There are many beautiful places to visit in the UK with your touring caravan. However, at some point you may choose to venture further and take in some of the sights of Europe. If you decide to do so, check that your current insurance policy provides continental cover for European travel. If it does offer European cover, then check how much protection is included. If it does not, you need to consider changing your policy to ensure that you have European caravan insurance.

When you begin looking into what insurance providers offer by way of caravan insurance for European travel, you may see that the insurance differs quite a lot. Here are some of the important factors to bear in mind when looking for your policy.

How many days protection is included in the policy?

One of the primary factors that typically differs between caravan cover providers is the amount of days' protection you are given. Insurance providers typically provide European caravan insurance on an annual basis. Some providers may offer more days' coverage than others, so it may pay to check this out when comparing continental caravan insurance.

How often do you plan to travel into Europe?

You may wish to give some thought as to the amount of time you may spend in Europe, before looking for your insurance policy. For instance if you are not a frequent traveller and just use your caravan for holidaying a couple of weeks out the year, often the majority of protection offered will suffice. On the other hand, if you have the freedom to take off into Europe whenever you wish, the more days' coverage the better. This gives you the freedom to travel whenever you want, providing you do not exceed the allowance stipulated within your caravan insurance policy of course.

Benefits in your policy

When considering European caravan insurance do take a look at all the benefits offered by your policy. The policy may or may not provide emergency removal cover and loss of use of your caravan when in Europe. If emergency removal is included within your policy, it typically covers removal of your caravan if it becomes immovable due to damage while you were using it. If this occurs, and you are unable to continue your holiday in your caravan, your caravan insurance policy may provide up to so much money towards a stay in alternative accommodation.

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Cheap holiday home insurance may be a top priority but just as important is that the policy you take out is adequate for what you need. For example, if you rent out your holiday home for part of the year does the insurance include public liability? Are you covered for loss of rental income in the event your property was damaged? These are just some of the things you may want to consider when looking for a policy.

Taking a combined insurance policy

To help keep down the cost of the insurance if you are taking out both buildings and contents cover you may want to take both policies with the same provider. Generally, if you take a mortgage to purchase your holiday home buildings insurance is a requirement. This ensures that if anything were to happen to the shell of the property you have insurance to rebuild.

Along with having money to rebuild the property, buildings insurance helps to pay for clearing the rubble from the site.

Contents insurance is of course your choice and is not a requirement. However, it may be a very valuable form of insurance, if for example, the property burnt down and you lost all of the furnishings etc.

What events are covered in a policy?

The buildings and contents insurance policy may typically include cover against fire, theft, storm, lightning, water damage, explosion, earthquake, vandalism. However, check with the provider to find out exactly what your policy covers.

Along with typically having protection for damage and destruction from the above, your policy may provide you with many other benefits.

If you plan to rent out your holiday home, you need tell your insurance provider, as it makes sense to have public liability insurance in the policy. Public liability insurance typically provides protection in the event a holidaymaker became injured while staying in your property. Anyone who slips or falls on your property may sue you and this part of the insurance typically pays towards your legal costs.

For peace of mind that you may lose money from rental costs if your property is damaged by an insured risk, you may want to check to find out if you have pre-booked rental income included in any cheap holiday home insurance. If so, it typically covers losses. This part of the cover may provide you with up to so much financial help towards a stay in alternative accommodation if the property is damaged whilst you are on holiday.

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When hiring a car on holiday or in Ireland you will probably read the conditions of your rental agreement but not pay too much attention to the detail. The excess you pay if you are involved in an accident with a hire car can sometimes be very high and catch a lot of people out. People often only find this out when they are involved in accident, even if it isn't their fault. So how can you help protect yourself from any surprises that may happen whilst driving your hire car? Simple, Car Hire Excess Insurance.

For those in the know, Car Hire Excess Insurance policies are top priority when hiring a car. For as little as a few pounds a day or with an annual policy, drivers can be protected against high excess charges when hiring a vehicle in Ireland or abroad.

Many people who do not fully understand the rental agreement they are signing up for will often think they are fully protected for accidents, but like a lot of insurance policies you need to fully understand any excess or Collision Damage Waivers that are included. Some will be as little as $100 which won't break the bank, but if you sign up for an agreement with an excess of thousands, you will be kicking yourself if anything happens.

The way most Car Hire Excess Insurance polices work is that if an accident does happen while you are driving your rental car; the rental company will deduct the excess amount from your credit card. You then make a claim for the cost of the excess with your insurance company and they will reimburse you. Pay attention to what is and isn't included in your excess insurance policy, some companies will even cover baggage, personal possessions and the loss of keys.

When you have saved all year to go on your driving holiday of a lifetime the last thing you need is a large bill to pay if anything goes wrong on your travels. So have a look around at some of the competitive Car Hire Excess Insurance policies that are available on the market to ensure you have the best holiday possible.

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Accidents may happen and other things may occur to endanger your life or your health. So why be exposed to those risks and do nothing about it? Of course, it does not mean you have to stop traveling altogether. But always take precautions.

There is nothing wrong with being overly cautious. And also, it would be for the best if you avail of holiday insurance. But what exactly is this insurance and why buy it?

What Holiday Insurance All About

Holiday insurance is also called vacation insurance. It will serve as a great backup plan for you if ever something untoward happens to you during your vacation travels. If ever you fall sick or got involved in an accident and you need to be hospitalized and have to pay for large medical bills, the insurance will get those medical bills covered.

Not all travels to all countries are covered by holiday travel insurance though. So you have to do some inquiries first about the coverage of the insurance you are buying. Also when choosing the right one for you, make sure to do a lot of research and inquiries so that you would make the right choice.

Why Buy Holiday Insurance Then?

Vacation travel insurance may seem not important to many of you, but you might want to revise that opinion. Of course, nobody wants to be involved in an accident and as a good traveler, you should exercise caution. But in cases when accidents do happen, it is best to have something there to cover for you financially.

Yes, you have to pay upfront for vacation medical insurance and you may think that the monthly payment obligation is unnecessary. But think about it for a while. If you got into an accident or whatever situation that needs you to be hospitalized and the medical bills are so high, you may not have that money with you right there and then.

The payments or the holiday medical insurance however are not that big and it could truly benefit you when the time comes.

Cheap Holiday Insurance Deals Are Easy To Find

Another reason why you should get insurance for your vacation travels is that you can actually find lots of cheap holiday insurance deals out there. It's a very competitive market!

To find the cheap vacation insurance for you, be inquisitive and make sure you understand the information you are gathering. Paying an affordable price (perhaps on a monthly plan even), for your insurance so that an expensive medical bill can be covered during your travels is definitely to your advantage, right?

If you have a routine that enables you to travel to different places every year, then it would be best for you to buy an annual holiday insurance. All you have to do is find the right provider.

Luckily, the internet is one of the best places where you could start your search for your annual vacation insurance. Get some quotes and decide properly what you need and then jet off on your vacation with a warm, confident feeling that will help you enjoy your vacation to the full.

