Bonds - Creation and Monetising

This includes Live Birth Trusts (LBT), and "Accepted for value" (A4V)

Re: Bonds - Creation and Monetising

Postby alien:nation » Sun Feb 14, 2010 2:24 pm

huntingross wrote:
What is covered in a public liability claim?
Policies are usually tailored to the individual business however as a guide, the insurance covers a business's legal liability to pay damages to members of the public for death and injury or damage to property or possessions, which has resulted from the business's activities.

seems to me then you can't get around having a driver's license as the public liability insurance will only kick in if you are conducting business, which the courts will classify as commerce, and commerce on the highway requires a license...
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Re: Bonds - Creation and Monetising

Postby huntingross » Sun Feb 14, 2010 6:52 pm

With respect alien, the premise of this is on the back of my limited liability business as an architect

by huntingross » Tue Feb 02, 2010 9:44 pm

Public liability Insurance for a limited company with 10 employees comes in at £200 per year for £2m.


If I understand your comment correctly you seem to be suggesting that we are engaging in commerce and statute if we use Public Liability insurance.....this is already implied in the pursuance of a scheme that lodges £500k under the RTA.

I am as ever open to other avenues.
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Re: Bonds - Creation and Monetising

Postby cjwood555 » Sun Feb 14, 2010 8:54 pm

Right...just checked the details of my PL policy:

Features and Benefits

Public Liability
    Legal liability to pay damages and associated legal costs for accidental injury, damage to material property, nuisance or wrongful arrest in connection with the business - £1m in any one event
    Legal costs arising in connection with a prosecution brought by the HSE or local government enforcement authority - Yes
    Legal costs and expenses in connection with the investigation, defence of a prosecution (and if necessary) appeal, of the offence of manslaughter, corporate manslaughter corporate homicide of cuplable homicide - £1m any one insurance period
...
    Liability for use of owned or non owned plant and vehicles in circumstance where insurance is NOT required under Road Traffic legislation - Yes


So....if you bonded the policy successfully, then insurance would not be required under legislation, and it would cover the company and its employees.

In my opinion, you would need to have each person to be covered to be (nominally) contracted as an employee of the business.

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Re: Bonds - Creation and Monetising

Postby huntingross » Sun Feb 14, 2010 9:04 pm

Thank you chris, exactly my point.
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Re: Bonds - Creation and Monetising

Postby alien:nation » Mon Feb 15, 2010 12:50 am

okay - still playing devil's advocate...

direct.gov.uk - the highway code states:
Insurance. To use a motor vehicle on the road, you MUST have a valid insurance policy.
(their emphasis)

cjwood555 wrote:Right...just checked the details of my PL policy:

Features and Benefits

Public Liability
    Legal liability to pay damages and associated legal costs for accidental injury, damage to material property, nuisance or wrongful arrest in connection with the business - £1m in any one event
    Liability for use of owned or non owned plant and vehicles in circumstance where insurance is NOT required under Road Traffic legislation - Yes




when someone covered by the bond is found liable in an accident where they are popping down to the shops for some cigarettes at four in the morning, how can that be construed to be "in connection with the business"?

and will one be able to bond an insurance policy which expressly rules out coverage where the RTA requires it? unless one successfully argues must is synonymous with may, perhaps not...
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Re: Bonds - Creation and Monetising

Postby cjwood555 » Mon Feb 15, 2010 10:20 am

This is my question/concern - the bond would only stand where the policy had value i.e. when a claim would be paid, which would exclude the example you mention. That said, I've had two claims in my driving career and was never asked why I was going where I was going....

Ref insurance required by RT legislation - by lodging a £500k bond against the policy you would be discharging the requirement to hold 3rd party insurance, in which case the exclusion in the policy would not apply.

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Re: Bonds - Creation and Monetising

Postby huntingross » Mon Feb 15, 2010 7:56 pm

by cjwood555 » Sun Feb 14, 2010 8:54 pm
In my opinion, you would need to have each person to be covered to be (nominally) contracted as an employee of the business.


by alien:nation » Mon Feb 15, 2010 12:50 am
when someone covered by the bond is found liable in an accident where they are popping down to the shops for some cigarettes at four in the morning, how can that be construed to be "in connection with the business"?


Contract of employment.....At all material times, employees represent the company.
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Re: Bonds - Creation and Monetising

Postby holy vehm » Mon Feb 15, 2010 8:14 pm

huntingross wrote:
by cjwood555 » Sun Feb 14, 2010 8:54 pm
In my opinion, you would need to have each person to be covered to be (nominally) contracted as an employee of the business.


by alien:nation » Mon Feb 15, 2010 12:50 am
when someone covered by the bond is found liable in an accident where they are popping down to the shops for some cigarettes at four in the morning, how can that be construed to be "in connection with the business"?


Contract of employment.....At all material times, employees represent the company.


Hi hr, are you saying there that in the employment contract drivers under the policy may/will be required to use the car at any time or day.

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Re: Bonds - Creation and Monetising

Postby huntingross » Mon Feb 15, 2010 8:17 pm

hi hv

Well, actually, everyone partacking of this "scheme" would be covered for any public liability if they were representing the company at all material times.....what ever the mode of transport
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Re: Bonds - Creation and Monetising

Postby holy vehm » Mon Feb 15, 2010 8:22 pm

huntingross wrote:hi hv

Well, actually, everyone partacking of this "scheme" would be covered for any public liability if they were representing the company at all material times.....what ever the mode of transport


how would this work if i joined your scheme,
material times?
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