brings a claim against you. This insurance provides you with all the legal costs of handling the lawsuit and even the compensation in case you end up losing it. Other risks such as bodily harm and property damage are also covered in the general liability insurance. Sole Trader Products Liability Coverage As the name itself suggests, the sole traders liability coverage protects your business against claims brought forward due to incidents arising from your products. This can also be added with the general liability insurance, but it totally depends on the insurance policy. The claims are generally brought forward by people who have a negative effect on their business because of using your product, or by those who are harmed or injured in any way because of using your product. Professional Indemnity/Liability This specific type of insurance protects you in case your customer or client suffers from a loss due to an error you made while providing them with a service. The loss is often in monetary value, and that client is looking for compensation for the error you made. Professional Indemnity will protect you from such legal actions. Sole Trader Commercial Auto Insurance If you use any vehicle for commercial purposes, you need to get commercial auto insurance as well. It will protect you from any unfortunate events such as accidents, and even personal injury to other people and employees. Some insurance policies also protect all the vehicles being used by the business from vandalism and theft. Life Insurance Getting life insurance is essential as part of your business insurance. Being the sole owner, in case the worst happens and you lose your life, life insurance ensures that the beneficiaries receive a considerable amount of money. It will allow your family to be financially secure after the only breadwinner passes away. With complete peace of mind of their family being protected, a sole trader can work more efficiently on their business and be as profitable as they can. Hence, speak with expert insurance brokers such as those at Forum Insurance so they can safeguard all your interests and tailor the best possible Business Insurance for you. Conclusion In a nutshell, allow experts at Forum Insurance to do all the hard work for you and let them use their expertise to make the most viable Business Insurance policy for you at highly competitive prices! Once you are covered, you can focus on things that would help grow your business and profits. 

How does GAP Insurance protect you from the hidden costs of car ownership?

by Niraj Mamtora • 20 January 2021
How does GAP Insurance protect you from the hidden costs of car ownership? One of the products you’ve probably heard of but not had explained properly is Guaranteed Asset Protection (GAP) Insurance. This article will give you all the facts so you can decide if it’s suitable for you or not. There are 2 keys thing to note; All new cars depreciate, in fact according to The AA, on average a brand new car loses 60% of its value after 3 years. In the event of a total loss (theft or write off) a motor insurance policy will only payout the current market value of the car and not the value you paid at purchase even if its a fully comprehensive policy. What is GAP Insurance? GAP insurance is an additional insurance policy that in the event of a total loss scenario pays the shortfall between the payout from your motor insurance policy and the amount you paid for the car brand new (including any outstanding finance). How did you purchase your vehicle? Finance Agreement or loan As stated before, a fully comprehensive car insurance policy will only pay out the current value of your car in a total loss scenario. If you have a total loss you will still be liable for any interest owed on the loan, possibly leaving you in a position of negative equity because you owe more than the car is valued. This can occur in a total loss scenario if: You’re paying a lot of interest; A motor insurance policy will pay out the current value of the car which does not include any interest owed on the finance agreement. This interest would still need to be paid by yourself, resulting in outgoing payments for a car you no-longer have. The car's value is depreciating; As the depreciation increases, the car's current value decreases resulting in a lower payout from the motor policy, you wouldn’t be able to buy a new-for-old with the payout. The agreement deposit is small; A small deposit on a loan will usually have a high servicing cost resulting in a high amount of interest owed, again possibly leaving you in negative equity. You’re paying the debt off slowly (over 3-5 years) On average cars depreciate 60% after 3 years and usually the monthly payments don’t decrease, meaning you could be paying off a car which is not worth much. Your finance product leaves you with a lump sum to pay at the end These ‘balloon payments’ are common, usually you pay it to keep the car, or you hand the car back. In a total loss scenario, you don’t have the car to hand back resulting in a lump sum owed which might not be covered by the motor policy claim. Imagine you’ve just had your car stolen or written off and you still owe money on the car after the motor insurance payout. You can’t purchase a new car as you’re still paying off the loan or saving up to pay the balloon payment. That's where GAP insurance comes in handy. Cash payment Buying a car with cash poses less problems as you don’t have to worry about any interest owed or any balloon payment. The only problem is depreciation, cars depreciate the fastest in the first 3 years of ownership, in fact as soon as you drive your car out of the dealership it is considered used and begins to depreciate. Let's use an example for this: You bought a brand new car for £50,000 cash and it was stolen or written off after 3 years. According to the AA, you would only get its current value estimated at £20,000 from your motor insurance. Clearly this isn’t enough to buy the equivalent brand new car and you would end up asking yourself why you didn’t purchase GAP insurance which would have paid you an additional £30,000 so you could yourself get that new model you’ve had your eye on. Generally, cash purchasers are aware of the upcoming depreciation and accept it as part of their purchase as they plan to keep the car long-term or gift it to someone they’re close to. How much does GAP insurance and where to get it? The most expensive place you can purchase GAP insurance is with the car dealership, directly. That is because they know you are functioning on an emotional high and want to capitalise on it. In fact, in 2015 the FCA ruled that car dealerships cannot sell you GAP insurance unless the customer has had 2 clear days breathing space as their practices were harmful to clients. Now you know why GAP insurance can help you, why not get a quote live on the Forum Insurance website here and you can be covered in less than 5 minutes!

