‘And exactly how do you expect me to explain this
to my insurance broker Sir Lancelot…?’
(Copyright Lawrence Lamborn 2013)

Lawrence  Lamborn (Loz) is a freelance cartoonist and doodler who divides his time between his family home in Brittany, France, and the city of Cambridge. In 2012 he won the Cartoon Trust’s Under 30 Cartoonist of the Year Award, sponsored by Castleacre Insurance and we commissioned him to come up with an exciting insurance cartoon – not always the easiest of briefs, which he managed with aplomb.

He has been drawing from an early age, and is strongly influenced by his father (a painter and illustrator) and the family’s large collection of Giles and Gary Larson books.

His talents also extend to musicianship. An accomplished guitarist and singer with BoB (Band of Brothers), a band he formed with two of this brothers they have recently released their first album ‘Learning to Fly’ - www.bob-band.co.uk

To see more of Loz’s doodles please visit: lozdoodle.wordpress.com or  learn more about the Cartoon Trust Awards visit  www.cartoonmuseum.org/

The post Muli-talented, Lawrence Lamborn, wins the Cartoon Trust’s Under 30 Cartoonist Award 2012 appeared first on Castleacre Insurance.

Hugo Johnsen, Director of Heritage Brokers Castleacre, looks at the Security Problems which Museums Currently Face

Photograph by Oskar Proctor

There have been a number of high profile museum thefts over the last few years, emerging art markets and record prices, particularly for portable Asian works of art, have undoubtedly led to some ‘thefts to order’. Talking to the museums and insurers that we work with, theft is still relatively rare and recent cases haven’t substantially changed the cost of insurance though most would argue that it has strengthened the argument for pro-active risk management, particularly in relation to current commercial art market values and likely areas of future change. Andrew Davies, a Senior Risk Surveyor with AXA- Art, says ‘Risk management, namely the protection against theft, often directly correlates with value. It is always very important for museums to be aware of an item’s commercial value so that an informed decision can be made as how best to protect from theft. .. What was worth £5,000 ten years ago might be worth £100,000 now.’

Paradoxically the high profile nature of recent thefts and the public reporting has helped museum security in some instances -shared intelligence has improved within the museum community and has been reinforced with dedicated policing and preventative work by organisations like the Art Loss Register. This improvement in communication has had a knock on effect for even the smaller independent museums and galleries who are more aware of current risks, as a result many have improved security. Thankfully the costs of providing wider CCTV camera coverage, better alarm systems and secure displays, have diminished and museums can now pinpoint more vulnerable objects enabling them to be more responsive to threats.  On the other hand, though improved technology and communication have enhanced security protection in some areas, this has to be balanced against an economic environment which has forced reductions in front line staff, and many organisations would argue that this is an area of vulnerability. Of course while security is a priority, a museum’s primary function is to improve the experience of visitors by allowing greater access to their collection and this of course can make objects not only more susceptible to theft but also to damage.  Probably the biggest change within the museum world from an insurance perspective is the risks associated with increased commercial activity and public access. Many organisations have had to undertake a more commercial approach to survive – this can mean anything from opening a museum shop or restaurant to hosting a whole range of corporate/public events. 

As a broker we are now working much more in partnership with museums to help them protect an assortment of risks against improved public access.  Commercial policies or blanket local government schemes don’t really help with this approach.  James McDowell, an Underwriter with AXA-Art says ‘standard commercial combined policies have their downsides…..they may appear to be less expensive but they are generally not flexible enough to cater for expanding museum exhibition programmes.’

We have found that insurers who offer tailored policies, which take into account not just risks to the collection but storage, listed building status, public liability and commercial activity offer a real advantage with more cost effective and tailored protection.  Clare Pardy, Fine Art Underwriting Manager at Ecclesiastical insurance says ‘specialist insurers and brokers are often better able to respond to trends and changes in the art market ….and are able to offer sensible risk management advice and help with finding skilled and knowledgeable valuers’. We often work directly with museum staff and bring in specialist valuers to identify the parts of the collection which should be prioritised for insurance; this might take into account theft risks –like Jade, Rhino horn or external sculpture, or the elements of the collection which provide the greatest draw for visitors. We also consider future areas of risk.

In reality, accidental damage claims from museums seem to be much more common than theft claims with curators looking to recover the cost of repair or restoration.  This is reflected in Government Indemnity Scheme figures from the Department of Culture, Media and Sport , a scheme which many museums rely on to help them protect objects of national interest.  All claims raised by institutions with the GIS since 2000 have related to repair and not theft. This may in part be due to the fact that objects with a unique status are by their very nature irreplaceable- a conundrum which both museums and insurers face when reviewing security and risk.

The post Museum Security appeared first on Castleacre Insurance.

The obligation to contribute towards the repair and improvement of the chancel of your local church can be attached to land that used to be part of a rectory, glebe land or some enclosed land. Many of these rectories were acquired by monasteries and Henry VIII dissolved them in 1536 and the land passed into lay ownership. These owners held the land on the same terms as the monasteries and this ‘overriding interest’ to contribute towards chancel repairs remains today.

This liability is now controlled by the county court and the Parochial Church Council (PCC) of the parish has responsibility to enforce it. A PCC is a charity and its obligations mean it has to act in its best interests. In seeking grants, for example, to repair or maintain a church, the PCC could be forced to ensure all other routes to secure funds have been exhausted.

The Church of England has no centralised view on this, leaving it to individual PCC’s, but with the clear advice that there are serious pastoral issues. The main grant-giving body to places of worship – the Heritage Lottery Fund (from 1/4/13) – has said it won’t force PCC’s to pursue contributions for Chancel Repair Liability in cases of hardship. However, the liability is joint and several; i.e. the PCC can pursue a single person whom they think will be more likely to pay – leaving that person to seek others to contribute.

