Insurance Brokers Services
Contact Us
Chris Poulton
Manager – Marine and Commercial Division
Tel: (+356) 2205 8281 / 79015959
Fax: (+356) 2205 8298
E-mail: cpoulton@tcsmith.com
Antvin Monsigneur
Insurance Brokers Executive Personal Lines
Tel: (+356) 2205 8280
Fax: (+356) 2205 8298
E-mail: broker@tcsmith.com
Denis Galea
Managing Director
Tel: (+356) 2205 8450
Fax: (+356) 2205 8199
E-mail: dgalea@tcsmith.com
Personal Insurance
Motor Insurance
Thomas Smith Insurance Brokers can source the kind of cover best suited for you and the type of car you drive. Motor insurance is classified into three different types of policies:
Third Party Liability
This is the basic car insurance policy which insures your legal liability towards third parties and is compulsory in Malta. With this policy the damage you cause to your own vehicle is not covered.
Third Party Fire & Theft
In addition to the cover provided under Third Party Only, this cover has added cover for loss or damage to own vehicle caused by fire, theft or attempted theft
Comprehensive Cover
Includes all of the above as well as damage caused to your vehicle.
Home Insurance
Your home is possibly the biggest investment you will ever make, so it’s crucial to have a Home Insurance Policy that protects it and all its Contents.
A Home Insurance covers the private residence and its contents
A Buildings Insurance provides protection for the building making up your home including the fixed items in and surrounding the building.
Contents Insurance provides your home contents in the event of an accidental damage.
Personal Belongings Insurance covers your jewellery and other specified items on an ‘All Risks’ basis even when they are not inside the home.
Boat Insurance
At Thomas Smith Insurance Brokers we can provide you with insurance quotations for:
- Dinghies, sailing yachts, speedboats, cabin cruisers or super yachts
- Boats used for private pleasure purposes
Policies are sourced from leading Insurers by experienced yachtsmen within our company.
Travel Insurance
Travel Insurance is an essential when you are planning your holiday or business trip.
A travel insurance:
- Covers overseas trips for work or on vacation.
- Provides protection for your luggage, legal liabilities, reasonable costs incurred if your luggage is delayed, personal accident and medical expenses incurred whilst overseas.
- Most insurers provide three different levels of cover, with set limits and/or sums insured, and with pre-established premiums.
Life Insurance
At Thomas Smith Insurance Brokers, we understand that there is nothing more important for you than to protect the people you care for.
Our Life Insurance range includes:
- Reducing Term
- Level Term
- Endowment ‘with profits’
- Investment bonds
- Retirement Plans
Health Insurance
State hospitals to date provide us with medical care paid for by the government. This system is over – subscribed and it’s very common to have to wait for up to 6 months for treatment for non critical conditions.
Private clinics and hospitals are available to anyone who is willing to pay for their service; however obtaining cure for a condition can become a very costly exercise.
A health insurance policy will provide you with a cover for a wide range of services, with pre-set limits or full benefit, depending on the plan selected.
A health insurance policy can cost as little as a cup of coffee a day for a young healthy individual.
Marine Insurance
Cargo Insurance
- Import and/or export
- Most types of cargo catered for
- Personal effects
- Cover for conditions like general average
Marine Liability Insurance
- Freight forwarders
- Ship agents
- Local hauliers
- Trailer operators
- Port agents
Specialist Marine Insurance
- Yacht Marine Operators Liability
- Yacht Agent / Broker Liability
- Ship Repairers Liability
- Hull & Machinery
- Protection & Indemnity
Life Insurance
REDUCING TERM
• Most common type of life insurance sold, for loan protection purposes
• Sum assured decreases constantly in line with the balance of the loan it is taken out against.
• In the case of a claim following death of the life assured, the policy would only pay the bank the balance they are owed on the loan.
LEVEL TERM
• Similar to reducing term policy, a claim payment is only made in the event of death of the life assured.
• Unlike Reducing Term, the sum assured remains constant throughout the duration of the policy.
• In the event of a claim following death therefore, the bank or lending facility is paid its dues, and the balance of the sum assured is paid to the legal heirs or the beneficiary mentioned in the policy or proposal form.
In both types of term policy above, no payment is made by the insurance company if the life assured survives the duration of the policy.
