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					Issue 12 Spring/Summer 09




Review
Exclusively for clients of the Reich Group




Reich listens!
An opportunity to voice
your opinion
Reich listens!



In the insurance market, like in
so many others, those companies
with a unique selling point thrive.

In the case of Reich Insurance             That said, it is all very well us thinking that we
Brokers, our unique selling point          are providing a good service to our customers,
                                           as evidenced by our high retention rates, but
is our service. This might sound           there is only one way to really find out – to ask
a bit crass and many companies             our customers directly for their opinion. It is, in
                                           fact, a few years ago since we last produced a
will similarly suggest that their          meaningful customer satisfaction survey.
service is something special, but
we really do believe it and we
                                           We appreciate our customers are very busy
                                           people. Generally, busy people shy away from
                                                                                                 Our Own G8
strive very hard to achieve a level        filling in questionnaires about service, but we       Tomorrow’s Future at Reich
                                           hope that you will take the time to complete
of service without equal in the            what is a very brief questionnaire which will         Reich is committed to the
market. You only have to take              assist us in shaping our business philosophy          personal development of all our
a look at our mission statement            going forward. The results of the survey will be
                                                                                                 staff and has one of the highest
                                           published in our next newsletter which will be
Everything is possible to see              distributed in the Autumn, and the findings will      per capita training budgets of
that we are something out of               be completely transparent, whether good or            any independent insurance
the ordinary. As far as we are             bad. We will take the advice that our customers
                                                                                                 broker in the UK.
                                           give us in this customer satisfaction survey and
concerned, nothing is more                 we will use it to improve the facilities we offer     We are also a company who believes
important to us than the                   to you, our clients.                                  passionately in developing new young
satisfaction of our customers.             All it takes is for you to complete the short
                                                                                                 talent within our ranks.
That is our raison d’être,                 questionnaire at the back of this newsletter, fold    As a part of that commitment, we have set up
                                           into its prepaid posting format and return to us.     a working party comprising some of the most
and that is why we hope we                 You can even complete it online if that would be      enthusiastic and committed young people in
continue to be successful in               easier for you, at the address below.                 the business.
the insurance market.                      This is not a routine survey. The results are not     They have exciting and innovative ideas for
                                           going to be hidden anywhere. We will be totally       improving the quality of our offering and in the
                                           open, and are hoping that we are going to learn       coming months we expect to see a real impact
                                           new things about ourselves, from the group            on the business from this new initiative.
 complete our questionnaire online at...   that matters the most to us, our loyal clients.
                                                                                                 We call the group, which is eight strong, our
 www.reichinsurance.co.uk/survey           This is your chance to tell us what you think.        ‘G8’ and you can expect to hear more about
                                           We look forward to receiving the results.             them in future editions of the Reich Review.
Building added value
We are increasingly finding that                      In other words, if you do not arrange a
                                                      separate policy to insure the works and
more and more of our clients                          there is a fire at the premises, not only will
are looking to add value to their                     the works be uninsured, but there is also a
investments by carrying out                           very real risk that you may not be covered
                                                      in full for damage to the existing structure.
refurbishment or extension
works to their properties.                            We can arrange either a single contract
                                                      insurance policy to cover a specific property,
Apart from minor works such as painting and           or an annual policy covering all properties/
decorating, the responsibilities for insurance will   contract sites where you are carrying
be determined by the formal contract conditions       out works.
in place between the Employer (i.e. Property
Investor) and the Contractor.                         We have excellent facilities with all the major
                                                      insurance providers plus some niche players
In most cases where the contract is for
alterations to an existing structure, it will be
                                                      who are also able to provide bespoke solutions.
                                                      If you are looking to carry out either a new
                                                                                                         Reich Branded
the Employer’s responsibility to arrange the
insurance of the works whilst in the course           build, or a refurbishment of an existing
                                                      structure, please contact us as we will be
                                                                                                         Wording – an update
of construction.
                                                      able to provide you with suitable advice
Unfortunately, your standard Property Investor’s      and protection at a very competitive price.        Since we launched our own
policy automatically excludes any property in
                                                      Contract Works Insurance doesn’t just apply
                                                                                                         exclusive Branded Wording for our
the course of construction – so it is extremely
important to advise us if you carry out any           to Property Investors. It is surprising how many   Property Investor clients, we have
building or alterations to an existing property.      builders and tradesmen do not have adequate        constantly ensured the cover
                                                      cover, or even any cover at all!                   remains leading edge. With this in
However, the good news is that if you are a
Property Investor and you are insured by our          If you are unsure whether you need a               mind, we are pleased to announce
                                                      Contract Works policy, please contact us
Branded Wording your existing structure is
                                                      and we will advise you on what products are
                                                                                                         that we have agreed some further
automatically covered during the course of such
works, provided the value of the contract does        available to include the works themselves, tools   enhancements to our Branded
not exceed the policy limit. Nevertheless, if you     and equipment, hired-in plant, site huts etc.      Wording with our Insurer partners.
are having work undertaken at your property           Cover is again available on either a single
                                                      contract or an annual basis.                       The cover now includes the following additional
then it is always advisable to let us know.
                                                                                                         benefits:-
                                                                                                         • Automatic cover for up to 30 days on newly
                                                                                                           acquired properties, subject to a limit of
Reich Healthcare goes                                                                                      £5 million (unless unoccupied where the
                                                                                                           limit is £2.5 million).

