Exposing the HIP Business - The Partnership - Podcast 21

Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby kevintye on Sat Mar 08, 2008 6:54 am

barrie wrote:The actual legislation does not require HIP Provision Insurance. So far as I can tell.

Does it not require £250,000 PI insurance? If not then certainly the house holder could do it?

Or is the statement above referring to PL insurance?



The CLG website clearly lists who is able to compile a pack. Home owners are on the list.

My statement above is based upon my own interpretation of the Regs (Yes I have read them, sad person that I am). Our company does carry insurance, and as Pauline has pointed out; the premiums are now dropping because insurance companies now know what a HIP is.

In response to Paulines comments about "providing access to the HIP"; so far as I can tell, there is no requirement for a HIP to be delivered or made available electronically (or to be leather bound!). It is quite alright to deliver and store a HIP on paper!

On a slightly different note regarding the minefield of insurance;

We provide HIPs (suprise!) and have insurance for this (at about £40 per month).
I am a DEA and my EPC's are insured.
I am also (and so is Sarah, my wife) a Personal Search Agent waiting for the insurance to kick in before we go (nervously) live.

If we only do one HIP per day and assume a 4 week month giving us 20 HIPS a month, each HIP will have cost in total around £10 just to insure (when each part that we contribute to the HIP is broken down for insurance costs). Now somebody out there is making a few bob from insurance!
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby barrie on Sat Mar 08, 2008 11:40 am

Kevin,

Please explain your arithmetic.

Insurance = £40 per month

No of HIPs = 20 per month

Surely therefore: Cost of insurance per HIP = £2?

Is the £10 figure derived from your breakdown?

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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby Deano on Tue Apr 15, 2008 11:29 pm

I'm no expert on this and don't even provide HIPs myself but I would think that each element of the HIP has to carry its own insurance?

£40 per month HIP insurance @ 20 HIPs per month = £2.
EPC insurance @ approx £4
Search insurance @ £? (but guessing by Kevins figures to be circa £4?)

Am I right?
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