Blog

Blog

When did you last have your jewellery valued?

One of our insurer partners recently provided me with three examples of how much jewellery has increased over the last few years and it is quite staggering. A 6.10ct diamond ring, valued in 2004 at £48,000, has been re-valued at a staggering £137,650, a 187% increase. A 6.15ct diamond pendant necklace, originally valued in 2005 at £70,000, has been re-valued at £156,000, a 123% increase. Another case saw an item of jewellery valued by a NAG jeweller in 2007 at £29,950. The policyholder has just had this item re-valued and it is now valued at £72,000, that`s a 140% increase in 5 years! The...View Full Post

Professional Indemnity…..Design and Build, the hidden exposures!

Frequently contractors who offer no design services at all are being asked to carry professional indemnity. A question they often ask is “what risks do I face if I offer no professional services?” The answer is that there are some risks: • Design alterations: any firm involved in building anything will nearly always need to ‘tweak’ the plans a little in order to make them work. You could call this ‘buildability’ and the problem is that a small alteration here could have a larger knock-on effect, on thus causing a real problem later in the job. A real liability can arise if plans are...View Full Post

Design and build contractors…….Do you have a “design flaw” in your insurance portfolio???

Historically, contractors have avoided Professional Indemnity insurance by persuading clients that they have no design liability and that design professionals e.g. architects, engineers and other such professionals will have such cover and that would be sufficient. In recent years though, contractors are increasingly taking on a design liability, either by employing their own in- house professionals or by assuming a liability where they sub contract out the design element. “The Design Build method now accounts for 75% of all building projects in the UK and offers the client a ‘one stop shop’...View Full Post

First IPv6 (Internet Protocol Version 6) Distributed Denial of Service (DDOS) Internet attack – What are the implications?

IPv6, the follow on from IPv4, appears to now be large enough for IPv6-based attacks. Like all cyber-attackers they continually look for ways to penetrate any new technology. Arbor Network’s Worldwide Infrastructure Security Report had predicted IPv6 DDoS attacks, and commented: “This is a significant milestone in the arms race between attackers and defenders,” stated the report. “We believe that the scope and prevalence of IPv6 DDoS attacks will gradually increase over time as IPv6 is more widely deployed.” And, now, they’ve started. Arbor Networks’ Senior Software Quality Assurance...View Full Post

Cloud Computing – TO BE OR NOT TO BE SECURE!

As cloud computing popularity soared through 2011 and is continuing to gain momentum in 2012, will last year be remembered as the year of the Cloud or the year cyber-attackers jumped for joy! Businesses are having to be concerned with Cloud service software being misconfigured and that employees can be careless with data (humans and machines do not always mingle well!!) however, the largest threat and source of fear comes from cyber-attackers…. So what can you do to protect your business and your clients’ data? Cyber insurance can be a very valuable tool for Cloud customers who are not able...View Full Post

Be prepared to travel

It is the time of year when we are all looking to book our summer holiday and January is historically the Travel Agents busiest time. There has been a trend over the last few years of holidaymakers venturing further afield, although the European Union still remains the number one destination for the British, with Bulgaria taking the top spot. The Foreign and Commonwealth office launched an on-going campaign in 2001 called ‘Know Before You Go’ (KBYG) with just over 500 travel industry partners to help Brits to stay safe and healthy abroad. The campaign was launched to promote these key messages: get...View Full Post

Is cyber and privacy insurance important for recruitment consultants?

Recruitment Consultants have access to sensitive information for the personnel they place including salary details and full employment history. Whilst discretion is paramount, there is a possibility that information can end up in the wrong hands. For companies offering an online facility there is certainly a higher level of risk as personal information could be lost if a system was to be hacked. Our recommended product includes cover for system damage as a result of hacking as well as providing an indemnity for cyber and privacy risks. A breach of privacy issue needs to be dealt with quickly and...View Full Post

Should a software company buy professional indemnity insurance???

Information technology is the backbone of many businesses yet is poorly understood by many. There’s often an enormous mismatch between client and professional expectation, probably unique to the information technology industry as regards professional indemnity claims. IT risks used to be treated as “Miscellaneous” but, as the industry has emerged into one of worldwide importance, so the understanding of the legal profession (and thus insurers) has led to a specific focus on IT in its own right. Below are some professional indemnity claims that software companies have faced: • ...View Full Post

What is Professional Indemnity Insurance?…..and why do I need it???

Professional indemnity insurance is liability insurance that covers your business in the event that a third party claims to have suffered a loss as a result of professional negligence. Many professions are required to have PI insurance cover as a regulatory requirement or as part of their professional authorisation. This includes solicitors, accountants, architects, insurance brokers and financial advisers. Many consultants, technology companies, media companies, designers and other emerging professions also choose to or are contractually required to have this type of insurance. Making sure you...View Full Post

Recruitment Companies and Vicarious Liability Cover!

Vicarious liability is a relatively simple concept and means being responsible for the negligence of another party. Since recruitment agencies can be deemed the employer of temporary workers, they can also be deemed responsible for the temporary workers’ negligence, even when they have not been responsible themselves in supplying their recruitment service. Increasingly, recruitment agencies are signing up to hiring clients’ terms of business, and more agencies have contracts of employment with temporary workers than ever before, particularly as a consequence of the agency workers regulations...View Full Post
« Older Entries
Newer Entries »
Resource Centre

Categories

Archives

Make contact
Message
Name*
Company
Email*
Phone
captcha