from strength to strength                                                                                • An increased level of capital additions cover,
                                                                                                           up to 20% of the Sum Insured (with a limit
                                                                                      Healthcare           of £2 million).
Many of our clients, whether Personal Lines or                                                           • Failure of Lessee’s insurance where they are
Commercial, consider Healthcare insurance to be vital.                                                     responsible to insure under the terms of
                                                                                                           the lease.
At Reich we have a long history of providing          It will not cost you any more to transfer          • Legal fees for the eviction of unauthorised
advice on Healthcare insurance for our clients.       and you could save money as well!                    occupants (i.e. squatters).
This has been very successful, and having                                                                • Loss of Rent and Alternative Accommodation
                                                      If you currently have a Healthcare policy
more than doubled the size of our Healthcare                                                               for residential portions has now been increased
                                                      and you have any concerns about the
account in the last 12 months, we have now                                                                 to 30% of the Sum Insured.
                                                      cover, or would simply like one less hassle
set up a separate company, Reich Healthcare
                                                      to deal with yourself, speak to our expert         • Various claims options are available should the
Limited, to look after the needs of our clients.
                                                      team at Reich Healthcare Limited to see how          worst happen.
We believe the main reasons for the success           we can help.
of our Healthcare scheme are:-                                                                           These are just some of the enhancements; there
                                                      Alternatively, if you don’t have a Healthcare      are many more!!
• High quality independent advice                     policy but would be interested in protecting
                                                      either you, your family or your employees          The new policy wording is currently being
• You no longer have to deal direct with                                                                 printed but it is applicable to all our branded
  an Insurer                                          please contact us.
                                                                                                         policies from 1st January 2009.
• Peace of mind that Reich are looking                Either email healthcare@reichinsurance.co.uk
                                                      or call us on 0161 834 8877.                       We believe we have the most comprehensive
  after you
                                                                                                         cover available in the insurance market for
• One point of contact for all your insurances                                                           Property Investors. We hope you agree.
• Competitive premiums
Ultra Policy for                                      Professional Indemnity
                                                      Part of your role may be to provide advice on
                                                                                                              Legal Expenses
                                                                                                              As the recession bites, you will no doubt

