Insurance World

September 2006 will see the introduction of new laws regarding child restraints in cars.

Current laws state: -

·
Children aged three to 11 (inclusive) and less than 150cm tall are permitted to travel in an adult seat belt if no child restraint is fitted.

New legislation says: -

·
Children aged three to 11 and under 135cm have to be seated in child seat or booster (designed to be used with an adult belt), suitable for their age and weight.

Children taller than 135cm (4ft 5ins) or aged 12 or over must wear an adult seat belt where one is fitted.

The driver is responsible for ensuring these rules are complied with until the child reaches the age of 14, when they must take responsibility for their own safety.

The Department of Transport believes that, by making sure that children are securely restrained and not allowed to use adult seatbelts until they are sufficiently tall for them to work in the proper manner, 2,000 child injuries and deaths will be prevented.

The penalty for failing to comply with these regulations will be a fixed penalty fine of Ј30 or, if the case proceeds to court, a fine of up to a maximum of Ј500.

Exceptions will be allowed in emergencies, cars without seatbelts, and when children are passengers in taxis.

Information on child-seat safety can be obtained from the Child Accident Prevention Trust, www.capt.org.uk or from the government’s website www.thinkroadsafety.gov.uk there’s a question and answer section on government website which is very comprehensive and seems to answer every question you could think of.

There’s a good choice of car seats available, and you should always ensure that they are made to conform to the European Union safety standards. For a young child it’s probably worth investing in a seat that can be adjusted as your child grows.

For an idea of what you’d have to pay for a seat that would take your child from 9 months to 12 years, the Recaro Start seat can be bought for around Ј200.

There’s the Evolva 23 seat, from Britax, which is adjustable and suitable for children weighing from15kg to 36kg and up to 135cm (4ft 5ins). The back of the seat can be extended as the child grows, so that the head is always supported. This costs around Ј65.

For a baby of up to 9 months, or around 13kg, a rear facing approved car seat is acceptable, fitted on either the front passenger seat or in the back of the car. It must no be used in the front if an airbag is fitted.

It’s extremely important that the seat is fitted properly, and many suppliers offer a fitting service. Do remember that it’s important that before you have the seat fitted; make sure it fits your child.

The 18 September is the date that the Department of Transport is aiming for, so remember, after this date you need to comply with the new rules.

These laws are to be taken seriously. Parents and regular carers are not the only ones who need to be “car seat ready”. You may occasionally take your, say 9 year old, grandchild out with you. The big difference there is that, prior to September 18; no special steps had to be taken. After this date you’ll need to equip yourself with a seat or booster.

If you are in the unfortunate position of being involved in an accident, and if your child or children are not travelling in an approved car seat or booster, your insurance may not be willing to pay out, resulting in what could be a considerable personal claim against the driver, whose responsibility it is.

Parents and (even occasional) carers please take note.

If you own your own business, you’ll have insurance in place for your buildings, stock and vehicles, and you will be likely to have public liability insurance. You may also be insured for professional indemnity and legal costs – but have you considered insuring your most important assets – your key staff?

In the UK there are 3.9 million small, often family, businesses with up to four employees – if one of those key staff were to die or fall seriously ill, it could mean the end of the business, and this goes for limited companies, partnerships and sole traders.

If you are one of those people then you should seriously consider Keyman Insurance, and here’s why. Keyman Insurance financially protects businesses from the effects of serious illness or death of staff who are central to the success of the company. It does this by providing cash when you need it most, so you can cover loss of profits, inject more cash into the business, or take on temporary staff.

There are actually four different types of Keyman Insurance:

• to help your business recover during the time that your key person is away from work, or to train/take on somebody new;

• insurance against loss of profits;

• to provide protection for shareholders or partnership interests; and

• for people providing businesses loans or banking facilities.

1 Protecting your business if a key person is away from work

Your key people are the ones who are an essential driving force in your business - the people who if they were away from work for a long period, your business would suffer greatly. This could mean a reduction of sales and profits, or it could mean your business is shaken to the core. Look at the Directors, Partners, owners, think about your senior managers – every business is different but the key people will soon become apparent to you.

Insuring these people will ensure that if they are ill or die, you will have the cash you need to take on someone new, or train a replacement.

2 Keyman Insurance to insure against loss of profits

Losing key staff can have huge ramifications, if they are central to the success of the business then their loss could leave you facing bankruptcy. It’s a good idea to insure against this possibility.

3 Keyman Insurance for Shareholders or Partners

In this case, the insurance will protect the company if shareholders or partners become seriously ill or die. Families may want to sell their share in the company which leaves the remaining members open to newcomers entering the business. Keyman insurance schemes can be used to provide capital to purchase the shares from the original shareholders or their estate.

4 Keyman Insurance insuring Guarantors

Many small and new businesses are required to provide a personal guarantee or a charge on their personal property when they take out a loan. This especially applies to small and new businesses. If one of these guarantors becomes critically ill or dies, then the lenders may decide to recall the loan. Keyman Insurance can protect you by paying off the loan and taking all the pressure off the guarantor/guarantor’s estate.

Most of the UK’s top insurance companies offer Keyman Insurance as a natural progression from their Life and Critical Illness Insurance provisions. They can advise you further on what type of policy would be best for you.

So, the question is, can your business really afford NOT to have Keyman Insurance?