Wednesday, July 27, 2011
Tuesday, May 26, 2009
Publishment of Zanjoy.com
A great web site has been published about Insurance, business and Banking by Mr. Reaz Mahmud Shezan. You will find various types of business news, insurance news, stock news, banking news, financial news as well as all types of money related news. Tale a visit on this Web site : http://zanjoy.com/
Sunday, May 24, 2009
Buildings Insurance Claims Crisis - Sewage is the New Subsidence
Buildings Insurance is in the proverbial again with what could potentially turn out to be the biggest claim reason since the subsidence crisis of the 1980's and 90's.
The reason? Sewage - or more precisely the sewer mains pipes that lead from every property in the UK to the main street sewage system.
In the 1950's through to the 1970's a certain type of sewage pipe called a 'Pitch Fibre pipe' was widely used in new and existing construction work as a replacement for clay pipes which were three times as expensive and required specialist installation. Published figures from the time suggest that "if laid correctly, and not subject to adverse ground conditions, pitch fibre pipes can be expected to have a design life of up to 40 years". If poorly installed, it was suggested that the life expectancy of a pitch fibre pipe would be significantly shorter.
All Pitch Fibre Pipes laid for sewerage in the UK have now reached or passed their design life expectancy.
Pitch Fibre Pipes were made from wood fibre impregnated with coal tar, and have performed adequately when dealing with normal waste water. It soon became apparent that Pitch Fibre pipes were susceptible to the delamination of their inner surface, ruining the structural integrity of the pipes. Pitch Fibre pipes have been found to react badly when subjected to large quantities of hot water, and to oils and fats, which can soften the tar and cause deformation and leaks. It was also discovered that under normal conditions, they were susceptible to collapse under applied loading, sooner than pipes made of more rigid materials. The use of pressure washing drains has also exacerbated the problem of deterioration.
a pitch fibre sewer pipe collapse
Pitch Fibre Pipes (incredibly) were British Standard approved (BS2760), although this was withdrawn on 15 June 1987.
Home Insurance claims Nemesis
The use of pitch fibre pipes was very widespread through the UK and up to 50,000 properties are now suffering problems relating to pitch fibre pipes every year and making claims on home buildings insurance policies. The number of Pitch fibre claims is rising dramatically each year so much so that, like subsidence, many Home Insurance companies are refusing to cover claims under buildings insurance for sewer collapse associated with pitch fibre. Many others will claim 'normal wear and tear' and refuse to pay a claim. Howerver following advice from the UK's Insurance Ombudsman’s , some Home Insurance Companies are now paying for these drains to be repaired.
Would you know if you had Pitch Fibre Sewers? Probably not until you have a blockage or leakage.
Insurance Blogger is warning the large number of people who compare home insurance premiums on the Internet and change provider each year, to check very carefully if the new policy covers Pitch Fibre Collapse.
The cost of replacement of pitch fibre piping with modern materials can be anything from £2000 to £10000 or more depending upon the length and complexity of the run and the surface materials.
You may be jointly liable for damage to pitch fibre sewage pipes that are not even on your property if your sewers join to neighbours, so it is oimportant when purchasing home insurance that pitch fibre is covered, otherwise you may be presented with a large unwarranted bill.
As the pitch fibre pipe systems gradually deteriorate, those responsible for the sewers find themselves frequently paying out for repairs. Check your pipes and home buildings insurance today!
The reason? Sewage - or more precisely the sewer mains pipes that lead from every property in the UK to the main street sewage system.
In the 1950's through to the 1970's a certain type of sewage pipe called a 'Pitch Fibre pipe' was widely used in new and existing construction work as a replacement for clay pipes which were three times as expensive and required specialist installation. Published figures from the time suggest that "if laid correctly, and not subject to adverse ground conditions, pitch fibre pipes can be expected to have a design life of up to 40 years". If poorly installed, it was suggested that the life expectancy of a pitch fibre pipe would be significantly shorter.
All Pitch Fibre Pipes laid for sewerage in the UK have now reached or passed their design life expectancy.