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When choosing your French holiday home insurance there are many considerations to make. While you are able to take out a policy in France, unless you understand the language perfectly, you may be risking misunderstanding the policy. This may lead to you taking out insurance that may not be the most suitable one for you. If you wish to take out your overseas insurance in the UK then you are able to do so and you have a policy written in plain English.

One of the first choices you need to make is whether you are going to take home contents and buildings insurance together. Buildings insurance is typically needed if you take a mortgage to buy the property, but you may choose to take contents cover or not. If you want both policies, you may get them cheaper if you take them together.

When looking for a policy you may want to ensure the provider offers a policy that comes without restrictions. For example, there may be times out of the year when your property is empty. This may mean your property is more at risk of theft or damage from burst pipes at this time. Some providers may state that you have to take precautions such as draining water tanks and ensuring electricity is turned off during the periods it is unoccupied, in order to remain covered.

When renting out your holiday property liability insurance provides peace of mind if someone were to suffer injury on your property. Legal costs add up if they decided to sue you and with liability cover, it typically pays towards your legal costs. You may also want to ensure that liability insurance covers the use of your swimming pool.

You may wish to check how much excess the provider is asking for on your policy. The excess is the sum you pay towards a claim if you make one and then the provider takes over the rest of the claim, up to so much. Some providers may ask for a higher excess than others so always compare. If you are protected from earthquake damage then you may wish to check if it raises your excess in the event of a claim due to this. Often your excess may be raised by a considerable sum if you make a claim for earthquake damage.

Finally, always take the time to go over any documentation and small print associated with your French holiday home insurance. It is here where you are able to find limits and exclusions in the policy, which you need to know about.

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Retro caravans are all the rage, with new boutique caravans introducing 'glamping' as opposed to camping. As this trend is taking off, caravan insurance still needs to be taken into serious consideration, especially if you have decorated your caravan luxuriously with expensive accessories.

As people aren't really up for forking out for expensive hotels or even B&B's in the present climate, it has become more popular and fun, to go on caravan holidays in different parts of the country. Many people are customising their caravans to suit their own tastes - long gone are the days of plain white exterior and floral interiors. An alternative twist to mainstream caravaning, from different shapes and sizes, to stylish, modern and retro, it is becoming a sure hit for summer holidays.

There are several types of retro caravans out there, such as the Cheltenham Springbok which a lady called Lydia owns. She said about her rare caravan: "We were looking for the perfect retreat, and at first we purchased a beach hut. Although it was lovely, it wasn't mobile, so we tried narrowboating. That was too restrictive so we bought a Cheltenham Fawn. We were hooked." After a while, they upgraded to the unique Springbok, one of only a few left in existence.

The 'Canned Ham' is called so because of its shape and metallic exterior. Stephen had a love of classic cars, which inspired him to find his own cool caravan, he said: "We spent years attending classic car shows and sleeping in a tent, so it seemed time to buy a caravan. We bought our 1954 Cardinal Travel Trailer, or 'Canned Ham' as it is known due to its shape, via an internet auction in 2006. We take it to car shows, towing it behind our 1940s Dodge Pick-up.''

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Solicitor Insurance season is with us reason 1 - Go to your favourite search engine (Google, Yahoo, MSN, ASK etc) and type in Insurance Solicitor (according to Yahoo in May 2007 this was the most typed in phrase or keywords for Solicitor Professional Indemnity or Insurance for Solicitors).

What you'll find is a whole host of insurance companies all advertising or promoting their facilities for the current season. Insurance brokers and insurance companies alike all fighting to get the best position and get their name ahead of their competitors. A sure sign indeed that the Solicitor PI season is well underway.

Solicitor Insurance season is with us reason 2 - Pick up your favourite legal magazine or visit your favourite legal website (Solicitors Journal, The Lawyer, Legal Week, Legal Day etc) and like with the search engines you'll notice a few changes in the type of advertisement contained within the publication or on the site. These will range from companies you've heard of and with a global brand or smaller, independent companies who all ultimately want the same thing - to quote for your forthcoming Solicitor Insurance and hopefully to place your business.

Solicitor Insurance season is with us reason 3 - This applies if you're actually working for one of the insurance brokers or insurance companies looking to provide Solicitor PI Insurance. You'd have noticed the start of the PI season as there's every chance you'd have been contacted by magazines in recent months asking if you wanted to advertise your services with them. In fact you may continue to be contacting right up until October 1st with that offer of a last minute deal that is only available until the end of the day and that if you don't sign up by then you'll never get that rate again! Like the DFS sale yeah?

The truth is that unless you're a solicitor the above will have no real relevance or indeed interest to you. And if truth be known even if you are a solicitor there's still every chance it's of little interest to you at this precise moment in time. After all with holidays, work, family, flooding, Wimbledon and a million and one other things to occupy your mind and time, insurance (and even your vital solicitor insurance) is only really important when you're either looking to buy it (so perhaps round about now but maybe not quite yet) or when you're looking to make a claim.

If neither of these apply to you then thanks for getting this far and have a great summer (if it ever arrives). If you need to make a claim I suggest you contact your current insurance provider. If however you need a quote for your solicitors professional indemnity insurance then pick up your favourite legal magazine, get on the internet and search or maybe, just maybe visit an insurance broker like Northern Counties Insurance and their Solicitor PI team and see how they can help you.

The 2007 Solicitor Professional Indemnity Insurance Season Has Begun so Happy Shopping.

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The United States are rightly famed the world over for their incredible smorgasbord of natural wonders and the motorhome enthusiast is truly spoilt for choice when it comes to picking a scenic destination. Trying to choose the ultimate top five would have nature lovers arguing till the cows come home. So instead, let's play it safe and just pick out five destinations that might be in contention for the title 'America's Greatest Natural Wonder'.

1. Niagra Falls
Part of the border between the US and its northern neighbour Canada, the world-famous Niagra Falls take some beating when it comes to jaw-dropping natural beauty. A favourite with honeymooners and daredevils (who still occasionally plummet over the falls in some inappropriate craft or barrel), Niagra Falls formed at the end of last Ice Age and is one of the most powerful waterfalls in the world, dumping around six million cubic feet of water over the edge every minute.

2. Death Valley National Park
Death Valley National Park is a land of extremes: extreme heat, extreme geography and extremely stunning vistas. While most famous for the eponymous Death Valley, one of the driest desert environments on the North American continent, the National Park also boast snow-capped peaks and is home to the native American Timbisha Shoshone people.

3. The Grand Canyon
Carved out of the desert by the Colorado River over millions of years, the Grand Canyon can be seen from space and is arguably the greatest natural wonder on the planet. Nearly two billion years of earth history have been exposed by the eroding action of the river, and the sedimentary strata and rock formations that are visible on the canyon walls are a geologist's dream come true. Park up your Winnebago at the top of the canyon and marvel at its scale. Then hitch a ride on a sure-footed donkey to plunge into the canyon and see it up close.