The PCC has to register their interest against title of affected land by 14th October 2013. If they do, then the liability passes on even if the land is sold. If this land is not registered by then, the landowner may remain liable and the liability would not pass on to the next landowner if the land is sold. Chancel Repair Liability is unlimited in amount and time.

Insurance against a claim for Chancel Repair Liability can be bought inexpensively and costs vary depending on the amount of cover bought, the acres of land, the length of the policy (which can be in perpetuity), whether cover for successor owners of the land is required and whether you know you have the liability or not.

For more information please look at either: www.countrywidelegal.co.uk or www.clsl.co.uk

Guy Everington, Castleacre Insurance

The post Chancel Repair Liability appeared first on Castleacre Insurance.

Our High Net Worth Property Insurance Index is based on quotations for three fictitious clients who would typically fall into the High Net Worth bracket. Each insurer was given the same client descriptions and the results were averaged for each client(excluding the highest and lowest % increases in premium).

Castleacre’s fictitious clients include:

• Client 1 - the owner of a Grade II listed Rectory, with general contents valued at £150,000 and rebuild costs at £1,000,000
• Client 2 -the owner of a London town house with a re-build value of £2,000,000, general contents of £500,000 and Fine Art and Jewellery valued at £400,000
• Client 3 - the owner of a Grade I listed stately home, with a re-build value of   £10,000,000, general contents valued at  £1,000,000, Fine Art valued at £2,000,000 and Jewellery valued at £150,000,000

Castleacre Director, Hugo Johnsen, says, ‘While high levels of service and reliable cover are both priorities for wealthy individuals, this group is financially well-informed and they expect competitive pricing. Premium rates have increased across the board and the results from our index show that premium rises for this test group are generally in-line with indexation/inflation rates; In practice however we have found insurers are often initially quoting increases at or above 4%, so higher than our index shows, particularly for large complex estates where the risks to ageing property are more pronounced.’

Hugo Johnsen continues, ‘ With so much variation in the individual rises in premium it is essential to seek comparative quotes. Many insurers do want to hold on to good clients where possible, and they know they need to remain competitive to do so. We have found that they are often willing to match a lower quotation or re-consider their intitial offer to retain a client. These results prove that unless your broker is proactive on your behalf you can easily end up paying much morethan your neighbour. ‘

To view the full results of Castleacre’s HNW Property Insurance Index click here - castleacreindex2012

The post Insurance Premium Increases for the Owners of High Value Property vary by as much as 8% appeared first on Castleacre Insurance.

The post Castleacre Support the Fitzwilliam’s Glorious 2012 Gala Reception appeared first on Castleacre Insurance.

2012 Castleacre GWCT East Anglian Grey Partridge Awards

Castleacre Director, Hugo Johnsen, took great pleasure in presenting the 2012 Castleacre GWCT East Anglian Grey Partridge Award to David Knott, Estate Manager and Gamekeeper, Jamie Stead, from the Trumpington estate. They received the trophy on behalf of the Pemberton family who own the Cambridgeshire estate.

The Award ceremony which included an enjoyable and informative farm walk, buffet supper and talks on the progress of grey partridge conservation in the East Anglian region, was kindly hosted by last year’s winner Simon Maudlin, at his family farm, Caldecote House, in Upper Caldecote, Bedfordshire .

The GWCT praised the Trumpington estate for its considered approach to conservation across the entire estate which runs to  1300 hectares commenting: ‘Wildlife conservation is an integral part of the overall management of the Trumpington Estate and they have achieved notable success with increasing numbers of a wide variety of birds including the grey partridge.’

The Grey Partridge Award comes hot on the heals of another triumph for the Trumpington Estate which also won the East of England Agricultural Society Farm Business Awards 2012 for Countryside Management amongst Class 4 farms (3000-6000 acres).

The Trumpington Estate will be hosting next year’s awards and the GWCT will be encouraging more landowners and farmers to take part.   

For futher information about conservation work on the Trumpington Estate visit their website at www.trumpingtonestate.com

The post Castleacre Present the Trumpington Estate with the East Anglian Grey Partridge Trophy appeared first on Castleacre Insurance.

To find out what he had to say read the full article click Financial Times Money  

(If you are not a susbscriber to the Financial Times you can register for free and read up to eight articles per month).

The post The Financial Times Invites Castleacre to Advise on Executors Liabilities appeared first on Castleacre Insurance.

Many non-professional executors agree to take on the role for family member or friend to save the estate and beneficiaries money but the possibility of  legal or financial disputes with claimants, beneficiaries or HMRC  is a fairly sobering reality and it is worth considering Executors Liability insurance, designed specifically for lay executors, as it provides an important safety net if something does go wrong during the probate process.

The post The Financial Times Reports Growth in Disputes over Wills appeared first on Castleacre Insurance.

The government and the insurance industry are still looking at a way forward but many underwriters have said they are not prepared to consider flood risk unless there is a strong commitment from local and national government to a fully funded programme of flood defences in high risk regions.

Although the current ‘Statement of Principle’ doesn’t end until next year we have already noticed a significant difference in the availability of flood cover across the market and in some cases we have had to work hard to find appropriate protection for clients in high risk flood areas. While we remain hopeful that there will be a positive solution before June 2013 there is no certainty on this issue at the moment, however we are always happy to offer advice and help where we can.

The post End of Flood Insurance Agreement will Pose Problems for Property Owners appeared first on Castleacre Insurance.

Growing Number of Non-Professional Executors Face Unlimited Personal Liability – Castleacre Have Designed A Policy to Protect Lay Executors

The post Badly Written Wills Are Not the Only Problem Executors Face appeared first on Castleacre Insurance.