ENDOWMENT ‘WITH PROFITS’
• Generally has a smaller amount of life insurance, a lower sum assured
• Building up profits on your premium.
• Positive results typically obtained five years or more after commencing cover, with profits increasing thereafter.
• A detailed quotation for this type of policy will generally show the estimated interest rate throughout the duration of the policy, normally giving three levels of interest rate, from pessimistic through to optimistic.
• Cancelling, or ‘surrendering’ the policy before the maturity date (the expiry date) normally results in the total profits being reduced substantially.
• It is therefore advisable to let the policy run to maturity in order to obtain the maximum benefit.
INVESTMENT BONDS
• Generally in the form of a single-premium interest-sensitive endowment policy.
• Most providers of this type of cover guarantee a minimum interest rate on the premium invested.
• The actual investment income is at times higher than the minimum guaranteed rate.
• Annual bonuses are generally declared by the company and are normally added to the account for the duration of the policy.
• These bonds normally also contain life cover for 100% or 101% of the account balance at the time of death.
RETIREMENT PLANS (SECURE SAVING PLANS)
• These are plans where monthly payments are made to the insurance company, with bonus or interest rates being applied to the account balance.
• There is a minimum amount which can be paid and the product also allows for one-off top-ups to be paid in as well.
• There is normally a minimum guaranteed bonus rate applied.
• Think of this product as a ‘minimum monthly payment savings account’.
Insurance Brokers – About
The creation of the insurance broking company, within the Thomas Smith Group in early 2007, stems from a desire to broaden the insurance product range, thereby offering an improved overall service, and effectively, a one-stop shop.
Thomas Smith Insurance Brokers Ltd is run independently from Thomas Smith Insurance Agency Ltd, with separate management teams, separate administrations and a separate office.
The Advantages of an Insurance Broker
Because we are an insurance broker, we work for YOU and provide you with continuous assistance to satisfy your insurance needs. When you talk to Thomas Smith Insurance Brokers, you deal with insurance professionals who know how to match your requirements with the right policy, and the right Company, at the right price.
At Thomas Smith Insurance Brokers we offer:
- Quick and easy access to the best policies from the major companies.
- Impartial advice on the coverage that is right for your needs.
- The most advantageous terms available in the market.
- Assistance with fast and satisfactory settling of claims.
Claims
Claims are the reason you buy insurance protection. The service we provide at claim stage is the opportunity to prove ourselves.
Should you suffer a loss or incident which may result in a claim under your policy it is important that you contact our office immediately. We will guide you through the process of the claim, advising you of the documentation and information you will need to gather, what reports to lodge, and how to proceed to ensure a smooth process. We will also negotiate with insurance companies, surveyors and loss adjusters on your behalf.
FAQs
What is an insurance broker?
An insurance broker is an intermediary between the client and the insurer, acting for the client. An insurance broker’s main responsibility lies in understanding you and/or your business, identifying the risks you may be exposed to, and designing an insurance program that may protect you against these risks.
Your insurance broker will, at your request, source the insurance cover that suits your needs from any of a number of local or foreign insurers.
Once your broker obtains the various quotations required, these are discussed with you and your broker will help you to select the best option. With your instructions, cover is confirmed with insurers. Your broker will then follow up policy issuing, and check these policies to ensure they reflect the agreed cover.
Any adjustments to the policies are handled by your broker. When your policies are due for renewal, your broker will advise you, and guide you to ensure the cover is still adequate. Your broker will also assist you and guide you in the event of a claim covered by the policy.
Why use an insurance broker?
An insurance broker offers you:
- Quick and easy access to the best policies from the major companies
- Impartial advice on the coverage that is right for your needs
- The most advantageous terms available on the market
- Assistance with fast and satisfactory settling of claims
When you buy insurance through a broker you are using the services of qualified professionals who understand your needs. An insurance broker operates independently of any insurance company, and solely on your behalf.
In addition, we have a duty of care to you, the client, defined in the Insurance Intermediaries Act 2006.
Is it cheaper to go directly to an insurer?
When insurers calculate their premium rating, this also includes a standard distribution cost. This essentially means that whether you use an insurance broker, or go directly to an insurer, the price is generally the same. You should bear in mind that a good price does not always reflect good value.
