Monthly Archives: May 2017

Birmingham Fire Protection

No matter how busy you are at home and at work, it’s important to always have the best fire safety plans in place. Although these plans may seem superfluous, not having them in place in an emergency can result in loss of possessions, buildings, and even death. It’s important if you are too busy to create your own fire protection Birmingham and safety plans that you take the time to hire an expert to take care of this important task for you. When you work with an established company you will be able to rest assured that you will get a personalised fire protection plan that will keep you and your loved ones safe.

Services to Look For in a Company

You will want to make sure that the company you choose to work with has the experience to help you. Although fledgling companies can be just as great in their services, choosing a company with years of experience will guarantee quality. The company that you choose to work with should offer plans for emergencies, including strategies in case there is a fire. Documentation of your plan and information showing the planned evacuation should also be included. Timely audits and investigations to follow-up and make sure that everything is up to part as well as fire protection and equipment to fight fires should both be included, as well.

Equipment and Protection

While most people are aware of the need of a fire extinguisher in your home or business, many are unaware that they need regular maintenance in order to function properly when needed. Simply buying an extinguisher and hoping for the best is not enough. A good fire protection company will not only provide you with fire extinguishers and emergency lighting, but will install them in the proper locations and then return regularly for the needed maintenance and upkeep. While these costs can be substantial, look for a company that provides an upfront budget and clear payment expectations.

Assessments and Audits

Some companies may simply come in and supply you with fire extinguishers and lights, but a full risk assessment is really the best way to make sure that you are getting what you really need to be safe. This will allow you to make sure that all your signage is correct and up-to-date as well as coming up with a plan in case of a fire breaking out and you having to fight it. Regular safety audits will allow you to be sure that all escape plans are safe as well as checking to see any weaknesses in your ability to fight a fire.

Skimping on fire safety and fire protection is never a good idea. No matter how confident you are that you can create a good fire plan, hiring a professional is the best way to go. It will allow you be sure that you are setting up the best safety checks available to keep your goods and people safe. Protecting against loss of life is important, … Read More

IDV IN CAR INSURANCE: ALL YOU NEED TO KNOW

We all do plenty of research on models, brands and features etc. while buying a car. And we absolutely love it! But, when it comes to insuring our priced procession, our enthusiasm to know more about takes a back seat. We all should know how important it is to get the right and adequate amount of insurance. Car accidents and its repair can cause a huge financial setback if it is not adequately insured. So, to stay completely protected it’s essential to have a best comprehensive car insurance plan. To choose the right plan at an affordable cost, it’s crucial to understand some of the insurance jargons. IDV (Insured Declared Value) is one of the important terminologies used in car insurance. Let’s get started and understand it in detail.

What is IDV (Insured Declared Value)?

In case of car insurance, IDV is the maximum sum payable by the insurer in case if the car gets stolen or suffers a total loss due to accident. In simple terms, insured declared value is the current market value of your car at the time of buying the car insurance policy. In case of new vehicle, insurer considers the ex-showroom price while calculating IDV. In case of renewal of insurance for old car, depreciation and current selling price of the particular model by the manufacturer is taken into consideration to arrive at IDV figure.

For example, insured declared value (IDV) of your four wheeler is fixed as Rs. 6 lakh at the time of buying car insurance, and then the maximum amount that you are eligible to claim within the policy period is only up to Rs. 6 lakh. Read more about IDV at https://www.acko.com/car-insurance/insured-declared-value

Calculation of Insured Declared Value

While computing IDV, you insurer will gather some of the easily available information about your car and use them along with adjusting depreciation as per the standard schedule to arrive at the figure. Here are the few data that are considered:

  • City of vehicle registration
  • Registration date and all the other information as per registration certificate
  • Make and model of the car, manufacturer and year of manufacturing
  • Cubic capacity of your car
  • Ex-showroom Price

Here is the standard depreciation rate chart followed by insurers.

Age of Vehicle

Depreciation Rate

New Car  (within 6 months of purchase) 5%
Between 6 months to 1 year 15%
Between 1 year to 2 years 20%
Between 2 years to 3 years 30%
Between 3 years to 4 years 40%
Between 4 years to 5 years 50%

6th year onwards, depreciation is calculated as per the mutual understanding between insurer and insured. Usually, for cars that are more than 5 year old, IDV is arrived by way of assessing the condition of car and availability of its spare parts.

Significance of IDV (Insured Declared Value)

IDV has a major impact on the determination of your comprehensive car insurance premium, especially for own damage part of the premium. Basically, higher IDV means larger coverage and hence the higher premium. … Read More