Claims - Our Frequently Asked Questions

1 What should be done in the event of an incident occurring?
2 Will my No Claims Discount be affected as a result of a claim?
3 How long will Tradewise leave its file open pending receipt of a Third Party Claim?
4 Should I discuss liability with any Third Party involved?
5 What information should I obtain from any Third Party following an incident?
6 What should I do if I receive any Third Party correspondence?
7 Will I need to complete a report form?
8 Is there anything else that needs to be submitted with an Accident Report Form?
9 Why do I need to complete the DVLA mandate?
10 Why do I need to provide documentary evidence of trading?
11 In the event of a Total Loss or Theft claim, what documentation will be required in order for an offer to be made?
12 On what basis is the value of my vehicle assessed?
13 What will happen to my vehicle following confirmation that it is going to be a Total Loss?
14 In the event of a Theft Claim where my vehicle has not been recovered, how quickly will I receive my settlement cheque?
15 If I have Accidental Damage Fire and Theft Cover and intend to pursue a claim under my own policy for any repairable damage incurred to my own vehicle, what should I do?
16 Will Tradewise cover the cost of recovering my immobile vehicle following an incident?
17 What happens if my indemnity limit is exhausted following a claim?

1.
Q) What should be done in the event of an incident occurring?
A) All incidents, no matter how minor they may seem, should be reported immediately, without delay, to the Claims
Department at Tradewise Insurance Services on 020 8350 4020. Relevant advice will then be given to the Policyholder as to how their claim will be dealt with.

2.
Q) Will my No Claims Discount be affected as a result of a claim?
A) Yes. In the event of a claim all discounts will be disallowed until such time as the file is closed and we are satisfied that no payments will be made by ourselves.

3.
Q) How long will Tradewise leave their file open pending receipt of a Third Party Claim?
A) Third Parties have up to three years to submit a claim for personal injury and up to six years to submit a claim for property damage. However it will be at the discretion of Tradewise as to whether or not we decide to close any file.

4.
Q) Should I discuss liability with any Third Party involved?
A) No. No admission of liability, offer or promise of payment should be made by you to any Third Party without the written consent of Tradewise. Underwriters shall also be entitled to take over and conduct in your name any claim that is made against you.

5.
Q) What information should I obtain from any Third Party following an incident?
A) You should always exchange details with any Third Party. It is advisable to obtain their full name, full postal address, vehicle make, model and registration and insurance details. You should also take full details from any independent witnesses in order that we may consult them when assessing liability.

6.
Q) What should I do if I receive any Third Party correspondence?

Claims information page

Claims procedures

Claims flow chart

A) All correspondence should be submitted to Tradewise unanswered and immediately upon receipt. You should not enter into any protracted negotiations with any Third Party representative that may prejudice our position.

7.
Q) Will I need to complete a report form?
A) Yes. An incident report form is required urgently, even if only for information purposes. This will be dispatched by the Tradewise Claims Department. It should be remembered that it is a condition of your policy that you should give notice in writing of any incident as soon as possible after its occurrence. We need a report form in order to be in possession of the facts surrounding the incident. Do not accept that a Third Party will not pursue a claim against you just because they say they won't at the scene. In order to protect your interests and ours as well a report form must be completed for all incidents, no matter how minor they may appear to be.

8.
Q) Is there anything else that needs to be submitted with an Accident Report Form?
A) Yes. A copy of the last permitted driver's full UK licence must be submitted. We also require the driver to sign and return a mandate for the release of information from the DVLA. This mandate will be attached as standard to the back of the report form. Furthermore we will require documentary evidence of the Policyholder's involvement in the Motor Trade. We will not be in a position to complete our indemnity enquiries unless these items are received.

9.
Q) Why do I need to complete the DVLA mandate?
A) The mandate is required in order that Tradewise can approach the DVLA to obtain a fully detailed and up to date record of a person's driving history. It enables us to confirm that all driving convictions have been disclosed to us as they should have been.

