Archive for the ‘Uncategorized’ Category

Flood RE the long term flood insurance solution in the UK

Wednesday, January 21st, 2015

In 2011, the Association of British Insurers formally recommended Flood Re as a long term flood insurance solution in the UK. After lengthy discussions between the Government and the insurance industry an outline agreement was reached in June 2013. Royal Assent was gained less than a year later in May 2014 and the ABI is working hard to get Flood Re established in the summer of 2015.
The Flood Re Scheme will be a not for profit flood reinsurance fund, owned and managed by the insurance industry and established to ensure the highest risk domestic properties can receive affordable cover for the flood element of their household property insurance.

Data Breaches

Wednesday, January 21st, 2015

Over the last 12 months the reported instances of a’ Data breach’ have soared.
What is Data Breach ?
A data breach usually involves financial information such as credit card or bank details, personal health or personally identifiable information being stolen or lost and sensitive, protected or confidential data is copied.

There are also more and more examples of companies having their I T systems hacked in to .

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Architects must construct better businesses to avoid ruinous claims !

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.

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Professional Indemnity new minimum premiums

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.

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R K Henshall and Co Ltd achieves Chartered Status

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.

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Professional Indemnity Insurance Market News

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.

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Do You have a Disaster Recover Plan ?

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
*Fire
*Accidents
*Social Media Activism & Defamation
*Medical Emergencies
*Criminal Activities or Violence
*Outbreaks of Infection &
*Hazardous Materials

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Cover, Safety and Service: What Contractors Need To Know

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.

Risk Control
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.

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Architects and Engineers: You Need Professional Indemnity Cover

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.

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Professional Indemnity Insurance in a Down Economy

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.

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