Dear Dafydd

Do you have an insurance related question? Ask FUWIS Account Executive Dafydd – he’s here to help

I have heard alot about the term “Insurable Interest” and have always thoug ht of it as Insurance “Jarg on”, can you please explain what it means?

Insurable interest is the basis of all insurance policies. Insurable interest is the financial interest in the ‘subject matter’ of the insurance ‐ that is you must own, or contractually, have a financial interest in the ‘thing’ that is insured. If the ‘subject matter’ is damaged, lost or destroyed you, the insured, suffer financially from its loss. To exercise insurable interest, the policyholder must be able to demonstrate that the subject matter exists and that they will benefit from its continued existence and will suffer financially by its loss. Very simply, you cannot insure something that you do not own or have a financial interest in. A finance company may have an insurable interest in a vehicle if they helped pay for the purchase and any claim settlement can be made directly to the finance company in the event of a total loss.

What is an Insurance “Green Card ”? I remember years ag o talk about ag reen card if you were d riving abroad but I thoug ht this was

not need ed now, I plan to visit southern Ireland for holid ays this summer, d o I require one?

If or when the UK leaves the EU following Brexit, it’s highly likely that UK residents driving on the Continent will need an insurance green card. A motor insurance green card is a document produced by car insurers to prove that a driver has adequate insurance cover for driving abroad. Please check with your insurance executive well before travelling abroad who will advise accordingly.

I boug ht anew Hond aATV this spring just before lambing and the d ealer asked me if I wanted to road reg ister the ATV, I was unsure as I have never d one before and then I thoug ht is it required by law and the insurance companies?

An agricultural quad bike used on the road or in a public place must be registered and licensed for road use and must have a number plate and third party insurance. It will also need lights if it’s being used on the road after dark. This includes country lanes and travelling from one field to another on any public highway. A public footpath crossing your land can be considered a ‘public place’ even if your quad never goes onto the public road. Registering your quad gives you the added advantage that its details are recorded on the DVLA database and a V5 is issued which makes disposing of a stolen quad just a little more difficult for the thief.

All the above are gu id elines, contact you r FUW Insu rance Agent for a more in‐d epth answers.

Send me your questions: ytir@fuw.org.uk
or via post to: FUWIS, 1 5 Watling Street, Llanrwst, Sir Conwy, LL2 6 0 LS

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