The meaning behind: Authorised & Regulated by the FCA

by Niraj Mamtora • 13 January 2021
 What does FCA Regulated Mean? The body that is responsible for the regulation of all financial services in the United Kingdom is the Financial Conduct Authority (FCA). The main targets of FCA are to increase market integrity, promote healthy competition, and to protect customers. It achieves all of this by conducting three operational activities that include supervision, enforcement, and authorisation. As a result, all investment firms, consumer credit firms, and financial service providers need to be authorised. Moreover, the Bank of England's Prudential Regulation Authority (PRA) is responsible for the regulation of all insurance companies, banks, and credit unions. Operational activities of the FCA FCA has made it its main objective to make sure that all financial services prioritise customer protection against profit maximisation. Their regulation method I based on three major operational activities, which include: Authorisation: In order for a financial service provider to be regulated by the FCA, it needs to be registered or authorised by the FCA. The FCA then looks over the firm and the individuals involved to ensure that all required standards are met dutifully. For credit unions, insurance companies, and banks, the regulation process is undertaken by two bodies, including the FCA and the Prudential Regulation Authority (PRA). Supervision: Under this operational activity, the FCA supervises to ensure that all required standards are met by the individuals and firms. The element of risk is of primary importance that falls under the supervision. This operational activity is also based on a three-pillar approach with the three pillars being: Proactive supervision of the largest firms Reactive supervision as a response to the events that take place Thematic analysis which takes into account the risks impacting entire sectors or multiple firms Enforcement: This operational activity involves intervention by the FCA to charge penalties on the firms or individuals failing to meet the required standards. The FCA can impose penalties, including prosecution, compensation for the consumers, and orders to stop the trade. The whole regulation by FCA is performed in order to make sure that the consumers are protected. As a result, consumers can gain the confidence in the services provided to them by the firms or individuals. The regulation and consumer protection directly impact the economic stability of a country. This is because increased consumer trust tends to increase the growth and competition. Who does the FCA regulate? The main responsibility that FCA undertakes is the regulation of the conduct of financial markets and firms. The finance industry of the UK has defined financial services as the economic providers. Several types of businesses that have to manage money fall under this definition laid out by the finance industry. These include banks, insurance companies, credit card companies, stock brokerages, and credit unions. Apart from these businesses, the FCA also provides regulation services for listed corporates and their officers. However, the regulation undergoes in compliance with the listing and the disclosure obligations. The FCA can also bring enforcement proceedings against anyone for the civil and criminal offenses of manipulating the market and insider dealing. This a part of their role that is to maintain and restore market integrity. If any authorised firms or their officers breach the Money Laundering Regulations, the FCA holds the authority to prosecute them. The funding to the FCA comes directly from the firms that it is responsible for regulating. These firms pay the FCA as part of the fee it charges for services. The FCA won't provide any regulation activities to the financial services providers as long as they are not registered or authorised by the FCA. If an applicant wants to get themselves authorised, they have to submit their qualification and experience, business plans, and qualification and experience. The FCA then thoroughly analyses these details before making a final decision. Once a positive decision has been made, all authorised firms are required to comply with the principles and rules and meet all minimum standards. There are a total of 59,000 firms being currently supervised by the FCA. Most of these firms are serving wholesale and retail consumers as well as users of many of the world's most significant and largest global markets. The complexity and size of all these firms vary greatly. Moreover, FCA provides a level of regulation based on the level of risks of harm the firm poses to market integrity and consumers. Why is it important to be FCA regulated? Investing money is a risky business. As a result, consumers take extra caution while investing their money as everyone wants to avoid working with a firm that is unreliable and untrustworthy. FCA regulation or authorisation means that a consumer can trust the firm. It ensures that the firm treats all consumers in compliance with the strict criteria laid out by the FCA. As a result, consumers do not have to do extra research on the firm in making their final call. This is because FCA regulation ensures that all firms that fall under their supervision are complying with all the requirements of the Financial Services and Markets Act 2000 (FSMA). Another major importance of FCA regulation is the impact it has on the economic stability of the country. This is because consumer trust in financial services is directly linked with the stimulation of growth and competition. Conforming to the FCA's is also beneficial for the businesses. This is because new businesses are won by financial service providers who always put their consumers first. History has shown that these businesses are won by the financial firms based on the quality, service, and price they have to offer. FCA has done wonders for the financial industry ever since it came into existence. The importance of this can be understood by the fact that before the FCA regulation of the financial industry, there were billions of pounds of fines being paid for financial crimes. These were in the form of compensations, penalties, and fines. The FCA has made it its utmost priority to monitor the sales-driven culture. Based on this, it implements suitable enforcement and control measures to make sure that the consumers are protected and the economy stays stable. How do financial services providers become authorised and registered by the FCA? In order to get registered or authorised by the FCA, an application has to be submitted. Once the application form is sent to the FCA, it will appoint a case officer for the firm. The responsibility of the case officer is to work with the firm to understand its procedures and processes. This evaluation is followed by an assessment by the officer to ensure that all the standard requirements in the FCA Handbook are being met by the business. Moreover, the FCA also checks against all key position holders in the business, including the directors and other such as compliance officers. They then approve whether these individuals should continue to hold their respective positions. Once this whole process has been carried out, the FCA writes to the applicant to tell them whether they have been authorised or not. If the applicant is not authorised, the FCA provides them with a fair explanation for the rejection. There is also an application fee to be paid by the applicant. If authorisation is confirmed, the applicant then has to pay an annual fee to the FCA for its regulation services. Moreover, they also have to effectively stay in communication with the FCA and submit any important reports on a regular basis.