Property Investors                                    things such as investments, or perhaps you
                                                      negotiate leases. This could leave you exposed
                                                      to a potential claim if your advice is believed
                                                                                                              be faced with more litigation against you
                                                                                                              and may perhaps need to instigate more legal
                                                                                                              action yourselves. Our Ultra Policy not only
                                                      to be inaccurate, even if given with perfectly          covers all the usual aspects such as HSE
                                                      good intentions and free of charge. Professional        prosecutions and Employment Tribunals, but
If you invest in property there are                   Indemnity Insurance can be arranged easily and          it also extends to cover disputes with tenants.
other insurances over and above                       with the minimum of information – the proposal
the actual bricks and mortar                          form is only two pages long.                            Summary
insurance that you will need –                        Directors’ & Officers’ Liability Insurance
                                                                                                              The Ultra is a package policy so you simply
                                                                                                              select the elements of cover appropriate
such as Professional Indemnity,                       We are finding more and more shareholders               for you and avoid the covers that are
Directors’ & Officers’ Liability,                     and other parties are suing not only companies          not required.
Office and Legal Expenses.                            but also individual Directors in their personal
                                                                                                              For some of our clients these covers can
                                                      capacity. Even where a claim is not justified it
                                                                                                              be included as an extension to your main
                                                      can cost many thousands of pounds just to
                                                                                                              property wording.
We have brought all these additional covers           enter a defence to such a claim. Our Ultra Policy
together under one policy which we call the           provides the protection.                                To get further information and a quotation
‘Ultra’ policy.                                                                                               get in touch with your usual contact in our
                                                      Office                                                  Property Investors department.
The premiums are calculated, where possible, on
the Buildings or rental values, the forms needed      You will no doubt have computers, desks, mobile
are short with only basic information required,       telephones etc. Also, if you have employees, you
and the policy cover is tailored specifically for     have a statutory duty to arrange Employers’
Property Investors.                                   Liability Insurance. All of these covers can be
This policy is unique in the market and will help     arranged quickly and simply under the office
you maximise protection, meet your statutory          section of our Ultra Policy.
obligations such as Employers’ Liability Insurance,
and minimise cost.




    Website changes                                       Those of you who have visited the site recently
                                                          cannot fail to have seen our new ‘Credit Crunch’
                                                          Cereal Packet animation which forms the basis of
                                                                                                                  will also find mention made of our recent
                                                                                                                  successful application to attain ‘Corporate
                                                                                                                  Chartered Status’ by the Chartered Insurance
    When’s the last time you went                         our latest advertising campaign and was featured        Institute (CII). This is something of which we
                                                          on the front cover of our previous Newsletter.          are rightly very proud and you may recall reading
    onto our company website,                                                                                     an article about this in our last Newsletter.
                                                          The current edition of the Reich Review is
    www.reichinsurance.co.uk?                             always prominently and proudly displayed,
                                                                                                                  In recognition of this, under the ‘links’ page we
                                                                                                                  have also added a link to the Chartered Insurance
                                                          giving you the option to view our Newsletter
                                                                                                                  Institute website www.cii.co.uk.
                                                          online (using our revolutionary ‘pageturning’
                                                          software) or to download as a PDF. If you do not        The profiles of both our Partners, Danny Lopian
                                                          receive the Newsletter you can also click on the        and Simon Taylor, have been updated under the
                                                          ‘subscribe’ link to be added to our database of         ‘our people’ page, celebrating the fact that the
                                                          satisfied recipients!                                   Gross Written Premiums under our control have
                                                                                                                  now hit £52 million for the first time this year –
                                                          The home page also features our ever-popular
                                                                                                                  a fantastic achievement.
                                                          Property News feeds which refresh themselves
                                                          on a daily basis. Many of our clients use these         We hope you are impressed with the new
                                                          to keep up to date with the latest stories in the       design and welcome any feedback you may
                                                          world of property, and you can too by simply            have – please contact Andy Kay at
                                                          clicking the ‘make this your homepage’ link at          andy.kay@reichinsurance.co.uk.
                                                          the bottom-left of the screen.
                                                                                                                  As they would say on the popular site, ‘Facebook’
                                                          Our Mission Statement has moved from the                – give us a poke!
                                                          home page to the ‘about us’ page where you
Zurich and AXA celebrate
two milestones with Reich Group staff
Our staff had reason to celebrate                       Secondly, in January, Zurich hosted an event at          Part of his message read as follows:-
                                                        one of Manchester’s top restaurants for Reich
in early December 2008 when                             staff to celebrate the success of the account
                                                                                                                 “…you are one of the most demanding brokers
                                                                                                                 we deal with and your passion for meeting
they were invited to a social                           and in appreciation of the business that they
                                                                                                                 the needs of your customers is constantly
event at a popular Manchester                           underwrite on behalf of our clients.
                                                                                                                 driving the Zurich team to ever-increasing
bar with the local AXA team as                          Simon Taylor delivered a formal but entertaining         heights of service excellence and innovative
a ‘thank you’ for the business                          presentation to the 95 strong gathering with a           underwriting solutions.”
                                                        response by Richard Elliot, Zurich’s Global Head
placed with the insurer.                                of Real Estate.
                                                                                                                 It was a great night for all the Reich staff who
                                                                                                                 attended but, more importantly, the letter
An excellent time was had                               During the evening there was a formal                    recognised just how hard we work to ensure
by all who attended the event.                          presentation of a letter from James J Schiro,            that we always do our very best to get our clients
                                                        the overall Chief Executive of Zurich Financial          exactly what they want and need. Richard Elliott
                                                        Services in Switzerland to Danny and Simon.              commented, in his presentation, that Reich Group
                                                                                                                 are now Zurich’s most important worldwide
                                                                                                                 property broker.