Using an insurance broker therefore costs you no more, and helps you to prevent uninsured losses as far as possible.
How are insurance brokers remunerated?
Our services based on our appointment as your insurance brokers are provided free of charge to you. We do however receive a commission from Insurers on your business we place with them.
Do Thomas Smith Insurance Brokers charge separate fees for their services?
There are certain areas where we may charge fees to a client for services which do not form part of a broker’s appointment. Such services may include assistance in claims recovery where we may not have been appointed as insurance brokers; or assistance in effecting recovery from a third party in the event of an uninsured loss.
Any fees and terms of reference will always be discussed with you beforehand.
Why do I need to sign a brokers appointment form?
By signing a brokers appointment form you are confirming that you have appointed a firm to act as your insurance broker within the scope of the Insurance Intermediaries Act 2006.
What is risk management?
Managing your risk consists of taking measures to minimise the possibility of an incident. Prevention is better than cure. Clients are advised to take risk management seriously. Whether you are insured or not, an incident will cost you time and money, and potentially lead to injury or loss of life.
Risk management measures can also help reduce insurance costs. Measures taken can range from the installation of fire and/or burglar alarms, through to having adequate contingency plans in place, as well as conducting Health and Safety audits.
Please feel free to contact us about risk management – we are glad to help.
Commercial Insurance
Running a business takes time, commitment and energy, and involves a substantial investment. An insurance package properly put together for your specific business is a method of transferring part of your risk elsewhere.
Sole Trader and Medium Enterprises
Property Damage – protects your premises, contents, stocks and money against physical loss or damage.
Business Interruption – covers loss of profit following loss or damage covered under a property damage policy.
Public Liability - protects your legal liability towards third parties on or around your premises. This can often be extended to cover products liability if you are a manufacturer, importer or retailer; and liability arising from the sale of food or drink if you operate a bar, restaurant or cafeteria.
Employers’ Liability – covers your legal liabilities towards your employees in the event of an injury at work.
Larger Manufacturing, Import and Retail Business
An insurance program for this type or size of business would typically include all the above as well as:
Personal Accident Insurance: pays a weekly sum if an insured person is injured at work, or after hours (depending on the level of cover chosen), and also pays out a lump sum in the event of permanent disability, to varying levels.
Electronic Equipment Insurance: specifically designed for today’s electronic equipment like computers, peripherals, telephone systems, on which we have come to depend so much.
Machinery Breakdown Insurance: cover for breakdown or accidental damage to machinery, typically for manufacturing concerns and the construction industry.
Deterioration of Stock: cover for loss or damage to frozen or refrigerated stocks in the event of breakdown of the refrigerating machinery.
Fidelity Insurance: cover in the event of one or more of your employees misappropriating cash or stock.
Tool of Trade Liability: for equipment which is registered for road use, but not covered by a motor policy whilst being used as a tool of trade. e.g. mobile cranes, fork-lift trucks.
Contractors All Risks Insurance: covers accidental loss or damage to project works, third party liability and can also cover the construction equipment being used, as well as the material used for the project.
Members of Professions
Professional Indemnity Insurance – for architects, engineers, lawyers, accountants, auditors etc. This insurance covers your legal liability for costs and expenses should you become liable for damages to your client arising out of the performance of your duties.
Directors’ and Officers’ Liability Insurance – provides financial protection for the directors and officers of a company in the event they are sued in conjunction with the performance of their duties as they relate to the company.
Aquaculture Insurance
Fish farming is an important and growing industry throughout the Mediterranean and especially in Malta. Through correspondent brokers we work with we are in the best position to provide a comprehensive insurance for fish stocks both in transit from catching grounds and whilst stored in farm cages, both onshore and offshore.
• Fish mortality by storm damage, disease, collision, malicious damage and many others.
• Cover for farm equipment, cages, moorings
• Support craft hull & machinery and liability cover, including crew
• Assistance with prompt risk surveys and consultancy
• The most comprehensive cover at very competitive rates
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Thomas Smith Group (Valletta Head Office), 12, St. Christopher Street, Valletta VLT1468 Tel: +356 2205 8000 Fax: +356 2205 8399 Email: info@tcsmith.com |
Thomas Smith Group (Luqa Branch Office), |
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