4. Mount McKinley
With an elevation of approximately 20,320 feet (6,194m), Mount McKinley is the highest peak in North America and is the centrepiece of Denali National Park in Alaska. The best time to visit by motorhome is definitely in the spring or summer months, when you're less likely to come a cropper in a snow drift. Temperatures as low as -73 C have been recorded on the mountain in winter.

5. Redwood National and State Parks
Located on the northern coast of California, this stunning national park has preserved an area of virgin redwood forest of a kind that once covered vast swathes of the West Coast. Clear-cut logging devastated much of it, but thankfully this section survives. Only around four percent of old-growth redwood forest remains, and the trees are enormous measuring in at over 100m. The area is fairly inaccessible however. Do your research and ensure you have a berth for your motorhome booked before venturing into the region.

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The World Cup of Soccer is one of the most heavily watched, heavily betted, talked about sporting events every four years. It gets more publicity and generates more advertising dollars than any single sport at the Olympics, but it is run just as often. The atmosphere at the World Cup is always absolutely electric! Unfortunately, though, soccer is not known for the calmness and rationality of certain segments of the fan base. This year the host nation is South Africa, and while the FIFA World Cup committee is certainly hoping the violence-troubled nation can overcome its reputation for a fun, non-controversial World Cup, there are no guarantees. If you are travelling to South Africa for the FIFA World Cup, we look over some of the issues you'll face and the recommended level of travel insurance cover for the event.

All About the 2010 FIFA World Cup

The World Cup will be held in South Africa this year, from June 11 to July 11. The qualifying rounds are still in progress, so there is little indication of what nations will be in the final game - but whatever country it ends up being, the fans will be very emotional!

Potential Security Issues

The media has been reporting the possibility that the games will be used to draw attention to social issues like AIDS and prostitution in South Africa. It is also a given that the international profile of the World Cup might make it a terrorist or anarchist target. There seem to be several different interest groups wanting to piggyback off the World Cup to draw attention to their particular cause, meaning that the games are not likely to be completely without incident. Travel insurance should be considered a necessity, as much as a plane ticket if you're planning to attend.

Potential Logistical Issues

While you don't require a visa to enter South Africa for less than 90 days if you have an Australian passport, the expiration date of your passport can be no less than 30 days later than the expected end date of your stay. Check up on your passport expiration - your travel insurance won't cover this sort of logistical problem.

There will also be enormous demand on accommodation in the nine cities hosting World Cup games - Cape Town, Durban, Johannesburg, Bloemfontein, Pretoria, Rustenburg, Port Elizabeth, Polokwanr and Nelspruit. Book your accommodation early - but make sure your travel insurance covers you for accommodation problems beyond your control. The high demand could make issues costly.

Recommended Level of Travel Insurance

South Africa is one of the most troubled countries in the world in terms of crime. When thinking about the level of holiday insurance you need, we'd recommend that:

You get full medical travel insurance cover. South Africa is not a fully developed nation, and has several diseases that are very rare in Australia
Logistical travel insurance cover is recommended, because of the potential difficulty in securing accommodation at a reasonable price of there is a problem with your existing booking.
We also recommend the highest level of travel insurance cover, which includes hijack benefit, mugging benefit, catastrophe cover and search and rescue benefit. Unfortunately hijackings and mugging occur frequently in South Africa.

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A Government increase to £150 on the tax related to the recovery of stolen and broken-down cars, will push up the car insurance premiums for the majority of motorists.

This unfavourable rise in the cost of millions of motorist's insurance premiums also comes with an additional bill of £20 a day, if police have to store the offending vehicles. Motoring authorities and groups acknowledged that even if drivers claimed back the fees from their insurance companies, they would still find that the cost would be tacked onto their annual bill. However, as a result of an increasing number of cars being abandoned on roads, to the detriment of other motorists, officials feel that the charges are essential.

Fixed fees for the recovery and storage of vehicles are also facing a 45% rise due to the effects of inflation, resulting in the £150 tax charge. In addition, the cost of recovering an HGV could be as much as £9,000, while cars and motorbikes outside the London orbital are charged at £15 and those having to be stored inside the M25 will cost £20. These charges are being implemented under police authorisation as a way of targeting drivers who park illegally, dangerously or cause an obstruction. Officers are permitted to tow these vehicles away and then charge for recovery and storage.

If a motorist whose car is stolen on the first day while he or she was away on a two-week holiday, they will be confronted with a bill for as much as £430, with £150 for recovery and up to £280 for storage on their return. The typical insurance bill has risen to £550, and the cost of tacking on an uninsured driver to the average premium is an additional £30, while the price for younger drivers can be as much as £2,000. The governmental profiteering involved in enforcing this unnecessary stealth tax reveals how the public are suffering from policies which punish the motorist whose car is stolen rather than providing support in the instance. Moreover, the police force have contracted out the recovery of stolen or abandoned vehicles to private firms, which is simply increasing the costs that unwitting motorists will be forced to cough up. However, the majority of people will pay the inordinate policy excess for fear of losing their no-claims bonus. Although everyone concerned, the vehicle owner, the police and the insurance company, benefit from the car being towed to safety, the only party who is left with the full cost of this service, is the person whose car was stolen in the first place.

Around 230,000 cars are stolen each year with only half that number being returned to their owners, therefore millions of drivers, not to mention their insurance companies, will suffer the annual charges incurred as a result. It is the younger drivers, particularly students away at university living in, in most cases affordable and thus unsafe areas in cities such as Manchester, Liverpool, Leeds and London who are likely to pose the biggest threat to other drivers if involved in an accident with them, as they may not be able to afford an adequate policy to cover against all eventualities.

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Thankfully, a good quality Holiday Home Insurance, can help provide you with peace of mind that should anything happen to your asset, then you should be protected by insurance. One of the problems with holiday homes, is that they are often a good distance from the owners main home, and simply popping over to check on things is not always a viable option. That's where good management comes in, especially if you are going to take care of the holiday lettings yourself. You will find that running a holiday let, rather than a buy to let, will take more of your time, mainly because you will have tenants arriving and leaving on a regular basis and you will have to make sure that your property is clean and tidy after every visit.

You will also have to ensure, you have a steady stream of renters and whilst this may not be a problem for established owners, if you have just purchased a holiday let, you may find it can take a while to get going. Specialist holiday letting companies, can really come in to their own for new owners, they will of course charge you a fee, but they will actively promote your property and you should see a good take up rate. These companies will offer a variety of services which may include fully managed, where they take care of the letting and the cleaning and all other aspects of property up keep. If you still want to run the property yourself, you will need to be fairly confident that you are up to speed with all legislation, you will have to keep the home in good order and apply a number of risk management techniques. This can include the following:

1) You will need to make sure the property is kept clean and tidy at all times, you can of course do this yourself or employ the services of a cleaner. If the property has a garden, you will need to attend to this, especially in the summer months. Apart from the garden, all aspects of the exterior of the property will need to be kept clean & tidy. If you have lengthy periods of unoccupancy, you will need to make sure that all newspapers, leaflets and post are removed from the letter box area ( its surprising, the number of claims that start from cigarettes and matches being dropped though letter boxes) Its also a dead give away that a property is unoccupied.