Who’s who from left to right: Richard Elliott – Global Head of Real Estate, Darren Pacey – Sales & Distribution Director,
Gary Wainwright – Director Commercial Middle Market and Specialties, Danny Lopian (Reich Partner), Rob Allison – Managing Director Commercial Direct,
Simon Taylor (Reich Partner), David Smith – Managing Director UK Broker & Head of Brokers Western Europe, Anne Torry – Chief Operations Officer UKGI
Reich versus buying on the internet
If you are going to buy Insurance online – READ THIS FIRST
On a seemingly daily basis, the                    The only way that these providers can cut            all major insurers and which records any claims
                                                   premiums is for them to be very, very strict         made) and found that there was another policy
media focus upon the latest                        when it comes to the number of claims they           in his name (actually the car used by his wife) and
major company to hit financial                     pay. Here are a few typical examples of this:-       that there had been two previous claims on the
trouble and the number of jobs                     A client of ours obtained an alternative quotation
                                                                                                        policy, both of which happened when his wife
                                                                                                        was driving. The insurance company regarded
that are likely to be lost as                      for his Volkswagen Golf TDI from a direct insurer
                                                                                                        this as a material non-disclosure, refused to
a result. However, such reports                    saving the sum of £90. Unfortunately, despite our
                                                                                                        pay the claim and cancelled the cover back to
                                                   best efforts, we lost his business. Several weeks
are closely followed by adverts                    later, whilst rushing to refuel his car he
                                                                                                        inception. Imagine if the claim had involved
                                                                                                        third party damages and a vehicle write-off!
for direct/internet based insurers                 unfortunately filled up with unleaded petrol
who can apparently save us all                     rather than diesel. He lodged a claim with his       Direct/internet insurers will tell you that they cut
                                                   new insurer to be told that this was specifically    out the middle man. In fact, all they do is reduce
hundreds of pounds on the                          excluded – he now faces a repair bill of             your insurance cover and charge you for every
cost of our insurances, and                        approximately £4,000. All our partner insurers       small amendment (i.e. additional drivers etc.)
even give us cover free of charge.                 include this cover and you would be amazed the       When a claim occurs, watch out! Let’s hope you
                                                   number of times it occurs! Had the client insured    haven’t non-disclosed!
How can such insurers remain                       via us, the claim would have been paid.
unaffected by the problems                                                                              Our experienced Personal Lines staff have seen
                                                   Another client moved his motor insurance when        these problems (and many others) before and will
gripping the rest of the UK?                       he saved himself £150 online. He completed           always take the time needed to fully understand
The answer is – they can’t!                        the quote questionnaire in full and because he       your circumstances and provide the right policy
                                                   had never had any accidents on the vehicle he        for your needs.
                                                   was insuring he answered this question ‘No’
                                                                                                        Do not believe in the hype surrounding direct
                                                   and received a maximum no claims discount.
                                                                                                        and internet insurers. It could be a very expensive
                                                   Following what was fortunately just a minor
                                                                                                        mistake to make. Entrust your personal insurances
                                                   prang he made a claim to his insurer. They
                                                                                                        to Reich Group and sleep easy at night knowing
                                                   checked the Claims Underwriting Exchange (CUE)
                                                                                                        that if you have an accident, we are here to
                                                   database (which is a claims database shared by
                                                                                                        help you.




