Tradewise agree generous funding to assist English chess

[David Shepherd]

I don't see why there should be negative comments at the moment, I get the impression that the relationship between Gibraltar and Tradewise seems very positive. Hopefully this forum will be viewed as very positive, in the short time it has been up this thread has had over 300 views, and will no doubt have driven some traffic to the website for the policy.

However I guess any constructive comments would be welcome - for example its a slight shame there looks to be no box on the website asking how players became aware of the insurance (might have been useful for establishing what sort of an impact this forum was actually having if it was fed back to the ECF - or not, I guess depending on your views).

Also the policy looks like it is aimed just at chess players since it refers to the "chess players contract", I assume this is their target market but it does seem to limit the scope for players just recommending the policy to their friends who are happy to take out a contract that helps support chess (I assume that this is not what they want and they have done sort of risk investment that shows chess players have relatively few accidents and therefore they view chess players as a good target market).

The initial post does mention that for ECF members they will try to match or better your current insurance - hopefully as an insurance company they would try to offer the best price they could for everyone (which seems to be what they say on the website subject to certain condition) - anyway it does seem from what they say for ECF members they would be willing to go the extra mile , and so it might be useful if there was an ECF membership number box on their web page.

[Matthew Turner]

It seems to me that the Tradewise sponsorship is probably in two parts

1. A lump sum presumably for Hastings
2. Commission based income depending on the number of ECF members who purchase Tradewise products.

Without knowing the inner workings of this particular deal, this seems to be a very sensible way for the ECF to proceed. Indeed, the ability to market direct to members really should underpin the rationale of moving to an individual membership scheme.

[David Shepherd]

I think the sponsorship commission applies to all purchases of that policy type and not just those made by ECF members.

[PeterFarr]

Do just be aware that Tradewise is domiciled in Gibraltar for a reason; i.e. the regulatory environment is lighter than the UK and insurers there may be less well capitalised, so there may be more risk.

Not at all saying that there is anything untoward here, and it does look like a good deal for the ECF; deals with Aviva or Direct Line are hardly going to happen.

It must be helpful that Tradewise have effectively done their own due diligence on UK chess already and will hopefully have realistic expectations, so it ought to be a good fit.

[David Shepherd]

I am not sure that Peters post is correct - I have sent him a personal message and no doubt he will post further when he had a chance to look at it.

Ps If anyone wants to see any information on UK companies, go to the companies house website, click on find company information, click on start and then click on Beta test at the top and its all available for free.

The link is here https://beta.companieshouse.gov.uk/

[Roger de Coverly]

Do just be aware that Tradewise is domiciled in Gibraltar for a reason; i.e. the regulatory environment is lighter than the UK and insurers there may be less well capitalised, so there may be more risk.

This is what they say about themselves.
http://www.tradewise.gi/about.html

This is what their UK arm says
http://121webdesigners.co.uk/design5/ap ... boutus.php

In the context, it bothers me a little that both organisations say they don't deal directly with the public. So what organisation would any affinity group motor policyholders through the ECF actually be dealing with?

[PeterFarr]

Thanks to David for the correction.

I think the answer is probably that Tradewise Seevices in the UK does the sales and marketing, and claims services, but that the actual underwriter / risk carrier is Tradewise Ins Co in Gibraltar. So as I said, I think they would benefit from Gib's lighter touch regulation. It's a legitimate model, used by several smaller players I believe.

[benedgell]

I think Bob Kane, Dominic Lawson and everyone at the ECF involved in making this happen deserves a big thank you.

[PeterFarr]

I think Bob Kane, Dominic Lawson and everyone at the ECF involved in making this happen deserves a big thank you.

Yes absolutely.

[Chris Rice]

I think Bob Kane, Dominic Lawson and everyone at the ECF involved in making this happen deserves a big thank you.

Yes absolutely.

Well done to all those who brought this about. I am particularly pleased for the Hastings Chess Congress and all those who work so hard to make that happen each year despite the increasing financial struggle to keep it going.

[Keith Arkell]

The English Chess Federation and the Tradewise Insurance Company are pleased to announce that Tradewise have agreed generous funding to assist English chess.
Building on its sponsorship of the Tradewise Gibraltar Chess Festival - acclaimed as the world’s leading open chess tournament pioneering women’s participation - Tradewise will now be sponsoring the English Chess Federation, in order to enable ---
1) The Hastings International Chess Congress, the world’s oldest tournament, to continue as a fixture in English chess heritage;
2) The ECF Grand Prix to incorporate new prizes for club players, and incentives for female participation;

2) made me laugh. There are currently prizes for all sections of the Grand prix, except for the outright winner, who gets precisely nothing.

[Roger de Coverly]

2) made me laugh. There are currently prizes for all sections of the Grand prix, except for the outright winner, who gets precisely nothing.

I didn't think there were money prizes for any of the sections.

This is what the rules say at the moment

4. Prizes
The winner of each section will receive a commemorative trophy provided by the Sponsor. A Member may win trophies and prizes in more than one section.

There may have been a year where they cancelled just the prize in the top section, but the removal of any monetary prizes was one of the ECF's economy measures after the DCMS Grant was abolished as a Government Spending Cut.

[Ihor Lewyk]

It really is great news for English chess. I wonder if Tradewise are looking for an advertising slogan. How about?

"Smart people go with Tradewise. Sponsors of the English Chess team."

[David Gilbert]

I think Bob Kane, Dominic Lawson and everyone at the ECF involved in making this happen deserves a big thank you.

Yes indeedy! Full of pollyannaism.

[Martin Crichton]

hmmmm I reserve judgement as to how the ECF will allocate these newly aquired funds.

It would be a good start to purchase a few poxy trophies for the winners and runners up at the forth coming county finals on the 4th of July.

Look after the rank and file members that play county chess up and down the country

not just the select few juniors and adults that get to represent England at international events.

and ps Adam Raoof & co. if you read this... please shove the tea and biccies that are provided in lieu of trophies where the sun don't shine you might even see me there on the 4th July if my captain doesn't pilfer our under 180 squad top players for the open team in Saturdays semi finals. (oops lol)