With all our thoughts over the last month focused on the devastation caused by the earthquake in Haiti, Insurance blogger has investigated the risks to UK homes and property from earthquakes.
You might think that because we do not live in a littoral area of plate tectonic activity, that seismic activity would be minimal, and the risks would be negligible….
However recent trends in the UK have shown the importance of making sure you have this peril covered as part of your basic buildings insurance policy.
On 28th April 2007 an Earthquake measuring 4.3 on the Ricter scale hit the small coastal town of Folkestone in Kent.
The earthquake’s shallow depth and proximity to Folkestone resulted in structural damage in the town, and one woman suffered minor injuries.
Following the earthquake, a total 474 properties were reported as damaged with 73 properties too badly damaged for people to return to, 94 seriously damaged, and 307 suffering from minor structural damage. The Association of British Insurers estimated claims to be in the region of GBP30 million. Only 40 percent of the properties damaged were insured!
It was the largest earthquake experienced in the UK since the 2002 earthquake in Dudley in the West Midlands, and the strongest in the active English Channel / Dover Straits region, since a magnitude 4.4 earthquake in 1950. Learn more about carpenters insurance
The strongest recorded British earthquake was the 1931 Dogger Bank earthquake which measured 6.1 on the Richter scale. Shock waves were recorded across the continent of Europe and Tsunamis hit the East coast of Britain and extended as far as Calais in France causing localised flooding and property damage.
The most destructive earthquake on record in the UK occurred in 1884 in Colchester in Essex. In total the earthquake damaged around 1200 buildings and killed five people.
In 2009 Folkestone was shaken by a smaller magnitude 3.0 quake, located in the same area as the 2007 quake.
Depending upon the intensity of the quake and the following effects are typically experienced in UK earthquakes.
European Earthquake Intensity Scale
3 – Felt by few
4 – Felt by many indoors, windows and doors rattle
5 – Felt by most indoors, small objects fall over
6 – People run out in alarm, slight damage to buildings (plaster cracks)
7 – Moderate damage to buildings (chimneys fall, cracks in walls)
In the UK the areas where risk is higher than average include the West Highlands of Scotland, an arcuate zone running from west of the Pennines from Carlisle to Pembroke, NW Wales and W Cornwall. to the East, keny and East Anglia experience the most shocks.
Distribution of Earthquakes and their magnitude in the UK
The places in the UK with lowest seismic hazard are Northern Ireland (especially the western counties), NE England and outlying parts of Scotland, including the Orkneys and Outer Hebrides.
All UK Building Insurance policies cover Earthquakes as a basic peril and inlude total loss cover.
Labels: buildings insurance, Buildings Insurance perils, Earthquake Insurance
posted by Insurance Blogger @ 11:39 AM0 commentslinks to this post
Saturday, January 23, 2010
Getting Married? Wedding Insurance May ReduceThe Pre-Nuptial Stress
Insurance Blog would like to congratulate one of our regluar contributors Kris Oldland and his new Mrs, who recently tied the knot and took the plunge!
Well we couldn’t let him get away with not writing about his experiences so as soon as he got back from honeymoon we asked him ……….
Is wedding insurance a worthwhile product or is it just another expense to add to the list?
Well, as a newly wed here is my first piece of advice for those who have decided to take that stroll down the aisle.
Within reason don’t think about the expense, this is a once in a lifetime (hopefully!) occasion, the happiest day of your life and the memories that you make on this magical day are memories that will last you a lifetime.
The second piece of advice is for crying out loud get yourself insured!
The average wedding in the UK is now apparently £17,000 you can pick up a fairly robust premium for a cost starting at around just £30. This ladies and gentlemen really is a complete ‘no-brainer’.
Set a date, make the necessary bookings, arrange your wedding insurance cover and then start paying your deposits.
Get it done early and it is one less worry. Trust me there will be plenty of other things to worry about during the build up and on the day!
Even if you are thinking of not spending quite so much then a specialist wedding policy is still worth very serious consideration – you may be planning a small, intimate affair, but it is probably fair to assume that you will be buying some of the most expensive dresses, outfits and meals you have ever bought.
However, as with any form of insurance it is important to understand what your existing exposure to risk is before purchasing additional cover.
One suggestion is that to make payments on credit card where possible (although always make sure you can clear the balance immediately). Any payment between £100 and £30,000 can be claimed back through section 75 of the Consumer Credit Act if there is a problem with goods or services.
Also, many home contents insurance policies increase cover for a month either side of the wedding of someone in the household to cover wedding gifts and sometimes items bought for the wedding. Check your home insurance policy documents for details.
What you really need to be looking for in your wedding insurance policy is cover for loss of damage to the wedding attire, such as the wedding dress, as well as presents, the wedding cake, rings, flowers and gifts for the guests.
Most often cover starts a set period before the wedding and finishes a set period after – from seven days before to 24 hours after for wedding gifts, for example – but this will vary depending on the policy. Also you’ll be relying on wedding services from a range of providers so make sure your wedding insurance can cover any extra costs you incur up to the policy limit if things don’t go exactly to plan.
Wedding insurance also covers you for deposits you can’t recover or the cost of arranging alternatives if suppliers go bust (but don’t forget that you would already be covered by section 75 if you paid by credit card so do not pay an unnecessary premium if you have an option to opt out.)
The other important area to have covered by your wedding insurance is personal liability for injury to third parties or loss or damage to third party property. Again this is often covered either by your home insurance or the hotel’s own cover etc but this can be quite important if you have the wedding in a public place such as a beach or park etc.
There are additional areas of cover, some policies offer legal expenses, personal accident or even stress counseling but these really need to be tailored to your party’s individual needs.
carpenters insurance 