Rewarding your employees
Good employees can be a                            This is where Reich comes in.
company’s most valuable asset,                     We would like to talk to you about forming an        Employees who might not otherwise think of
and in the current financially                     affinity partnership with your company to offer      approaching Reich for a quotation are given our
                                                   quality affordable home and motor insurance          contact details. When they take out the cover,
difficult times employers need                     for your employees.                                  they understand that it is as a direct benefit of
to find cost-effective ways of                                                                          working for you that they have made a saving.
                                                   This concept has already proved to be a
rewarding those staff whose                        tremendous success for a number of our
                                                                                                        What’s more, they have the reassurance that they
                                                                                                        will get professional assistance if they should ever
hard work and loyalty contribute                   major corporate clients and their staff.
                                                                                                        need to make a claim.
to the company’s success.                          The feedback has been excellent.
                                                                                                        Your staff can save money for quality insurance,
                                                   The Company explain to their staff who Reich
                                                                                                        just because they work for you – a real benefit
Apart from salary and bonuses, there are a whole   are and the excellent job that we do in arranging
                                                                                                        for them, at no cost to you.
range of employee benefits available to reward     their commercial insurances. They then go on to
employees, ranging from holiday allowances         advise their employees that they have talked         It’s a win-win situation!
through to life assurance and private medical      about putting a scheme together for the staff,
                                                                                                        If you would like an informal discussion on
insurance. However, all these benefits have a      so that they can also enjoy the quality of our
                                                                                                        taking this concept forward with your staff, then
cost implication for the employer.                 service in arranging their personal insurances.
                                                                                                        please contact John Owens or David Fitton on
                                                   If appropriate, we can even come to your
So what about an idea that has tangible                                                                 0161 834 8877.
                                                   premises and hold an ‘insurance clinic’ during
benefit for the employee but costs the
                                                   the staff lunch break.
employer nothing?
Vacant Properties…
What can you do to protect them?
With the onset of the recession and the number of unoccupied
properties on the rise, Property Investors, more than ever, must
guard their assets.

