Legal and General Home Flood Insurance
Legal and General Increase Home Flood Insurance Premiums: A Hutton-le-hole resident has complained in his local paper this week regarding the Environmental Agency's flood map which has caused his insurance policy to treble. His policy with Legal & General increased from £325 to £904 last year following the news he was in a flood risk area. Brian Simmons claims that his home is 5 metres above a local stream and is worried that his house value might be affected by the flood map. When he complained, Mr Simmonds was told by the Environment Agency to get a surveyor in to assess his property. The agency have said that their maps do not show the level of risk to each individual property in the flood risk areas. L&G have said that while they relied on data from the Environment Agency, they also use other flood models.
InsureandGo have found that German skiers tend not to take too much notice of what is around them when they hit the slopes, while Italians will ski and board too fast for the conditions. The survey also found that the French think they are better skiers than they are and the Spanish don't like to take tuition. If the British think they have gotten off lightly they are wrong, as they were found to be show-offs when on the slopes, in particular the men. The survey also discovered that most accident happen just after lunch or in the late afternoon and most happen because people are jealous of the expertise of others and will push themselves further than their capabilities.
The Telegraph have, this weekend published an article on the FSA where the Chief Executive Hector Sants proclaimed that the financial services industry should be very afraid of the FSA. He made the comment following claims that the regulator is not tough enough and had failed to foresee the banking crisis until it was too late. The FSA have released new plans in the last week which will mean the regulator takes a more interventionist role. Sants admits that the FSA did fail to make any judgements about the actions of financial institutions, something which has now been corrected. He points out that in the past they had reacted to situations and relied on the institutions to treat customers fairly and offer compensation when it was due - however this didn't happen. The FSA is now promising to get involved at an earlier stage and to watch over potential problems and develop new strategies. While the regulator may be able to prevent future problems, this new course of action will cost significantly more with new staff required. This extra cost will be borne by the financial institutions through their fees to the FSA. Some penalties for wrong doing will also be increased. The Financial Services Bill due to become law next month will mean that the FSA will be required to ensure financial stability. Sants has said that this will be a step forward as their will be a body which has final responsibility. Despite his positivity Sants has resigned his post and will be leaving at some point after the election.
Prudential boss Tidjane Thaim has gone to Edinburgh on the next leg of his tour of shareholders and fund managers. He is believed to have met around 30 investors so far to discuss the merits of the plan to buy the Asian arm of AIG. Many investors have described this series of meetings as being too short and low on detail and described Mr Thaim as irritated and unhelpful. Some fund managers said that in effect they were being told to trust the chief executive without being offered any reason why. A spokesperson for Mr Thaim has described the meetings as being positive and that unfortunately not everyone will be pleased, in particular smaller investors.
The dates for the strikes by BA cabin crew have been announced over the weekend. The dates will be March 20,21,22 and March 27,28,29 and 30. More strikes are due for April. The boss of BA Willie Walsh has accused the union of living in a time warp and of trying to destroy the airline, while the union warned that sending untrained staff to cover absences was dangerous. BA had tabled an offer which was conditional on strike action not going ahead. They withdrew the offer when the dates were announced. BA say that the Union cynically failed to tell the workforce about the deal before they announced the strike details. Due to the dates of the strike being so close to Easter it is now almost impossible to get alternative flights. BA are offering refunds or alternative flights at any time during the next 12 months. Insurance will only cover those flights which were booked before the strike announcements. The ABI has said that BA should be contacted in the first instance and those with policies should check their cover details. If they need clarification they should contact their insurer. †
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