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Oakleafe Claims are delighted to be exhibiting at the South West Expo in Bristol on the 26th April 2023. Great British Expo are bringing back one of their longest running exhibitions and with over 1000 SMEs across the region attending, it promises to be a fantastic day.

About the South West Expo Bristol

The South West Expo is taking place at BAWA on Southmead Road in Bristol. It is the ultimate event for businesses within the South West region and is the perfect opportunity to network, build connections and help achieve growth. To further help businesses prosper, the event offers a whole range of different sessions including interactive seminars and workshops that address key challenges in business as well as building crucial skills and knowledge. In addition to this, the South West expo sees an exciting new line-up of global keynote speakers that will inspire and motivate the community with their secrets to success. The event is free to attend and is sure to be not one you want to miss.

About Great British Expos

For over 10 years Great British Expos have been running some of the best exhibitions across the UK. The events have seen over 55,000 SMEs attend, spanning a whole range of industries and expertise. They are now the biggest provider of regional exhibitions in the UK.

About Oakleafe Claims

Oakleafe Claims are renowned as experts in handling both domestic and commercial insurance claims. As the UK's number one Loss Assessor they are your first port of call should you suffer a disaster in your home or business. Oakleafe will always be by your side to ensure you receive the best during every stage of your claim and will ensure everything is dealt with correctly to achieve the best outcome.

Bristol expo 2023

Attend the South West Expo

If you would like to attend the South West Expo, you can register for free by clicking here.

Great British Expos: South West expo Bristol
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Oakleafe Claims are looking forward to exhibiting at the Farnborough Business Expo 2023 on Thursday 9th February. Sponsored by Hampshire Chamber of Commerce, the event is set to be the perfect occasion for Oakleafe to connect with like-minded businesses and showcase our latest services.

Farnborough business expo Oakleafe Claims

What is the Farnborough business expo?

The Farnborough business expo is the regions biggest business to business exhibition. It promises to be an amazing opportunity to build new connections with 250 businesses attending. The Farnborough expo is free to attend and will also feature free seminars and workshops from some of Hampshire's leading professionals and businesses.

Where is the Farnborough business expo?

The Farnborough business expo is taking place at The Village Hotel in the town centre of Farnborough, not far from Farnborough International Airport.

If you're attending, pop over and say hello to our team on Stand 25, we're always up for a chat!

Who are Oakleafe Claims?

As the UK's number one Loss Assessing company, Oakleafe Claims are your local insurance claims experts. Having been present in the industry since the fist World War, Oakleafe will always be there by your side should you have been unfortunate enough to suffer a flood, fire, burglary, or storm damage to your home or business. Oakleafe keep your best interests at heart, whilst handling each stage of the claims process.

Follow our day at the Farnborough business expo

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Oakleafe Claims are delighted to be exhibiting at the Walsall Business Show on Thursday 26th January. With many businesses and delegates attending, it promises to be a successful event full of great networking opportunities.

What is the Walsall Business Show?

The Walsall Business Show is taking place at the Bank's Stadium, the home of Walsall Football Club in West Midlands. The event is free to attend and offers a whole selection of activities to do and see, along with workshops and seminars taking place throughout the day. It is a fantastic opportunity to connect and network with some of the top businesses and professionals in the area from across a whole range of industries.

Oakleafe Claims look forward to the Walsall Business Show and showcasing our latest services and discussing opportunities to give our support and advice to businesses and homeowners dealing with an insurance claim. If you are coming along to the Walsall Business Show, pop over and say hello to our experts!

Walsall Business Show exhibition

Who are Oakleafe Claims?

Oakleafe Claims are the UK's leading Loss Assessors and have been giving professional insurance claim help since the first World War. If you are ever in the unfortunate situation of having to deal with an insurance claim, whether this be in your home or business, Oakleafe are on standby to give immediate help to get your life back on track. As the only party in the claim on your side, Oakleafe will look after your interests and deal with all the stressful meetings and investigations to ensure you get the most out of your claim.

Walsall Business Show: Follow us throughout the day

Oakleafe Claims stand at Walsall Business Show

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Related Claims and Topics

Many businesses make mistakes when trying to determine their plant and machinery sums insured. Setting the correct sum insured requires careful consideration of a number of factors, and a thorough knowledge of the policy terms. Brokers and Insurance Loss Assessors can play a key part in helping customers correctly value their assets, and avoid underinsurance.

For businesses that rely on key machinery, underinsurance can have severe consequences. Simply using the purchase cost for valuing assets is a mistake made by many, resulting in inaccurate sums insured and inadequate claim settlements. Valuing assets for insurance purposes requires a particular methodology, and assessors can play a key role in helping customers approach the issue.

What happens if I have a claim?

The basis of settlement determines how a policy is worded to calculate a claim. When setting the sum insured, different approaches must be taken, depending on which basis of settlement is specified. Insurance policies can specify different bases of settlement. It is therefore essential that the applicable basis is known before valuing assets.

In the UK, it is usually an indemnity or, more commonly, reinstatement basis for items of machinery. Other basis of settlement do exist, such as an agreed value basis, but are less common for most customers’ purposes.

Indemnity Settlement

An indemnity basis reflects the traditional principle of insurance: to return the insured to their position prior to the loss – no more, no less.

An indemnity basis will cover either:

  • Cost of repair, less an allowance for wear, tear and depreciation • Cost of a similar machine, giving regard to its age and condition
  • A settlement on this basis is therefore unlikely to fund the full cost of a new replacement asset, so customers should be particularly conscious of overstating sums insured.
  • The purchase cost should be avoided, as the value of plant and machinery can rapidly depreciate once in operation. A reasonable starting point is the current market value of the asset, taking into account age and condition.
  • Difficulty arises where a current market value is not easily determinable, particularly if the asset is no longer being produced or actively bought and sold.
  • Valuations for an indemnity basis can therefore be a difficult task for customers to undertake alone, and both under- and over insurance are distinct risks.

Reinstatement Settlements

Reinstatement is the most common basis of settlement used in the UK insurance market. This departs from traditional principles, as a claim settlement will result in an improvement to the insured’s position.

Reinstatement will cover either:

  • Cost of repair, with no deductions made for wear, tear or depreciation • Cost of replacing the asset with a new item of similar type, capacity and utility (new for old)
  • The sum insured on a reinstatement basis should include the full cost of completely replacing an item of plant or machinery with a new item of similar type and capacity. In addition to the purchase cost, this sum should include factors such as fabrications, freight and installation costs.
  • If the item is readily available for purchase, then determining an appropriate sum insured should be relatively simple. However, difficulty arises if machinery is old or no longer in production. In those circumstances, the cost of an alternative piece of equipment of a similar nature and capacity must be identified.

Getting The Value Right

The approach taken to valuations will produce different results, with reinstatement sums insured being notably higher than those on an indemnity basis. Approaching a valuation from the wrong starting point is likely to result in either over- or underinsurance. Plant and machinery are also particularly susceptible to fluctuations in value, making it difficult for people to establish an accurate sum insured.

It should be stressed that there is no substitute for regular professional valuations to be undertaken for insurance purposes. It may be the difference between sinking or survival. You must seek an Insurance Assessor.

Related Claims and Topics
You may be a good negotiator but are you an expert in insurance? 
DON’T GO IT ALONE.

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If you have been declined whilst trying to claim on your domestic or commercial insurance, we can help. We can also help with professional services, for example, Brokers, VAR Valuations and Managing Agents.

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