Archive for the ‘Uncategorized’ Category
Tuesday, October 28th, 2014
Architects could face claims that Put them out of business if they don’t fully understand their responsibilities
•Increasingly complex projects demand new skills, including better risk management
•Brokers can add value by helping their clients avoid common pitfalls
As the UK economy grows, architects can look forward to a healthier construction sector. But firms still face intense competition along with pressure to innovate and increase standards.
Wednesday, October 15th, 2014
Hensure Business Insurance is pleased to announce that the underwriters behind their on-line scheme have recently done a review of their rating structure and have reduced their minimum premiums in a number of areas.
It has now possible to buy professional Indemnity Insurance for some of the lower indemnity limits at the following premiums , subject to qualifying criteria.
Monday, September 22nd, 2014
The Chartered Insurance Institute (CII) has awarded the prestigious ‘Chartered Insurance Brokers’ title to RK Henshall & Co Ltd, one of the area’s leading providers of insurance advice and support.
Chartered status is an exclusive title only awarded to firms which meet rigorous criteria relating to professionalism and capability. All Chartered Insurance Brokers commit to the CII’s Code of Ethics, reinforcing the highest standards of professional practice in their business dealings.
Tuesday, September 2nd, 2014
There have been some changes over the last year or so to various insurers strategies when it comes to writing Professional Indemnity Insurance Risks.
Aviva pulled out of the Professional Indemnity Market over a year ago and let over £ 20,000,000 of Premium lapse off their books .They Insurer did not believe that this was a viable line of business for them anymore in light of a poor performing book.
Tuesday, September 2nd, 2014
When a crisis strikes, having a well thought out disaster recovery plan in place can make a huge difference as to whether your business survives or not.
Swift decisive responses can see your business emerge from a crisis with its reputation in tact & enhanced. The key is to establish a solid disaster recovery plan and you should consider worst-case scenarios and put strategies in place that are essential to deal with a sudden disaster.
A Disaster Recovery Plan should cover:-
*Acts of Terrorism
*Natural Disasters & Severe Weather
*Social Media Activism & Defamation
*Criminal Activities or Violence
*Outbreaks of Infection &
Monday, August 11th, 2014
You will know that if you work in the construction industry then you need to make sure that your insurance is organised on the correct basis. If you buy your insurance based solely on price then you are missing out on vital services that only select brokers can provide – services that will save you time and money. An expert broker in the construction insurance industry knows that contractors need the right covers and services that include superior risk control, claims processing and underwriting service.
Rather than relying on general advice, brokers who specialise in the construction industry can give you tailored industry guidance. The most dedicated brokers will send a Account Executive to your worksite in order to observe your operations and create a customised risk control and safety programme tailored to your unique business needs. Only after a broker understands your day-to-day needs and challenges can he or she provide meaningful solutions.
Monday, August 4th, 2014
As an engineer or architect, you work in a highly skilled, detail-oriented industry and are expected to provide quality design services that are free of errors or omissions. Despite your expertise, knowledge and best intentions, the reality is that not all projects are error-free, and eventually a mistake or misjudgement is bound to occur. Even the smallest error can have serious consequences. If a client believes damages are due to a mistake on your part they can sue your company. It is important to protect yourself against this potentially devastating liability. The cost of defending yourself in court can be huge, not to mention the restitution costs if you’re found at fault. A professional indemnity policy will cover these costs in the event of such a claim, which may otherwise financially cripple your business.
Many professional bodies and organisations make it a formal requirement for their members to hold and maintain professional indemnity insurance. For instance, professional indemnity insurance is compulsory for architects that are members of the Architects Registration Board (ARB) and the Royal Institute of British Architects (RIBA). Likewise, almost all professional engineering bodies require the same.
How Does the Policy Work?
A professional indemnity policy will cover the cost of defending you or your company in court, along with any monetary damages awarded to the claimant due to an error or omission on your part (up to the policy cover limit). These policies are known as “claims-made” policies. This means that cover is triggered when a claim is filed and you report it to the insurance company, since it is often hard to identify when the alleged error or omission originally occurred. Your work will be covered dating back to the earliest date of your continuous professional liability cover.
Wednesday, July 9th, 2014
Professional Indemnity insurance offers protection from damages arising from the rendering of or failure to render professional services. With claims increasing during this economic downturn, the need for professional indemnity insurance cover is even greater.
Professional indemnity insurance, also referred to as errors and omissions insurance, protects professional personnel against negligence claims made by a client or third-party. Professionals who commonly turn to this type of liability insurance for cover include architects, home inspectors, solicitors, estate agents and accountants – among others. Because claims become more frequent in a down economy, protect yourself with professional indemnity insurance.
Thursday, June 19th, 2014
In today’s business climate of corporate transparency and accountability, an organisation’s officers and directors face a myriad of employment-related exposures. Claims can come from many sources, employees, regulators, shareholders, creditors, customers, etc. Ever-changing regulations, increased employee awareness of employment rights and the rise of shareholder activism means directors are more frequently at risk, translating to rising claims and escalating settlement costs.
In the wake of recent unprecedented corporate scandals, clearly the trend of corporate accountability applies to large corporations. But smaller privately held companies, including not-for-profits, are not exempt from litigation arising out of the management decisions of their boards. They, too, are at risk.
Regardless of your company’s size, the legal cost to defend a director is substantial, as are the potential penalties that can be personally incurred. Due to liability risks, protecting boardroom talent can be a challenge. To help ensure both your officers’ and company’s well-being, a directors’ and officers’ liability insurance (D&O) policy is part of a comprehensive risk financing strategy.
Tuesday, June 17th, 2014
Even though most uses of asbestos have been banned, it can still be found in a variety of products, such as building materials. The new Control of Asbestos Regulations 2012 came out on 6 April 2012 and creates procedures and requirements that apply to all work involving asbestos materials. The inhalation of asbestos fibres can cause serious damage to the lungs and other organs that may not appear until years after exposure. Asbestos fibres associated with these health risks are too small to be seen with the naked eye, and smokers are at a higher risk for developing asbestos-related diseases if exposed.
Avoid Asbestos Inhalation
The following tips are basic safety reminders for those who work near or with asbestos-containing materials:
• If you suspect that asbestos is present in area that is not designated as an asbestos workspace, leave the area immediately and tell your supervisor.
• Never enter a controlled zone that the company has designated as a regulated area where asbestos work is being performed.
• If you are not wearing the appropriate respiratory protection, do not enter an asbestos-regulated area.
• Do not eat, smoke, drink, chew gum or apply cosmetics in an asbestos-regulated area.
• Read and obey all warning signs displayed in asbestos-regulated areas.
• When working with asbestos, keep the material wet and vacuum the dust using a HEPA vacuum. Immediately collect and close all waste in bags designed to hold asbestos.