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Contact | Oct 10 Member benefits

INSURANCE

Speaking Frankly … Frank MacDonald offers practical advice on financial and employment issues.

Q: I have been without employment for much of this year, resulting in my savings being eroded rapidly, added to which I have two fixed-term loans that are making matters worse. What would you advise? A: Your options in relation to addressing the loans will depend on whether or not these are “secured” or “unsecured” loans. If you have unsecured loans, you could consider approaching either a Citizen’s Advice Bureau or other Money Advice Centre. They really can help to draw up a workable financial programme and can offer substantial ongoing support in negotiating agreements with creditors while helping ensure that you and your family have sufficient household resources. One excellent, free service is available online at www.nationaldebtline.co.uk If you have “secured” loans, then

it is important not to default to avoid the risk of a creditor forcing the sale of an asset (usually the family home) to satisfy the debt. There is another option that can be particularly helpful where you have savings to hand. The Consumer Credit Act makes specific provisions for a financial rebate if a fixed-term loan taken out within the provisions of the Act is settled earlier than the term specified in the loan agreement. This can be very useful because, despite having to use savings to settle a loan, the “rebate” element can represent a significant saving. This is very much in focus at present

as interest rates offered on savings are very low and the rate payable over the fixed-term of a loan can be very high. There is a formula for calculating a rebate in these circumstances. See www.adviceguide.org.uk and enter “paying a loan off early” in the search box. You may also be entitled to state benefits, you can find out by calling the Benefit Enquiry Line on 0800 882200. You might find the CIOB jobs site useful, visit www.ciobjobs.com.

For confidential advice contact Frank MacDonald on 01344 630780 or email: fmacdonald@ciob.org.uk

Protect your retirement

Whether you have worked for one company or firm or for several in your career, once you’ve left them or retired there’s nothing you can do to ensure they remain solvent and in business. If they go into bankruptcy it’s possible that a claimant could pursue you for damages in relation to work in which you were involved, perhaps many years ago. This could be very expensive as well as costly in legal fees. The landmark case of Merrett v Babb established the principle that where an employer’s professional indemnity insurance has been withdrawn because of bankruptcy, the former employee is personally liable for any damages. This means that many rofessionally qualified people are vulnerable. The CIOB has developed a simple solution: the

Personal Professional Protection Policy (PPPP). CIOB PPPP provides immediate access to legal advice and up to £100,000 to cover any damages awarded against you. Cover is backdated to the start of your professional career. The premium is only £10 per month but this

reduces in retirement to £5 if you’ve taken the cover more than 10 years before retirement and to £7.50 if you’ve taken it out more than five years before retirement. The sooner you start the lower the cost!

For further details and to obtain an application form call CIOB Insurance Services on 0845 305 8390

CIOB Insurance Services was created to provide specialist professional and business cover exclusively for CIOB members. Through the CIOB’s accredited insurance broker Kinnell Corporate - part of the Kinnell group of companies – a range of policies is available.

MASTERCLASSES

Reduce costs, minimise disputes

If reducing costs and improving project success is important to you, then the next two Masterclasses will be of interest. These events will address issues of preventing, managing and analysing delay, disruption and cost escalation to minimise the risks of costly disputes and litigation. Places are available in Paris on 19/20 October,

and in London on 9/10 November. Discounts are available to CIOB members. The latest Masterclasses will feature new speakers,

new talks and each has been tailored to reflect the current needs and interests of all in the construction and associated industries. Events are approved for CPD, and international expert speakers this autumn include Dr Franco Mastrandrea, Derek Nelson and Geoff Bewsey of Hill International, Andrew Burr of Atkin Chambers, Paul Darling QC of Keating Chambers, Dr Susanne Kratzsch of Thummel Schütze & Partner, and Mark Roe of Pinsent Masons, together with many other leading figures from the UK and Europe. The Paris Masterclass in particular will focus on

issues in international and European construction and law, with the London event focusing on changes in the UK and looking at recent legal developments and the future of construction risk management.

More information is available from www.hillintluk.com/ masterclass or Stuart Wilks at Hill International: 020 7089 7020 or stuartwilks@hillintl.com. CIOB members are entitled to a 15% reduction on the attendance fee at any time.

CIOB members are entitled to a 15% reduction on the attendance fee at any time

Member benefits

CIOB AND CRONER Health and Safety Products Tel: 0845 450 1306 www.croner.co.uk/ciob

CIOB APPOINTMENTS AT HAYS CONSTRUCTION Recruitment and career advice for employers and employees Tel: 0800 716026 www.hays.com

CIOB HILL INTERNATIONAL MASTERCLASSES Hill International and CIOB’s Masterclass training series Tel: 020 7089 7021 www.hillintluk.com

CIOB HOME INSURANCE Home insurance for professional people. Tel: 0845 365 1289 www.hiscox.co.uk/ciob