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Time to relax.

Covering all bases

There are many potential incidences in life which could cause loss or injury to you and those close to you. However, many of these things can be insured against to lessen the blow and deal with any financial concerns, which could cause additional stress at a time when it is least needed.

Whether it be a major incident, such as a house fire, or minor, such as the children accidently kicking a ball through the window, Edgewater Associates have access to a vast array of insurances to meet your individual needs with access to highly competitive premiums.

Many people renew their insurance year after year without checking that they have the best possible cover. Just one call to our experienced team and we can quickly research the market and arrange your new policy with minimum fuss. Not only that, we have access to local risk assessors, ensuring that any claims will be processed promptly and efficiently.

Some examples of insurances we can help you with are:

Buildings and Contents Insurance

Buildings insurance is a requirement for all home owners with a mortgage: all banks and building societies will require that this cover is in place before they release any mortgage funds for the purchase of a new property. It is recommended, however, given the value of your property, that you insure your home even if you own it outright.

The former covers damage to the fabric of your building, caused by events such as fire, flooding, storm or accidental damage. The amount of cover is generally based on the cost of rebuild of the property and it is important to note that this may be a substantially different figure to the purchase price of a property.

The latter covers the contents of your home against damage from any of the events described above but also theft, accidents and other events which may cause loss or damage. It is possible to cover individual items under personal possessions or specified items of particular value.

This insurance can be purchased as part of a joint buildings and contents policy, or as standalone policies: allowing for situations where joint cover is not required, such as the landlord and tenant of an unfurnished rental accommodation.

Travel Insurance

Travel insurance can be arranged on either an annual or a single-trip basis and can cover an individual or an entire family, giving comfort that your children are covered should they be away without you.

Different levels of cover are required based on the geographical location of your travel: for example, a much higher level of cover for medical expenses is required in the USA than for Continental Europe.

Repatriation cover is an important feature of travel insurance policies. The cost of repatriation if you fall seriously ill overseas can be extremely high, as you may not be able to travel on a regular scheduled flight: you may require specialist air ambulances, specialist equipment and medical professionals as escorts back to the UK or Isle of Man. The policy should cover you for at least one million pounds, and can be up to five or ten million on some policies. The question to ask if you choose to travel without this cover is: would you be able to afford to get home?

Insurance Premium Tax

Insurance premium tax is payable on all UK policies, however, Isle of Man residents are not liable to pay this tax on premiums on risks held in the Isle of Man: you will still be required to pay this tax if insurance is for a property/car etc. held in the UK. It is important to check your insurance policies as may be paying this tax on your policies without realising it.

Our consultants will be happy to review your existing policies and advise if more suitable options are available for Isle of Man residents.

Motor Insurance

A legal requirement for all motor vehicles used on the roads, motor insurance comes in many different shapes and forms.

The most basic cover, required as a minimum by law, is for ‘third party’ cover only. However, the more common cover is ‘third party, fire and theft’ of a vehicle. If you are in a collision which is your fault, only the other driver’s vehicle will be covered and you will not receive any benefit to pay for damages to your own vehicle, nor does this cover you against injuries you may have obtained in the collision.

Comprehensive motor insurance policies offer a substantially higher level of cover and, on occasion, can be provided at the same premium as the lesser cover options.

An additional option to motor insurance policies is legal cover, which, for a small premium, covers any personal legal fees (subject to a specified maximum amount) arising from an incident relating to your motor vehicle.

Private Medical Insurance

Private medical insurance (PMI) covers the costs of private medical treatment for curable short-term medical conditions, frequently referred to as ‘acute’ conditions.

PMI includes the cost of surgery, specialists, accommodation and nursing at a private hospital or in a private ward of an NHS hospital.

There are a wide range of additional benefits available, with some providers contributing towards the cost of travel to the UK if specialist treatment is not available on the Isle of Man.