It is said that the Great Fire of London was the event that sparked the formation of the Non Marine insurance industry. The Fire started in a bakery in Pudding Lane on the 2nd September 1666 and raged for nearly 5 days, finally burning itself out on 6th September 1666. It destroyed nearly 85% of the buildings, homes and businesses, in the “Old” City.

Insurance companies were established to cover disasters such as this. And therein lies the key – Disasters. Most companies were established as “mutual societies”, by a group of people with a common interest. Each member of the society or group contributed an amount of money proportionate to the value of their property so that in the event of a fire happening again, the contributions of the many would be available to help the few who suffered damage.

This is a simplistic explanation of how insurance evolved but the basic principles are there – people with the same risk profile contributing proportionately to the risk fund. Insurance has always been about insuring for the unexpected and potentially devastating event and was never intended to be a “maintenance” agreement or a slush fund to pay for losses we incur as the result of our carelessness, or, dare I say it, foolishness.

Concepts such as “Risk Management” have evolved as a “science” to assist us in being wise and taking good care of our possessions, be they personal or business assets, as well as reminding us to exercise care and caution when doing things.

At Royal Union we have long believed that insurance should be bought to cover events we cannot prevent or avoid. The event should result in a loss we can’t afford to bear, a loss that will cause us unacceptable financial hardship.

We have developed a number of products which are eminently suitable for the person who looks after his possessions, implements steps to protect them and realizes he cannot “claim for everything”. Our products allow you to budget for losses you should carry yourself, as well as providing you with an amazing tool to protect yourself or your business against losses insurers generally exclude, or we don’t even imagine happening like COVID-19.

Contact our offices today and ask our qualified expert staff to tell you all about our Saver Series.

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