2) You will need to make sure that the water pipes are well lagged. Burst pipes are a big problem for holiday home owners and can generate substantial insurance claims. During the winter months, is a particular problem especially if you don't have too many rentals and the property is unheated. If you do not want to leave the heating on, then draining down the water system can help.

If you are friendly with a local person and of course, they are willing, you may like to trust them with a key. Some holiday home insurance polices have a condition that the property is checked on a regular basis, they do not usually specify who by, but there is no doubt that regular checks at the property, can help prevent claims occurring.

3) Providing full information about your property to your renters can help them to enjoy there holiday and help prevent any bad felling. By giving them a welcome pack, outlining responsibilities can help prevent disagreements. Also, you should be clear prior to renting about the facilities for children etc and whether you allow pets on to the property.

4) Before renting the property, make sure you are fully aware of all the rules and regulations relating to property rental and that everything that needs to be checked has been checked and the necessary certificates obtained.

5) Check you holiday home insurance policy to make sure the insurers are quite happy that you are going to receive paying guests.

6) Prepare a detailed inventory of the property and all of its contents.

Make sure you obtain full cleared payment before you release the keys to the property. Take security deposits that reflects the true value of the contents you have supplied with the holiday home and also, clearly state in the contract for letting, how soon after the holiday period that you will return the deposit to the renter.

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Do not let the large number of companies scare you. Work in small steps, you will find exactly what you want. There is no reason to hurry, as you are usually looking for in noise leads only to a less than perfect insurance policy. No matter how frustrated not to abandon the search while.

You know what you're looking for. Read more about the different types of actions, and what they contain. This will help you decide what you want on your policy.You should consider carefully what you do and do not need in your policy.

Do not avoid the cheaper insurance, you never know the quality of policy until you look. This policy may be just what you want, and you need not pay more for everything. These options are generally simple, but things like loss of baggage, loss of passport cover, and maybe that is what you seek in your policy.

Buy in advance - youcould be saved, think about the future, while on leave in the summer, what if you go somewhere in the winter? My policy has to cover winter sports? Do not enter into the trap of thinking only this, keep an eye on the future of the detainees. Follow any travel restrictions on the leave may have insurance, you do not want to purchase plans are not a policy, and not for your holiday.

Companies usually offer a discount if you buy aPolicy that covers more than one person. Buy your policy reducing as a couple or a family could pocket the money. If traveling with a group of friends you can always buy your insurance together.

Buy online - I can not say enough how you save the stress of shopping online. And 'a thousand times easier to make online purchases, and many companies offer a great discount for online shopping. Not to mention it's always nice not to leave the houseBuy your travel insurance.

The purchase annual insurance costs time and effort to leave, but worth the benefits. There's nothing worse than a wonderful holiday in a bureaucratic nightmare or financial. Save yourself the heart pain and worry-free travel insurance, and the best policy you can use.

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There are many reasons why you may not be able to go on the holiday of your choice. Money gets in the way all too frequently, along with the logistics of the arrangements. What we mean by this is when you choose a particular type of holiday which involves driving, only to discover that the car is not up to it.

It is too old, unreliable, too small, cannot take the luggage, trailer, caravan or the family. Up until now your choices were limited to hiring another vehicle or borrowing a car and mid-term adjusting your annual insurance policy to cover it, or changing your plans altogether as the cost of hire or the nightmare of insurance mid-term adjustments were too much to cope with.

Is there an alternative to this? We think we may have stumbled on one, a new insurance product for motorists on the internet. It is short term car insurance which you purchase by the day for up to a maximum of 28 days at a time.

There are several companies which offer this type of insurance for cars or vans. You can locate their websites by either their URL or typing in keywords such as short term car insurance, day insurance and temporary car insurance.

They all offer an internet based booking process and payment, with the option to view and print the short term insurance policy on your printer. All policies issued are registered with the MID.

The advantage of this type of insurance is that you can choose the short term period to insure a car/van and it is a separate insurance policy that does not impact on the vehicle owner's annual policy in the event of a claim.

You also get the benefit of an uninsured loss recovery policy, which is daily breakdown cover for the same period as the car insurance. That is particularly useful for holidays both in the UK and in the EEC.

If your plans require the use of another vehicle which you can borrow off friends or family, then you can insure the vehicle in it's own right and this includes extended European cover for those driving holidays to France and beyond in the EEC.

It is particularly useful if you need a more reliable car or more space than you have in your own family transport. You can even tow a trailer or caravan if that forms part of your holiday plans. The insurance is generally fully comprehensive, although you would need to shop around to get fully comprehensive for driving abroad.

The insurance offerings vary, from company to company, on their acceptance criteria and the vehicles they will insure, but generally 12 months holding a UK or EEC driving licence with no fault claims within 3 years and less than 6 penalty points endorsements will enable an on line application to be made for cover.

If your trip is scheduled to last longer than 28 days you can take a further period of cover consecutively, thus providing continuous cover beyond 28 days.

What we liked about the products were their flexibility and the speed of obtaining cover. They are more expensive than an annual policy, but a lot cheaper than hiring a car for your holidays.

All in all there is a place for short term car insurance in your holiday driving plans which will allow you to use someone else's car with the peace of mind knowing you have fully comprehensive cover, and that in the event of a claim it will not affect the annual insurance no claims discount.

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Just like Harry and Marv surmised in the 1990 comedy, Home Alone, Christmas and the holiday season in general is prime time for burglars to take advantage of vacationers and those who have stockpiled a generous pile of valuables they plan to give their friends and loved ones as presents. So how do you protect yourself from the Harry's and Marv's of the world? Well, having a quality homeowners insurance policy is certainly a good start.

A quality homeowners insurance policy starts online. Compare homeowners insurance quotes and you will find the most competitive rates available for the right policy for you. Most standard policies include contents coverage. However, the holiday season usually means you are stockpiling valuables that you didn't have when you shaped your policy. Talk to your home insurance agent about adding these valuables to your policy so you can rest assured that they're covered in the event of damage and/or loss.

More Tips on Protecting Your Home and Valuables During the Holidays

o Install a quality home security system
o Invest in motion sensor lighting around the perimeter of your house
o Install deadbolt locks on all exterior doors
o Keep your property well lit as often as possible
o Keep your presents and other valuables tucked away somewhere safe, away from plain sight
o Be discreet when throwing away boxes that could give-a-way expensive items you may have inside

NOTE: Taking some of these measures could not only prevent you from having to file a homeowners insurance claim but could also yield you significant savings with your insurance company.

Take a Stand Against Holiday Season Burglary

You do not have to be a statistic when it comes to burglaries during the holiday season. Just by taking a few simple precautions you can not only prevent burglary and a homeowners insurance claim but also bring in actual savings on your policy. Talk to a home insurance agent today to learn more.

