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Sharing The Cost Of Public Liability Insurance?

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  • 14-03-2013 2:56pm
    #1
    shindig-jp
    Registered Users Posts: 386 ✭✭


    Recently I was approached by another food market stall holder and was asked "Would I be interested in sharing the cost of Public Liability" We both run hot and cold food packaged takeaway lunches. I have climbed all over my policy and can not see anywhere where this is not possible . I have been told that as long as there are named individuals on the policy , the policy is effective and will cover both food stalls . Is it possible in that case to syndicate with other food stall holders all under the one umbrella policy ?

    Thank you for reading, please respond if you have professional insight in this matter.


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    #2
    patrice123
    Registered Users Posts: 7 ✭patrice123


    I would be slightly dubious about doing this. All standard public liability policies are for one business/company. Yes, you can put several names on the one policy but it would then be assumed you are partners or directors of the same business.

    Also being joint policyholders means you would be jointly responsible for everything on the policy. If the other person has a claim then all the details get logged against your names jointly meaning you may obtain a claim history for something unrelated to you.

    Is the price difference that much anyway? I would of thought 2 people would simply be double the price of 1 person whether together or separate.


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    #3
    shindig-jp
    Registered Users Posts: 386 ✭✭shindig-jp


    patrice123 wrote: »
    Is the price difference that much anyway? I would of thought 2 people would simply be double the price of 1 person whether together or separate.

    Ahh ... All a trader needs ...lets say to participate in a food market is to show a current certificate of public liability covering the product that is being sold. Two persons named on the policy is the same price as one person. In my case I work one day a week at a food market . Approximately 48 days a year and pay a premium of 600 euro to cover a 6.5 million liability. FBD have told me that "Yes" two people can be named on the one policy. Both persons can each be sole traders .

    My thinking, 600E per annum is a lot of money to cover risk @ 48 days.


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    #4
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    It'll save you €6.25/day. How many product sales is that? Is the additional risk worth it to you?


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