Insurance

We deal with enquiries regarding insurance claims from the general public and insurance cover and claims from our leaseholders. 

We employ Zurich Municipal to handle all our insurance claims. As with all insurance policies the City Council has to pay an excess on claims:

Some of the excesses are paid by the departments that are responsible for the claims.  However, for Public Liability and Property the majority of the excess is provided through our Self Insurance Fund (SIF):

Our premiums include the likely cost of claims plus the Insurer's expenses plus their expected profit.  By using the SIF the Council does not need to add expenses or profit and is also able to avoid the Premium Tax (currently 4.76%).  As a result our insurance costs are reduced.

Other benefits include quicker claims decisions, any 'profit' on fund is retained, investment income can be earned on premium income until claims are paid and any successful reduction in the number and costs of claims produces an immediate financial benefit.

We have also purchased what is known as Stop Loss Insurance to protect the fund.  Insurers will pay all losses above £250,000 on Public Liability claims in any one year and £265,225 on Property claims in any one year.

The Insurance Fund is strictly audited and regulated.

Page last reviewed 16 Apr 2008