Islamic Insurer Closes & 3-Hour Delay gets you Flight Compensation

NCD News: Islamic Insurer Closes & 3-Hour Delay gets you Flight Compensation - 23.11.09

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Islamic Insurer Closes & 3-Hour Delay gets you Flight Compensation: >>>> The first Islamic insurer to be based in the UK has closed its books after it failed to raise the necessary capital to continue. Salaam Halal, which was launched last July, has 10,000 policy holders and says it will honour all current policies until they expire. The management have blamed the recession for the lack of investment. A recent rights issue failed to raise the cash required. The insurer sold policies which were compliant with the Koran, which forbids the practise of interest, risk and speculation.

>>>> The European Court of Justice has ruled that travellers whose flights are more than 3 hours late are entitled to compensation. The ruling stated that being involved in a delay is comparable to cancellation. The airlines do have a get out clause if extraordinary circumstances have caused the delay. They must take all reasonable steps to avoid the delay to be able to use this excuse.

>>>> The AA and the RAC have expressed their anger at the sight of 10 oil tankers which are moored in Lyme Bay, off the coast of Devon. They believe the tankers are waiting for oil prices to rise before bringing the oil into the UK market. The RAC have asked if the practice is legal, while the AA have said that drivers have become the victims. Research from Gibson Shipbrokers has shown that one in twelve oil tankers is used to store oil rather than ship it and they say it is not an unusual sight for them to wait off the UK coast for significant periods of time.

This is obviously a risky move as, with the deep recession and job losses, it is making piracy off the UK's coasts quite tempting for some. Not least after Jeremy Clarkson's commented on Top Gear that there is no security and almost £50,000 worth of petrol in the tankers we see driving up and down the motorway.

>>>> Endsleigh Insurance has compiled a list of the top crimes which can occur on campus, in an attempt to encourage the take up of insurance for students. Simple things like not locking dorm rooms and making it obvious what possessions you own are things they are encouraging student to avoid. They suggest discretion and buying a contents insurance policy.

>>>> A report from Direct Line has revealed that burglars are resorting to stealing household items such as vacuum cleaners, microwaves, tumble dryers and kettles. While electrical items such as televisions and digital cameras still top the list, several dishwashers and some electric toothbrushes were also included in claims from Direct Line customers. Direct Line have suggested that while people have learnt to take their cash and jewellery to bed with them, they should now focus on securing their household items. They recommend having home security measures in place but did not say whether they would reject claims if you had not bolted, tied and superglued your dishwasher to your kitchen floor.

>>>> Young Marmalade has won the Prince Michael International Road Safety Award at the Road Safety Conference. The award is given to businesses which have improved road safety in the UK. Usually the award goes to a non-profit organisation, making Marmalade's success even more important. The insurer has been praised for offering lower premiums for young drivers through a number of initiatives.

>>>> Staff at the Aviva division run by John Kitson have been informed that they can expect 100 redundancies in the New Year. The cuts will be in the sales and marketing division. Aviva have said they wish to focus on developing broker relationships. Aviva currently has around 2300 staff in sales and marketing.

>>>> Despite the recession, The Admiral Group, which includes Admiral Insurance, Confused.com and Elephant.co.uk has reported that it continues to grow. They have recruited more than 500 staff in the last year and expect to hire another 100 before January 2010. A spokesperson from the insurer has said that they have received 21,000 enquires regarding recruitment this year. In addition Admiral have expanded into the US market under the Elephant brand and also has 100,000 customers in Europe. They have seen a 17% increase in turnover for the first 6 months of this year. †