So how do you persuade an insurer to reduce his premium?
The answer is by demonstrating to the Insurer that you have acted reasonably, prudently and in a manner that will allow the Insurers to perceive you as a Risk ‘that will not have a claim’, which can be demonstrated by using ‘best practice’ principles!
The main areas of claim can be eliminated by having a good Risk Management programme in place; they may include, amongst others :-
a. A good training programme for all your key personnel in respect of all your equipment that you own and hire out.
b. Obtain manufacturers’ directive on the best and accurate use of the equipment and write up a risk assessment programme in respect of each type of equipment that you may have.
c. Obtain PIPA accreditation and certificate for all the kit that qualify for PIPA. (see: http://www.pipa.org.uk )
d. Ensure that your terms of trading is written legally correct, it is balanced and that you have a hand over procedure of your equipment to the hirer and that it is signed off by the hirer confirming that it has been installed accurately and fully operational and completely safe and compliant to HSE Directive PM76. Also see: www.pipa.org.uk/PublicBestPractice.pdf
e. If you operate a Rodeo Bull or Multi-ride, ensure that the Disclaimer is signed by the rider, before they embark on the machine, and you keep a daily inspection log and a weekly maintenance log in respect of this equipment.
f. Consider a Kill Switch or Dead Man’s Handle being fitted to your Rodeo Bull.
g. Consider incorporating a CCTV monitoring arrangement on the Rodeo Bull and keep the image for at least twelve months.
Without fear of contradiction, you will be able to improve on your premium.
To find out more information about how to reduce your PL insurance premiums…
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Written by Mr Michael Scott. Jan 2006. (Representing a major PL Insurance company in Essex).
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