The true value of SAIF Membership from an insurance perspective

August 2, 2019   //   No Comments

SAIF Insure has looked after SAIF membership interests since 1994. Here they outline the benefits that each member firm, irrespective of size, derives from the insurance benefits that SAIF provides for the membership.

Each member company benefits from Professional Indemnity insurance of up to £2,000,000 of coverage. SAIF Insurance regularly see claims and notifications each year from members up and down the country and of all sizes.

SAIF Insure have provided figures which member companies would expect to pay for Professional Indemnity insurance if it were to be arranged as an individual business:-

Here are two examples showing quotes for companies ranging from 75 funerals per annum to 500 funerals.

Assumptions: £3,000 as the average costs of a funeral, no previous claims or notifications made. The limit of £ 500,000 has been chosen as most smaller funeral homes might only choose a limit of say £ 250,000 and a larger home might opt for the larger limit.

Example 1 Funeral Home 1 (75 Funerals)

  • Approximate turnover £225,000
  • Indicative Premium Costs based on a limit of £500,000
  • Annual Premium – £450.00 plus 12% Insurance Premium Tax

Example 2 Funeral Home (500 Funerals)

  • Approximate turnover £1,500,000
  • Indicative Premium Costs based on a limit of £500,000
  • Annual Premium – £ 900.00 plus 12% Insurance Premium Costs

SAIF Members, please remember that if you do receive any indication from a third party that they intend to pursue you for compensation or recompense, then please contact SAIF Insure on 0203 603 4194 immediately.