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Does my homeowner's insurance cover floods?

Floods are one of the most common natural occurrences in the United States and you do not necessarily have to live in a high risk area to become a victim. According to statistics by the National Flood Insurance Program, there is a 26% likelihood of a flood occurring during a 30 year mortgage term vs. only a 9% chance of a house fire. Your typical homeowner's insurance policy does not cover damage from floods. This is a fact that many homeowners are unaware of until the flood and damage has occurred. You will have to obtain a separate flood insurance policy offered by the National Flood Insurance Program.

This type of insurance is usually referred to as "single peril" policy. If you reside in a designated flood prone area, then you are required by law to obtain flood insurance. Flood hazard maps are available to determine an area's risk. Do not think you won't be affected by not living in high risk areas. Almost 25 % of the NFIP's claims for flood insurance are filed in areas with only a low to medium flood risk. If a storm drain or sewer overflows, unexpected floods can occur in any area, whether high risk or low risk.

A homeowner's insurance policy only covers damage such as sudden burst in water pipes; not flood damage. If you experience flood damage with no insurance, then you will definitely incur colossal losses.

It is imperative to be equipped with protection from floods that occur with storms, hurricanes and heavy rains. Homeowners should not assume that if their home is not in a high risk area, then they will not be affected by floods. You can obtain proper flood damage insurance by visiting http://www.floodsmart.gov. Being equipped with the right type of policy will help you pay for repairing damage done by flooding.

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1. The newer a home is, the lower the rates you'll get all other things being the same. A new home will attract savings of between 8 to 15 percent from most insurance companies. This is so since everything in a brand new home will normally be in great shape. Furthermore, all about its structure is normally in the best condition. This means lower risk to the insurance company and more affordable quotes for you.

2. If you've renovated your home recently, you qualify for discounts. The reason for this is that in the same way the systems and features of a new house are in excellent condition, a renovated home also has its system, features and structures brought back to excellent shape. The extent of the renovation carried out will determine by what factor your rate will be reduced. Just ask your agent.

3. The material used in your home's construction could also determine what you pay. Those in the East save if their home is built with brick. If you compare a brick house to a frame house, you'll agree with me that the brick home will be more resistant to wind damage. For Westerners, conversely, you'll get more affordable quotes if it's a frame home. This is since earthquakes are perils in the West and homes built with frame are more resistant to earthquakes. Choosing the better material for your home will attract up to a 15 percent discount depending on the insurer.

4. Subtract the value of the land when buying your home insurance policy. This is to give coverage over what could be lost or stolen. Remember that the land on which a home rests can neither be lost nor damaged. Remember to use the cost of the house minus the land when applying. This is so since doing otherwise will mean you're buying far more than necessary. This translates to higher avoidable premiums.

5. Here is a sure way to get better rates in Boston even if you have bad credit: You could save several hundreds of dollars by just getting and comparing Boston home insurance quotes from many insurance quotes sites. And, it will take you only a total of 15 minutes.

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I recently talked with an old friend of mine who had a run in with the law. Because I used to sell insurance he like everyone else asked me how much it would raise his rates. He told me that he went to a holiday party and had a few drinks then drove home. On the way home he was pulled over for speeding and the police officer asked him if he had been drinking. His first thought was to say no but he didn't know what he should do so he said he only had two drinks. Well he ended up getting a ticket for driving under the influence and now is trying to figure out what his mistake will cost him.

If this story sounds familiar it is a very common occurrence especially around the holidays. People go to parties to say hi and have a drink or two then drives home. It can happen to anyone including the chairman of Coors brewing who was issued a drunken driving ticket in 2006. Now the question becomes how much it will cost me. The bad news is that your insurance will increase but the good news is it doesn't have to break the bank.

In most states you will be required to file an SR22 form with the state the violation occurred in. This state will require you carry minimum liability limits for the duration of the mandate. An SR22 form is nothing more than an addition to your auto insurance which shows financial responsibility to the state. If the policy is cancelled the state will be notified. It is a small fee to add this form to your policy but the big change is when your insurance company rates you for having a DUI on your license. There are ways to keep your rates lower.

Only carry liability coverage on the vehicle

If you only carry liability coverage you can save hundreds of dollars per year until your SR22 is no longer required. You may have a car which is financed and the bank requires full coverage, so sell that car and get one you don't have to carry comprehensive or collision coverage on. I know you want that nice new car but you made a mistake and that may be the price you pay.

Get non-owner auto insurance if you don't own a vehicle

Non-owner auto insurance is available if you don't own a specific vehicle but still drive and need insurance. This is just a liability only policy which will cover you in any vehicle you drive. You can also add the SR22 filing to this policy so your state requirements are met.

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This article presents a case study of sustained entrepreneurial growth of Kingdom Financial Holdings. It is one of the entrepreneurial banks which survived the financial crisis that started in Zimbabwe in 2003. The bank was established in 1994 by four entrepreneurial young bankers. It has grown substantially over the years. The case examines the origins, growth and expansion of the bank. It concludes by summarizing lessons or principles that can be derived from this case that maybe applicable to entrepreneurs.

Profile of an Entrepreneur: Nigel Chanakira

Nigel Chanakira was raised in the Highfield suburb of Harare in an entrepreneurial family. His father and uncle operated a public transport company Modern Express and later diversified into retail shops. Nigel's father later exited the family business. He bought out one of the shops and expanded it. During school holidays young Nigel, as the first born, would work in the shops. His parents, particularly his mother, insisted that he acquire an education first.

On completion of high school, Nigel failed to enter dental or medical school, which were his first passions. In fact his grades could only qualify him for the Bachelor of Arts degree programme at the University of Zimbabwe. However, he "sweet-talked his way into a transfer" to the Bachelor in Economics degree programme. Academically he worked hard, exploiting his strong competitive character that was developed during his sporting days. Nigel rigorously applied himself to his academic pursuits and passed his studies with excellent grades, which opened the door to employment as an economist with the Reserve Bank of Zimbabwe (RBZ).

During his stint with the Reserve Bank, his economic mindset indicated to him that wealth creation was happening in the banking sector therefore he determined to understand banking and financial markets. While employed at RBZ, he read for a Master's degree in Financial Economics and Financial Markets as preparation for his debut into banking. At the Reserve Bank under Dr Moyana, he was part of the research team that put together the policy framework for the liberalization of the financial services within the Economic Structural Adjustment Programme. Being at the right place at the right time, he became aware of the opportunities which were opening up. Nigel exploited his position to identify the most profitable banking institution to work for as preparation for his future. He headed to Bard Discount House and worked for five years under Charles Gurney.