Pitch Fibre Pipes were made from wood fibre impregnated with coal tar, and have performed adequately when dealing with normal waste water. It soon became apparent that Pitch Fibre pipes were susceptible to the delamination of their inner surface, ruining the structural integrity of the pipes. Pitch Fibre pipes have been found to react badly when subjected to large quantities of hot water, and to oils and fats, which can soften the tar and cause deformation and leaks. It was also discovered that under normal conditions, they were susceptible to collapse under applied loading, sooner than pipes made of more rigid materials. The use of pressure washing drains has also exacerbated the problem of deterioration.
a pitch fibre sewer pipe collapse
Pitch Fibre Pipes (incredibly) were British Standard approved (BS2760), although this was withdrawn on 15 June 1987.
Home Insurance claims Nemesis
The use of pitch fibre pipes was very widespread through the UK and up to 50,000 properties are now suffering problems relating to pitch fibre pipes every year and making claims on home buildings insurance policies. The number of Pitch fibre claims is rising dramatically each year so much so that, like subsidence, many Home Insurance companies are refusing to cover claims under buildings insurance for sewer collapse associated with pitch fibre. Many others will claim 'normal wear and tear' and refuse to pay a claim. Howerver following advice from the UK's Insurance Ombudsman’s , some Home Insurance Companies are now paying for these drains to be repaired.
Would you know if you had Pitch Fibre Sewers? Probably not until you have a blockage or leakage.
Insurance Blogger is warning the large number of people who compare home insurance premiums on the Internet and change provider each year, to check very carefully if the new policy covers Pitch Fibre Collapse.
The cost of replacement of pitch fibre piping with modern materials can be anything from £2000 to £10000 or more depending upon the length and complexity of the run and the surface materials.
You may be jointly liable for damage to pitch fibre sewage pipes that are not even on your property if your sewers join to neighbours, so it is oimportant when purchasing home insurance that pitch fibre is covered, otherwise you may be presented with a large unwarranted bill.
As the pitch fibre pipe systems gradually deteriorate, those responsible for the sewers find themselves frequently paying out for repairs. Check your pipes and home buildings insurance today!
12800 UK homes repossesed in the first quarter of 2009
Despite the UK government saying they eould help keep people in their homes there were over 12000 repossessions in the UK in first quarter of 2009.
There were 12,800 repossessions through the courts by first-charge on the property mortgage lenders and banks, in the first quarter of this year, according to the Council of Mortgage Lenders (CML).
This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008. Insuranceblogger is disgusted that the people who created the credit crunch crisis for those poor repossessed are so quick to resort to the courts!
Although repossessions are still rising, the CML now thinks its earlier 75,000 repossessions forecast looks pessimistic for the year as a whole, and expects to revise the figure downwards in its next housing market forecast update later this summer.
The number of mortgages in arrears continued to rise both months in arrears and as a percentage of the total outstanding mortgage value.
The number of existing mortgages has declined from around 11.7 million to around 11.1 million.
According to a suit from the CML -
"The key message continues to be: talk to your lender as soon as you identify difficulties emerging, and take advice from an independent money adviser if you have other debt issues as well as your mortgage. Lenders do not want to repossess if a realistic alternative solution can be found."
Hmm - have a look at this, especially if you are being threatened by debt collectors
Courts, bailiffs, debt collectors and repossesions can be avoided with mortgage protection insurance which will keep a roof over your head even if you lose your job!. Act now before its too late!
There were 12,800 repossessions through the courts by first-charge on the property mortgage lenders and banks, in the first quarter of this year, according to the Council of Mortgage Lenders (CML).
This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008. Insuranceblogger is disgusted that the people who created the credit crunch crisis for those poor repossessed are so quick to resort to the courts!
Although repossessions are still rising, the CML now thinks its earlier 75,000 repossessions forecast looks pessimistic for the year as a whole, and expects to revise the figure downwards in its next housing market forecast update later this summer.
The number of mortgages in arrears continued to rise both months in arrears and as a percentage of the total outstanding mortgage value.
The number of existing mortgages has declined from around 11.7 million to around 11.1 million.
According to a suit from the CML -
"The key message continues to be: talk to your lender as soon as you identify difficulties emerging, and take advice from an independent money adviser if you have other debt issues as well as your mortgage. Lenders do not want to repossess if a realistic alternative solution can be found."
Hmm - have a look at this, especially if you are being threatened by debt collectors
Courts, bailiffs, debt collectors and repossesions can be avoided with mortgage protection insurance which will keep a roof over your head even if you lose your job!. Act now before its too late!
Subscribe to:
Posts (Atom)