The increased risks which arise when a vacant         Why must Property Investors reduce                They understand that compliance with warranties
site is left unsecured are very real. At present an   their risk?                                       can interfere with running a successful business
estimated 420,000 empty commercial properties,                                                          so they strive to tailor their service to your needs
                                                      It is the landlord’s legal duty to ensure
at a combined value of £18 billion, exist in the                                                        quickly and discreetly. When required, they
                                                      ‘all reasonable steps’ are taken to protect
UK alone. This is set to spiral and will lead to                                                        can completely manage the securing, ongoing
                                                      the public from dangers on their premises.
market illiquidity and the increase of anti-social                                                      inspections and risk assessment of a vacant asset,
                                                      The public consists of both authorised and
behaviour. Protecting property investments is                                                           whilst providing transparent online monitoring,
                                                      unauthorised visitors.
now high on the agenda for many Investors.                                                              fast response and ensuring you comply with
                                                      Due to the increased risk of damage to            your insurance requirements. The basic warranty
So what are the risks to the Property Investor?       unoccupied buildings, insurers impose more        compliance service that they offer comprises:-
                                                      onerous warranties when a property becomes
If left unsecured, unoccupied properties are                                                            • Draining down and isolating services
                                                      vacant, which, if not strictly complied with,
at risk of arson, burst pipes, vandalism, theft,      will more than likely result in claims being      • Sealing letter boxes
squatting and public liability claims. Sadly the      turned down.
destructive undertones created by a recessionary                                                        • Fire and Intruder monitoring, detection
environment means that once a property                                                                    and response
                                                      What can I do as a Property Investor to
becomes a victim of abuse, it stays a victim of                                                         • Fortnightly internal and external inspections
                                                      minimise the risk?
abuse. The increase in the number of empty                                                                and report records
properties paired with the current economic           Reich can recommend the services of Safe
                                                      Estates, the market leaders in vacant property    Where a property has been the subject of
downturn has also lead to an escalation in
                                                      management. They specialise in the security       previous attacks a higher level of security
squatting. With homelessness on the rise,
                                                      of such properties and can ensure all the         is often required. Security measures such as
squatting can become an attractive option,
                                                      requirements of the unoccupancy warranty          steel security, smart alarms, patrols and guards
and social networks alerting squatters to
                                                      are met. Starting with a full risk assessment,    will provide the greatest protection. They can
vulnerable buildings are springing up all
                                                      they create a bespoke package tailored to the     also provide additional services such as site
over the web. It doesn’t seem to matter how
                                                      level of threat, and offer a full suite of site   clearance. Full details are available on their
safe the neighbourhood is – even a Mayfair
                                                      preparation services.                             website www.safeestates.com.
mansion has recently been invaded by squatters!
                                                                                                        All of their packages are available at a special
                                                                                                        discount to Reich clients, just simply quote
                                                                                                        ‘Reich’ when you call.
                                                                                                        For more information on how you can
                                                                                                        protect your assets please contact Lee Casey
                                                                                                        at Reich on 0161 830 5433 or email
                                                                                                        lee.casey@reichinsurance.co.uk.
                                                                                                        Alternatively, please call Simon Alderson
                                                                                                        at Safe Estates on 07989 992987 or email
                                                                                                        simona@safeestates.com.
      Reich Group12 months on
      It’s hard to believe that it is now                               As you can see from the picture below, all of our      What finer testament to the success of the
      over 12 months since WB Tidey &                                   staff came together as one big team, at the end        integration could there be?
                                                                        of 2008 for a group photograph delivering on
      Company Ltd became part of the                                    our promise – ‘Everything is possible!’.
                                                                                                                               We would also like to congratulate Roger
                                                                                                                               Davenport who retired at the end of January
      Reich Group of Companies!                                         The picture is a record of the evening on which        2009 and also received a long-service gift
      Since that time, we have                                          Simon Taylor, Partner/Director presented Trevor        from Simon Taylor, after 12 years working
                                                                        Plant, a loyal employee of WB Tidey & Company          for WB Tidey & Company Ltd.
      undertaken a major refurbishment                                  Ltd with a gift to recognise his retirement.
                                                                                                                               With a year now under our belts, the message
      of Medal House to make room for                                   However, Trevor’s retirement tells another
                                                                                                                               going forward is:-
      the Tidey staff to join us ‘under                                 story – he was due to retire in August 2008 but
                                                                        so enjoyed being part of the Reich team that he        Onwards and Upwards!
      one roof’. And it was worth all                                   asked to stay on a while longer and didn’t actually
      the effort.                                                       retire until the end of last year!




www.reichinsurance.co.uk
Reich Insurance Medal House 197 Chapel Street Manchester M3 5EQ Authorised and Regulated by the Financial Services Authority

				
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