A short while later the two black executives at Bard, Nick Vingirayi and Gibson Muringai, left to form Intermarket Discount House. Their departure inspired the young Nigel. If these two could establish a banking institution of their own so could he, given time. The departure also created an opportunity for him to rise to fill the vacancy. This gave the aspiring banker critical managerial experience. Subsequently he became a director for Bard Investment Services where he gained critical experience in portfolio management, client relationships and dealing within the dealing department. While there he met Franky Kufa, a young dealer who was making waves, who would later become a key co-entrepreneur with him.

Despite his professional business engagement his father enrolled Nigel in the Barclays Bank "Start Your Own Business" Programme. However what really made an impact on the young entrepreneur was the Empretec Entrepreneur Training programme (May 1994), to which he was introduced by Mrs Tsitsi Masiyiwa. The course demonstrated that he had the requisite entrepreneurial competences.

Nigel talked Charles Gurney into an attempted management buy-out of Bard from Anglo -American. This failed and the increasingly frustrated aspiring entrepreneur considered employment opportunities with Nick Vingirai's Intermarket and Never Mhlanga's National Discount House which was on the verge of being formed - hoping to join as a shareholder since he was acquainted with the promoters. He was denied this opportunity.

Being frustrated at Bard and having been denied entry into the club by pioneers, he resigned in October 1994 with the encouragement of Mrs Masiyiwa to pursue his entrepreneurial dream.

The Dream

Inspired by the messages of his pastor, Rev. Tom Deuschle, and frustrated at his inability to participate in the church's massive building project, Nigel sought a way of generating huge financial resources. During a time of prayer he claims that he had a divine encounter where he obtained a mandate from God to start Kingdom Bank. He visited his pastor and told him of this encounter and the subsequent desire to start a bank. The godly pastor was amazed at the 26 year old with "big spectacles and wearing tennis shoes" who wanted to start a bank. The pastor prayed before counselling the young man. Having been convinced of the genuineness of Nigel's dream, the pastor did something unusual. He asked him to give a testimony to the congregation of how God was leading him to start a bank. Though timid, the young man complied. That experience was a powerful vote of confidence from the godly pastor. It demonstrates the power of mentors to build a protégé.

Nigel teamed up with young Franky Kufa. Nigel Chanakira left Bard at the position of Chief Economist. They would build their own entrepreneurial venture. Their idea was to identify players who had specific competences and would each be able to generate financial resources from his activity. Their vision was to create a one - stop financial institution offering a discount house, an asset management company and a merchant bank. Nigel used his Empretec model to develop a business plan for their venture. They headhunted Solomon Mugavazi, a stockbroker from Edwards and Company and B. R. Purohit, a corporate banker from Stanbic. Kufa would provide money market expertise while Nigel provided income from government bond dealings as well as overall supervision of the team.

Each of the budding partners brought in an equal portion of the Z$120,000 as start-up capital. Nigel talked to his wife and they sold their recently acquired Eastlea home and vehicles to raise the equivalent of US$17,000 as their initial capital. Nigel, his wife and three kids headed back to Highfield to live in with his parents. The partners established Garmony Investments which started trading as an unregistered financial institution. The entrepreneurs agreed not to draw a salary in their first year of operations as a bootstrapping strategy.

Mugavazi introduced and recommended Lysias Sibanda, a chartered accountant, to join the team. Nigel was initially reluctant as each person had to bring in an earning capacity and it was not clear how an accountant would generate revenue at start up in a financial institution. Nigel initially retained a 26% share which assured him a blocking vote as well as giving him the position of controlling shareholder.

Nigel credits the Success Motivation Institute (SMI) course "The Dynamics of Successful Management" as the lethal weapon that enabled him to acquire managerial competences. Initially he insisted that all his key executives undertake this training programme.

Birth of the Kingdom

Kingdom Securities P/L commenced operations in November 1994 as a wholly owned subsidiary of Garmony Investments (Pvt) Ltd. It traded as a broker on both money and stock markets.

On 24th February 1995 Kingdom Securities Holding was born with the following subsidiaries: Kingdom Securities Ltd, Kingdom Stockbrokers (Pvt) Ltd and Kingdom Asset Managers (Pvt) Ltd. The flagship Kingdom Securities Ltd was registered as a Discount House under Banking Act Chapter 188 on 25th July 1995. Kingdom Stockbrokers was registered with the Zimbabwe Stock Exchange under ZSE Chapter 195 on 1st August 1995. The pre-licensing trading had generated good revenue but they still had a 20% deficit of the required capital. Most institutional investors turned them down as they were a greenfield company promoted by people perceived to be "too young". At this stage National Merchant Bank, Intermarket and others were on the market raising equity and these were run by seasoned and mature promoters. However Rachel Kupara, then MD for Zimnat, believed in the young entrepreneurs and took up the first equity portion for Zimnat at 5%.

Norman Sachikonye, then Financial Director and Investments Manager at First Mutual followed suit, taking up an equity share of 15%. These two institutional investors were inducted as shareholders of Kingdom Securities Holdings on 1st August 1995. Garmony Investments ceased operations and reversed itself into Kingdom Securities on 31st July 1995, thereby becoming an 80% shareholder.

The first year of operations was marked by intense competition as well as discrimination against new financial institutions by public organisations. All the other operating units performed well except for the corporate finance department with Kingdom Securities, led by Purohit. This monetary loss, differing spiritual and ethical values led to the forced departure of Purohit as an executive director and shareholder on 31st December 1995. From then the Kingdom started to grow exponentially.

Structural Growth

Nigel and his team pursued an aggressive growth strategy with the intention of increasing market share, profitability, and geographic spread while developing a strong brand. The growth strategy was built around a business philosophy of simplifying financial services and making them easily accessible to the general public. An IT strategy that created a low cost delivery channel exploiting ATMs and POS while providing a platform that was ready for Internet and web-based applications, was espoused.

On 1st April 1997, Kingdom Financial Services was licensed as an accepting house focusing on trading and distributing foreign currency, treasury activities, corporate finance, investment banking and advisory services. It was formed under the leadership of Victor Chando with the intention of becoming the merchant banking arm of the Group. In 1998, Kingdom Merchant Bank (KMB) was licensed and it took over the assets and liabilities of Kingdom Securities Limited. Its main focus was treasury related products, off-balance sheet finance, foreign currency and trade finance. Kingdom Research Institute was established as a support service to the other units.

The entrepreneurial bankers, cognisant of their limitations, sought to achieve critical mass quickly by actively seeking capital injection from equity investors. The aim was to broaden ownership while lending strategic support in areas of mutual interest. An attempt at equity uptake from Global Emerging Markets from London failed. However in 1997 the efforts of the bankers were rewarded when the following organisations took up some equity, reducing the shareholding of executive directors as shown below: ïEUR Ipcorn 0.7%, ïEUR Zambezi Fund Mauritius P/L 1.1%, ïEUR Zambezi Fund P/L 0.7%. ïEUR Kingdom Employee Share Trust 5%, ïEUR Southern Africa Enterprise Development Fund - 8% redeemable preference shares amounting to US$1,5m as the first investee company in Southern Africa from the US Fund initiated by US President Bill Clinton, ïEUR Weiland Investments, a company belonging to Mr Richard Muirimi, a long standing friend of Nigel and associate in the fund management business took up 1.7%, Garmony Investments 71.7% -executive directors. ïEUR After a rights issue Zimnat fell to 4.8% while FML went down to 14.3%.

