Issue 12 Spring/Summer 09
Exclusively for clients of the Reich Group
An opportunity to voice
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
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
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.
• 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
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 firstname.lastname@example.org
or call us on 0161 834 8877. We believe we have the most comprehensive
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
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
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 email@example.com.
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
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
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.
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,
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
Alternatively, please call Simon Alderson
at Safe Estates on 07989 992987 or email
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!
Reich Insurance Medal House 197 Chapel Street Manchester M3 5EQ Authorised and Regulated by the Financial Services Authority