Blog

In 2018, the review by Lloyds of London sent ripples through the Professional Indemnity Insurance (PII) market. The review confirmed that UK PII has been unprofitable, for most insurers, for many years, making it the second least profitable class at Lloyds. As a result, Lloyds issued an ultimatum to all syndicates that underwrite PII that they need to put their house in order and put in place an action plan for loss-making PII portfolios to return to a sustainable profit.

Critical information, analytics and solution providers, IHS Markit has reported that UK manufacturers are stockpiling raw materials ahead of the UK's scheduled departure from the EU. 

A failure to act on the information provided by modern risk management tools has resulted in a fine of £2.3 million for bus company, Midland Red (South), part of Stagecoach.

News that General Average has been declared on the container ship APL Vancouver which caught fire on 31st January, with approximately 4,500 containers on board, is a timely reminder to discuss the implications of this age old principle of maritime law.  

Cyber Liability Insurance is developing into an important line of cover for modern businesses of all types and sizes.  It is an evolving product and the number of insurers offering this cover continues to increase. Unsurprisingly the scope of cover offered by these insurers varies widely leading to some press comment that cyber policies are not fit for purpose and that cyber insurance claims are not getting paid.  At Franklands Insurance & Risk Management we continue to review the Cyber Liability Insurance offerings currently available and will help address these misconceptions.

Non-malware fileless attacks that do not require hackers to directly breach systems are ten times more likely to succeed than file-based attacks. They use legitimate applications, or even the operating system, and as they do not install new software on a user’s computer, antivirus tools are more likely to miss them.

Risk transfer, by way of an insurance policy, offers valuable protection to businesses, and forms a crucial part of corporate risk management. However, one important aspect of risk reduction that is often given a low priority by companies is the use of standard terms and conditions (T’s & C’s).

The government is proposing stronger food labelling laws following the tragic death of 15-year-old Natasha Ednan-Laperouse, due to an allergic reaction to a baguette bought from Pret a Manger in 2016. Environment Secretary Michael Gove says he has instructed civil servants to investigate a law change and the proposals could see a requirement to provide a full list of ingredients on all packaged food such as sandwiches and salads.

Whilst many domestic insurance buyers are happy to purchase their home and motor insurance via a comparison site, there is no doubting that high net worth insurance buyers can benefit from using the services of an Insurance Broker that specialises in this area.

Legal firm, DAS Law , has issued a timely festive blog. The aim is to remind employers and employees alike that whilst the office Christmas party is an opportunity for work colleagues to relax and have a few drinks, it can also be a minefield.

The increasing litigious society we live in coupled with legislative changes has meant we are seeing claims that can potentially exceed £20,000,000.

As a result we are now recommending that you carry a minimum limit of indemnity of £30,000,000 in respect of Employers, Public and Products liability.

Recently at the Derby Arena, Franklands Insurance & Risk Management again participated in an annual five-a-side charity football tournament, hosted by chartered architects, Morrison Design.

The domino effect of Carillion’s demise may affect tens of thousands of smaller companies, many of which will have been working for one of their sub-contractors

The Met Office has warned of "potential danger to life" as the remnants of Hurricane Ophelia head for the British Isles with 80mph (130km/h) winds

Congratulations to Director Neil Chatburn for winning NG Chartered Surveyors Golf Day