Loan insurance from the listening bank
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INSURANCE against defaulting on a loan of up to £15,000 is readily available under a new small loan scheme launched by Midland Bank.
The insurance, which could be particularly useful to small hauliers using the loan to buy a new vehicle, covers sickness and accident of a specified key earner who has to miss work for more than one month.
In case of death, the loan is paid off completely.
Business development manager Michael Fuller said: "Midland's new small business loan has been specially designed as a simple, no nonsense source of finance to meet the needs of smaller businesses".
• The hauliers' loss of use insurance policy run by Roberts and Davis had its cover changed from April 1 this year.
Hauliers can claim. a weekly maximum benefit of £1,000, Western Europe is now included at 20 per cent premium load and young drivers from 21 to 25, with clean licences, at 20 per cent premium load.
Vehicles insured as third party are now insurable at a rate of six per cent, and comprehensively insured vehicles are still at five per cent, Roberts and Davis says.