Brexit and Car Insurance: Do You Need A Green Card?

by Niraj Mamtora • 6 January 2021
Brexit has affected a lot of policies. It is only natural that one may worry about what their travel insurance policy is going to be like as a result of this. Being a client of Forum Insurance, you will still get cover in all the countries enlisted in the Insurance guide. The duration of the cover is 90 days which can be further extended for an additional 12 weeks (maximum) based on our prior agreement.

Where And How To Find The Best Cover For Your Property

by Anton Hilton • 7 December 2020
Owning a property means there are tons of things that you need to take care of at all times. After all, it is a long term investment, and you need to safeguard it in any way possible. Among all of that, one of the most important things is getting insurance for your property in case the worst happens. So, what do you do to protect your property? You get insurance for it. Now, we will explain to you how and where you can find the best cover for your home, so when things go south, your house is fully protected, and you are not left with thousands of pounds in expenses. 

Cybersecurity – Corporate’s Constant Top Risk

by Anton Hilton • 24 November 2020
The Chartered Institute of Internal Auditors (Chartered IIA) has seen cybersecurity rank as its top risk for the third year straight. But their survey has also brought new dangers to light with the recent surge of COVID-19 seeing disasters and crisis preparedness ranking as a new top five risk. The results came about after a comprehensive survey of over 570 Chief Audit Executives. Of these, 79% labelled cybersecurity as one of the greatest corporate risks that they had to deal with, whereas 27% labelled it as the single greatest risk. This growing fear of having inadequate cybersecurity has seen a surge with the advent of remote working as individuals and companies are now all the more reliant on technology, making them that much more susceptible to viruses, phishing activities, and malware practices. 
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