10.
Q) Why do I need to provide documentary evidence of trading?
A) We require this as part of our standard indemnity enquiries. If somebody takes out a Motor Trade Road Risks policy with Tradewise, then they must have valid reason to do so. If the Policyholder is buying and selling vehicles we need to see evidence of their trading activities by way of sales invoices and purchase receipts. If they do not buy and sell, we require alternative evidence. For example, if you are a valeter or a mechanic, we will require copies of invoices for customer work carried out.

11.
Q) In the event of a Total Loss or Theft claim, what documentation will be required in order for an offer to be made?
A) We will require the following:

Fully Completed Report Form
Copy Licence/DVLA Mandate
Documentary evidence by way of trading accounts.
Original Vehicle Registration Document
Original Current MOT Certificate (and past certificates if available)
Original Purchase Receipt
Copy of any Hire Purchase Agreement
Bank Statements showing amounts withdrawn to purchase vehicle
Service/Maintenance Documentation
All Keys
Vehicle photographs
Plating Certificate (if applicable)

12.
Q) On what basis is the value of my vehicle assessed?
A) On all Motor Trade Road Risks Policies, settlement will be made in accordance with current Market Trade Value. Commercial Vehicle claims will be settled at Current Market Retail Value.

13.
Q What will happen to my vehicle following confirmation that it is going to be a Total Loss?
A) If the vehicle is incurring storage charges, arrangements will be made for its immediate removal to a place of free and safe storage. The vehicle will remain in storage until such time that settlement has been agreed. If you do not wish to retain the salvage as part of the settlement, then it will become our property and we will instruct our salvage agents to dispose of the vehicle. You will only be offered the salvage if the vehicle is a Category C or D Total Loss, as per the DVLA guidelines. If you are aware that the vehicle is incurring storage charges and you indicate that you wish to retain the salvage, then we will not be held liable for any storage charges.

14.
Q) In the event of a Theft Claim where my vehicle has not been recovered, how quickly will I receive my settlement cheque?
A) There is no specific timescale as to when an offer will be made for the value of your vehicle following an unrecovered theft. Every claim is different and assessed on its own merits. There are many stringent lines of enquiry that we pursue in order to satisfy ourselves that we are dealing with a valid and genuine loss. Unless these enquiries are complete, no offers will be made. Once settlement has been agreed however we will submit a settlement cheque immediately.

15.
Q) If I have Accidental Damage Fire and Theft Cover and intend to pursue a claim under my own policy for any repairable damage incurred to my own vehicle, what should I do?
A) Following report of an incident we will arrange for an independent engineer to carry out an inspection of your vehicle. This inspection will be arranged without prejudice to indemnity unless we have received all of the required documentation from you. An estimate for the vehicle damage will need to be obtained in order that the inspecting engineer can agree figures with the repairing garage. As soon as we are in a position to confirm indemnity we will contact the engineer to authorise the repairs on our behalf.

16.
Q) Will Tradewise cover the cost of recovering my immobile vehicle following an incident?
A) If your vehicle is disabled by loss or damage which is indemnified under the policy, we will bear the reasonable costs of protection and removal to the nearest repairers and also pay the reasonable costs of delivery after repair to you at your address within the UK. Once the vehicle has been inspected by an independent engineer, a decision will be made to remove the vehicle if it is a a Total Loss. We will bear the reasonable cost of any storage charges whilst this process is carried out.

17.
Q) What happens if my indemnity limit is exhausted following a claim?
A) If an Accidental Damage claim is made on your policy, the appropriate amount reserved to cover our potential exposure will be deducted from your indemnity limit. You will then be invited to reinstate cover to the original indemnity should you so desire by paying an additional premium to buy back your indemnity. If this option is not required then your indemnity limit will simply be reduced in accordance with the reserve being held. If it turns out following settlement that the indemnity exhausted is less than you bought back then you will be issued with the appropriate return premium.