In 1998, Kingdom launched four Unit Trusts which proved very popular with the market. Initially these products were focused at individual clients of the discount house as well as private portfolios of Kingdom Stockbroking. Aggressive marketing and awareness campaigns established the Kingdom Unit Trust as the most popular retail brand of the group. The Kingdom brand was thus born.

Acquisition of Discount Company of Zimbabwe (DCZ)

After a spurt of organic growth, the Kingdom entrepreneurs decided to hasten the growth rate synergistically. They set out to acquire the oldest discount house in the country and the world, The Discount Company of Zimbabwe, which was a listed entity. With this acquisition Kingdom would acquire critical competences as well as achieve the much coveted ZSE listing inexpensively through a reverse listing. Initial efforts at a negotiated merger with DCZ were rebuffed by its executives who could not countenance a forty year old institution being swallowed up by a four year old business. The entrepreneurs were not deterred. Nigel approached his friend Greg Brackenridge at Stanbic to finance and effect the acquisition of the sixty percent shares which were in the hands of about ten shareholders, on behalf of Kingdom Financial Holdings but to be placed in the ownership of Stanbic Nominees. This strategy masked the identity of the acquirer. Claud Chonzi, the National Social Security Authority (NSSA) GM and a friend to Lysias Sibanda (a Kingdom executive director), agreed to act as a front in the negotiations with the DCZ shareholders. NSSA is a well known institutional investor and hence these shareholders may have believed that they were dealing with an institutional investor. Once Kingdom controlled 60% of DCZ, it took over the company and reverse listed itself onto the Stock Exchange as Kingdom Financial Holdings Limited (KFHL). Because of the negative real interest rates, Kingdom successfully used debt finance to structure the acquisition. This acquisition and the subsequent listing gave the once despised young entrepreneurs confidence and credibility on the market.

Other Strategic Acquisitions

Within the same year Kingdom Merchant Bank acquired a strategic stake in CFX Bureau de Change owned by Sean Maloney as well as another stake in a greenfield microlending franchise, Pfihwa P/L. CFX was changed into KFX and used in most foreign currency trading activities. KFHL set as a strategic intention the acquisition of an additional 24.9% stake in CFX Holdings to safeguard the initial investment and ensure management control. This did not work out. Instead, Sean Maloney opted out and took over the failed Universal Merchant Bank licence to form CFX Merchant Bank. Although Kingdom executives contend that the alliance failed due to the abolition of bureau de change by government, it appears that Sean Maloney refused to give up control of the extra shareholding sought by Kingdom. It therefore would be reasonable that once Kingdom could not control KFX, a fall out ensued. The liquidation of this investment in 2002 resulted in a loss of Z$403 million on that investment. However this was manageable in light of the strong group profitability.

Pfihwa P/L financed the informal sector as a form of corporate social responsibility. However when the hyperinflationary environment and stringent regulatory environment encroached on the viability of the project, it was wound up in early 2004. Kingdom pursued its financing of the informal sector through MicroKing, which was established with international assistance. By 2002 MicroKing had eight branches located in the midst of, or near, micro-enterprise clusters.

In 2000, due to increased activity on the foreign currency front within the banking sector, Kingdom opened a private banking facility through the discount house to exploit revenue streams from this market. Following market trends, it engaged the insurance company AIG to enter the bancassurance market in 2003.

Meikles Strategic Alliance

In 1999 the entrepreneurial Chanakira on advice from his executives and the legendary corporate finance team from Barclays bank led by the affable Hugh Van Hoffen entered into a strategic alliance with Meikles Africa whereby it injected some Z$322 million into Kingdom for an equity shareholding of 25%. Interestingly, the deal nearly collapsed on pricing as Meikles only wanted to pay $250 million whilst KFHL valued themselves at Z$322 million which in real terms was the largest private sector deal done between an indigenous bank and a listed corporate. Nigel testifies that it was a walk through the incomplete Celebration Church site on the Saturday preceding the signing of the Meikles deal that led him to sign the deal which he saw as a means for him to sow a whopping seed into the church to boost the Building Fund. God was faithful! Kingdom's share price shot up dramatically from $2,15 at the time he made the commitment to the Pastor all the way to $112,00 by the following October!

In return Kingdom acquired a powerful cash-rich shareholder that allowed it entrance into retail banking through an innovative in-store banking strategy. Meikles Africa opened its retail branches, namely TM Supermarkets, Clicks, Barbours, Medix Pharmacies and Greatermans, as distribution channels for Kingdom commercial bank or as account holders providing deposits and requiring banking services. This was a cheaper way of entering retail banking. It proved useful during the 2003 cash crisis because Meikles with its massive cash resources within its business units assisted Kingdom Bank, thus cushioning it from a liquidity crisis. The alliance also raised the reputation and credibility of Kingdom Bank and created an opportunity for Kingdom to finance Meikles Africa's customers through the jointly owned Meikles Financial Services. Kingdom provided the funding for all lease and hire purchases from Meikles' subsidiaries, thus driving sales for Meikles while providing easy lending opportunities for Kingdom. Meikles managed the relationship with the client.

Meikles Africa as a strategic shareholder assured Kingdom of success when recapitalisation was required and has enhanced Kingdom's brand image. This strategic relationship has created powerful synergies for mutual benefit.

Commercial Banking

Exploiting the opportunities arising from the strategic relationship with Meikles Africa, Kingdom made its debut into retail banking in January 2001 with in-store branches at High Glen and Chitungwiza TM supermarkets. The target was principally the mass market. This rode on the strong brand Kingdom had created through the Unit Trusts. In-store banking offered low cost delivery channels with minimal investment in brick and mortar. By the end of 2001, thirteen branches were operational across the country. This followed a deliberate strategy for aggressive roll-out of the branches with two flagship branches ïEUR­ïEUR one in Bulawayo and the other in Harare. There was a huge emphasis on an IT driven strategy with significant cross-selling between the commercial bank and other SBUs.

However, it was further discovered that there was a market for the upmarket clients and hence Crown banking outlets were established to diversify the target market. In 2004, after closing three in-store branches in a rationalization exercise, there were 16 in-store branches and 9 Crown banking outlets.

The entrance into commercial banking was probably held at the wrong time, considering the imminent changes in the banking industry. Commercial banking does provide cheap deposits, however at the price of huge staff costs and human resource management complications. Nigel concedes that, with hindsight, this could have been delayed or done at a slower pace. However, the need for increased market share in a fiercely competitive industry necessitated this. Another reason for persisting with the commercial banking project was that of prior agreements with Meikles Africa. It is possible that Meikles Africa had been sold on the equity take-up deal on the back of promises to engage in in-store banking, which would increase revenue for its subsidiaries.

