Page 32 - MarketTimesDecember2017
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Traders — make sure your insurance
  But some members mistakenly believe the NMTF Liability insurance also includes property insurance — it does not and therefore separate insurance should be arranged to protect your equipment and stock.
In addition to providing protection for the consequences of damage at the insured premises, BI policies can be extended to insure denial of access should a business not be able to trade because of damage in the vicinity of its premises. Make sure you ask about this optional cover when looking for BI insurance.
While Business Interruption insurance may be a class of insurance which is easy to understand in principle, the policy cover, claims calculation and loss investigation aspects are often complex.
While a property policy will insure loss of or damage to your goods it won’t cover the consequential financial losses a business may sustain following an interruption in trading at the business premises. This is where Business Interruption (“BI”) insurance can help. BI cover aims to put a business back in the same trading position it was in before the claim event occurred. If a claim is made, the BI policy will compensate for any shortfall in profits and the increased costs of running the business as a result of the event.
So, it is important to speak to an experienced broker, who can make sure the insurance in place meets the trader’s individual needs.
Market Times • December 2017
needs are covered
be reimbursing customers following an incident, such as the Borough Market tragedy, but the policy does not actually cover the claim.
MEMBERSHIP of the NMTF brings many benefits including Employers, Public and Products Liability insurance protection.
could cover lost income for up to, typically, 12 or 24 months. This is known as the Indemnity Period. It would also cover those additional costs and expenses reasonably incurred in order to minimise loss of income, for example the cost of renting alternative premises so production can continue. Costs which vary in direct proportion to turnover or income would not be covered.
There are other cover extensions which can be included in the BI policy coverage, depending on the business’s individual requirements and risk exposures.
What happens when there has been no damage but you still cannot access your premises because of an incident (terrorist or otherwise), as happened at London’s Borough Market?
Call Premier BusinessCare on: 0330 102 6157 or visit: for any of your business insurance queries.
 The recent tragic events in Manchester and London have highlighted how businesses can be affected long after an incident. For many businesses without BI cover, a property loss can often lead to the closure of the business.
Some insurers are prepared to provide an element of cover where access to premises is being hindered or prevented as a result of the actions or advice of the local authority, the police or other statutory body due to an emergency arising which is likely to endanger life or property. This extension in cover is not automatic nor does it fully insure BI losses following non-damage denial of access. This is a challenge for the insurance market and insurers are considering how to help their insured
Fed Insure is a trading style of NMTF Ltd which is an Introducer Appointed Representative of Allianz Business Services Limited trading as Premier BusinessCare, an insurance intermediary authorised and regulated by the Financial Conduct Authority (“FCA”). Details of Allianz Business Services Limited’s authorisation (registration number 304779) can be verified by visiting the Financial Services Register which can be found on the website or by contacting the FCA on 0300 500 0597. NMTF Ltd and Allianz Business
BI insurance can be provided for the same perils insured under the Property policy: either specified perils (fire, flood, storm etc) or on an All Risks basis. Terrorism cover is excluded but can be added to the policy.
Update on NMTF member support
If a business is unable to trade, BI insurance customers when, perhaps, morally they should Services Limited are not part of the same group.
 By CHRIS SAVAGE, NMTF Projects Manager
THE NMTF exists to support market and street traders, events retailers and mobile caterers in the UK. We are the only national trade association of its kind.
trading on markets, festivals and fairs.
They are backed up by two officers based at Hampton House in Barnsley: Chris Savage and
Yorkshire; Great Yarmouth, Norfolk; Sheffield, South Yorkshire; and Warrington, Cheshire. More information about the NMTF Groups programme can be found in the Members Area.
We do this in many ways: by sharing best practice through Market Times, guidance through the Members Area and e-bulletins, and by offering one to one advice with national officers over the phone and in person.
Rachel Harban.
The team can be contacted by telephone on
Guidance on market redevelopments
NMTF Groups, autonomous associations of members run by an army of dedicated volunteers, also offer crucial support for members at the local level.
NMTF Groups network expands
Field Support Officers Andy Lever, Brendan Dyson and Tania Murphy travel the country visiting markets, festivals and fairs, every day of the week.
2017 has seen a boom in interest in the NMTF Groups programme. This scheme replaced the branch system when the NMTF incorporated in 2016. The purpose of an NMTF Group is to offer mutual support to its members, to represent their interests at the local level and to work together the achieve common goals. This year, we have recognised groups in Bedford, Bedfordshire; Huddersfield, West Yorkshire; Ryedale, North Yorkshire; Sleaford, Lincolnshire; Taunton, Somerset; Wombwell, South Yorkshire; and York, North Yorkshire. New liaison officers have taken positions in groups in Barnsley, South
They encourage traders to join the NMTF, gather important data on markets, and meet with the manager to discuss our projects and campaigns.
A huge part of their role is offering support and advice to members. All have a background in
01226 749 021 or Free resources are available in the Members Area at
Many traditional retail markets have taken on the challenge of adapting to the modern consumer. From 2014 to 2016, £90 million has been invested into improving markets. And we believe 2017 has only added to this impressive figure. The support team has offered advice to members on the redevelopment of markets in Barnsley and Doncaster, South Yorkshire; Glossop, Derbyshire; Rochdale, Greater Manchester; and Scunthorpe, Lincolnshire. Often this means that we have met with the operator of the market to share our knowledge and experience. We always encourage meaningful consultation with market traders. Are there plans to redevelop your market? You are welcome to get in touch for our advice and guidance.

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