no insurence

[sigma]

Am I right in thinking if you're super rich or a large organisation like the GPO and can financially meet any claim against you, you don't need insurence.?

[Loosehead]

Well Norman's the expert but I think I read somewhere that if the organisation can deposit funds, running into millions, I believe, then they can effectively "self insure", I'm told that the Police do this to cover all thier vehicles but the info is a bit vague, may well be an Urban myth.

[tubeway]

There did used to be some way that you could drive without insurance - I can not remember the details - but you had to deposit �15,000 that was only to be used if there was a claim against you . I think that this is no longer the case as �15000 is not a lot in insurance terms - but only hangs on as an urban myth.

[kempie]

The Road Traffic Act 1988 (as amended) defines the requirements (and exceptions) for users of motor vehicles to be insured or secured against third-party risks.

Section 144 lists the exceptions, including

� a person who has deposited and keeps deposited with the Accountant General of the Supreme Court the sum of �500,000;

� a vehicle owned by a police authority;

� a vehicle owned by a health service body;

� a vehicle owned by the council of a county or county district in England and Wales, the Broads Authority, the Common Council of the City of London, the council of a London borough, a National Park authority, the Inner London Education Authority, the London Fire and Emergency Planning Authority;

etc.

at a time when the vehicle is being driven under the owner�s control.

[NORMANTHEDOG]

kempie,is perfectly right,one of my drivers had a run in with a TNT lorry recently,and they were bonded insured,ie british telecom,post office etc,it would not be of any use to a multi millionaire as the money,would not earn any intrest.but i expect NEW JUDGE will be on later to ridicule our answers like he always does.

[Toureman]

Section 144 does not include the Armed services, they do not have taxed or insured vehicles.

Incidently, Prince Harry does not have insurance for his motorbike, last I heard it was a Triumph triple, because no company would insure him, perhaps Mummy pays the �500,000.

[NORMANTHEDOG]

toureman,mummy passed away 10 yrs ago.