Innovative Products and Services

KFHL continued its aggressive pursuit of product innovation. After the failure of the KFX project, CurrencyKing was established to continue the work. However this was abolished in November 2002 by government ministerial intervention when bureau de change were prohibited in an effort to stamp out parallel market foreign currency trading.

Sadly this governmental decision was misguided for not only did it fail to banish foreign currency parallel trading but it drove underground, made it more lucrative and subsequently the government lost all control of the management of the exchange rate.

In October 2002, KFHL established Kingdom Leasing after being granted a finance house licence. Its mandate was to exploit opportunities to trade in financial leases, lease hire and short term financial products.

Regional Expansion

Around 2000 it became evident that the domestic market was highly competitive, with limited prospects of future growth. A decision was made to diversify revenue streams and reduce country risk through penetration into the regional markets. This strategy would exploit the proven competences in securities trading, asset management and corporate advisory services from a small capital base. Therefore the entrance had low risk in terms of capital injection. Considering the foreign exchange control limitations and shortage of foreign currency in Zimbabwe, this was a prudent strategy but not without its downside, as will be seen in the Botswana venture.

In 2001, KFHL acquired a 25.1% stake in a greenfield banking enterprise in Malawi, First Discount House Ltd. To safeguard its investment and ensure managerial control, an executive director and dealer were seconded to the Malawi venture while Nigel Chanakira chaired the Board. This investment has continued to grow and yield positive returns. As of July 2006 Kingdom had finally managed to up its stake from 25,1% to 40% in this investment and may ultimately control it to the point of seeking a conversion of the license to a commercial bank.

KFHL also took up a 25% equity stake in Investrust Merchant Bank Zambia. Franky Kufa was seconded to it as an executive director while Nigel took a seat on the Board.

KFHL had been promised an option to gain a controlling stake. However when the bank stabilized, the Zambian shareholders entered into some questionable transactions and were not prepared to allow KFHL to up it's stake and so KFHL decided to pull out as relationships turned frosty. The Zambian Central Bank intervened with a promise to grant KFHL its own banking license. This did not materialize as the Zambian Central Bank exploited the banking crisis in Zimbabwe to deny KHFL a licence. A reasonable premium of Z$2.5 billion was obtained at disinvestment.

In Botswana, a subsidiary called Kingdom Bank Africa Ltd (KBAL) was established as an offshore bank in the International Finance Centre. KBAL was intended to spearhead and manage regional initiatives for Kingdom. It was headed by Mrs Irene Chamney, seconded by Lysias Sibanda with the concurrence of Nigel after managerial challenges in Zimbabwe. Two other senior executives were seconded there. She successfully set up the KBAL's banking infrastructure and had good relations with the Botswana authorities.

However, the business model chosen of an offshore bank ahead of a domestic Botswana merchant bank license turned out to be the Achilles heel of the bank more so when the Zimbabwe banking crisis set in between 2003 and 2005. There were fundamental differences in how Mrs Chamney and Chanakira saw the bank surviving and going forward.

Ultimately, it was deemed prudent for Mrs. Chamney to leave the bank in 2005. In 2001 KFHL acquired the mandate as the sole distributor of the American Express card in the whole of Africa except for RSA. This was handled through KBAL. Kingdom Private Bank was transferred from the discount house to become a subsidiary of KBAL due to the prevailing regulatory environment in Zimbabwe.

In 2004 KBAL was temporarily placed under curatorship due to undercapitalisation. At this stage the parent company had regulatory constraints that prevented foreign currency capital injection.

A solution was found in the sourcing of local partners and the transfer of US$1 million previously realised from the proceeds of the Investrust liquidation to Botswana. Nigel Chanakira took a more active management role in KBAL because of its huge strategic significance to the future of KFHL. Currently efforts are underway to acquire a local commercial bank licence in Botswana as well. Once this is acquired there are two possible scenarios, namely maintaining both licences or giving up the offshore licence.

The interviewees were divided in their opinion on this. However in my view, judging from the stakeholder power involved, KFHL is likely to give up the off shore banking licence and use the local Kingdom Bank Botswana (Pula Bank) licence for regional and domestic expansion.

Human Resources

The staff complement grew from the initial 23 in 1995 to more than 947 by 2003. The growth was consistent with the growing institution. It exploded, especially during the launch and expansion of the commercial bank. Kingdom from inception had a strong human resourcing strategy which entailed significant training both internally and externally. Before the foreign currency crisis, employees were sent for training in such countries as RSA, Sweden, India and the USA. In the person of Faith Ntabeni Bhebhe, Kingdom had an energetic HR driver who created powerful HR systems for the emerging behemoth.

As a sign of its commitment to building the human resource capability, in 1998 Kingdom Financial Services entered a management agreement with Holland based AMSCO for the provision of seasoned bankers. Through this strategic alliance Kingdom strengthened its skills base and increased opportunities for skills transfer to locals. This helped the entrepreneurial bankers create a solid managerial system for the bank while the seasoned bankers from Holland compensated for the youthfulness of the emerging bankers. What a foresight!

In-house self-paced interactive learning, team building exercises and mentoring were all part of the learning menu targeted at developing the human resource capacity of the group. Work and job profiling was introduced to best match employees to suitable posts. Career path and succession planning were embraced. Kingdom was the first entrepreneurial bank to have smooth unforced CEO transitions. The founding CEO passed on the baton to Lysias Sibanda in 1999 as he stepped into the role of Group CEO and board deputy chair. His role was now to pursue and spearhead global and regional niche financial markets. A few years later there was another change of the guard as

Franky Kufa stepped in as Group CEO to replace Sibanda, who resigned on medical grounds. One could argue that these smooth transitions were due to the fact that the baton was passing to founding directors.

With the explosive growth in staff complement due to the commercial bank project, culture issues emerged. Consequently, KFHL engaged in an enculturation programme resulting in a culture revolution dubbed "Team Kingdom". This culture had to be reinforced due to dilutions through significant mergers and acquisitions, significant staff turnover because of increased competition, emigration to greener pastures and the age profile of the staff increased the risk of high mobility and fraudulent activities in collusion with members of the public. Culture changes are difficult to effect and their effectiveness even harder to assess.

In 2004, with a high staff turnover of around 14%, a compensation strategy that ring fenced critical skills like IT and treasury was implemented. Due to the low margins and the financial stress experienced in 2004, KFHL lost more than 341 staff members due to retrenchment, natural attrition and emigration. This was acceptable as profitability fell while staff costs soared. At this stage, staff costs accounted for 58% of all expenses.

Despite the impressive growth, the financial performance when inflation adjusted was mediocre. Actually a loss position was reported in 2004. This growth was severely compromised by the hyperinflationary conditions and the restrictive regulatory environment.

Conclusion

This article shows the determination of entrepreneurs to push through to the realisation of their dreams despite significant odds. In a subsequent article we will tackle the challenges faced by Nigel Chanakira in solidifying his investments.

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