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Blog Posts By Topic

Below you can view our blogs arranged by topic.

There are 40 blog posts in the category "insurance"

Lloyd's proposed transfer of certain EEA insurance business to Lloyd's Brussels

The UK’s decision to leave the European Union is likely to lead to changes in the ability of insurers to manage policies within Europe without the need for further authorisation. Currently certain UK insurers, including those that are Lloyd’s Members enjoy EEA ‘passporting’ rights to enable this however these are due to cease as a result of the UK’s exit from the EU.

Post Brexit trade deals put Marine and Transit Insurance on the agenda

The insurance profession was founded upon the principle of spreading the risk of maritime trading and as the UK government embarks upon the negotiation of post Brexit trade deals, it would seem to be an opportune time to reconsider the value of Marine and Transit insurance.

Flood Re – A port in the storm?

The recent storms could have caused damage costing insurers £363 million in insurance claims, according to the Association of British Insurers (ABI).

According to research firm Consumer Intelligence, Home Insurance premiums are on the rise by a national average of 2.9% over the course of the last year. The biggest increase of 4.7% applies to the South East, but this owes more to issues such as higher crime rates than the effects of storms Ciara, Dennis and Jorge.

Business Interruption and cyber attacks

Historically the typical business insurance programme protected a company's assets, profits and liabilities. Assets and profits would be covered for a range of traditional perils including fire, flood and theft. However, with technological development new risks are emerging and exposures are increasing.

Motor insurance premiums set to rise

An analysis of the UK motor insurance market, by Ernst & Young, issued in November 2019, concluded that, whilst in 2017 and 2018 insurers had made the first two consecutive years of profit in the last 40 years, in 2019, many insurers failed to increase their premiums sufficiently to cover claims inflation.

A souper result for honest policyholders!

A fraudulent insurance claim is often seen as a ‘victimless crime’ but in reality every honest policyholder is paying an inflated premium to cover these payments. The scale of this problem is growing, and the latest figures published by the Association of British Insurers (ABI) indicate that the total number of fraudulent claims detected in 2018 rose by 3% over the previous year to 469,000, and their value increased by 6%.

Indemnity Periods and Underinsurance

Business Interruption insurance policies are designed to return companies to the trading position they were in before a loss. It is one of the most important covers for any business. After all there seems little point in rebuilding, re-equipping and restocking a factory if the customer base disappears during the period of inactivity, following damage caused by an insured peril.

We've got your back!

The Financial Press likes a headline about insurance companies turning down a claim:
“Home Insurance that’s not worth the paper it’s written on”
Daily Mail 24th September 2019

Whilst any claim presented that falls outside of the cover provided by the policy understandably creates an unhappy client, it is worth reminding policy holders of the positive contribution made by the UK insurance profession.

Cyber Liability - The Supplier Risk

A Cyber Security Breaches Survey, undertaken in support with the government's National Cyber Security Programme, reveals that whilst following the introduction of GDPR many businesses are demonstrating more robust protection around customer data, trade secrets and intellectual property most are ignoring the cyber security risk presented by their third-party suppliers.

Cash for crash tactics and how to reduce your exposure

According to the Insurance Fraud Bureau, a company established to fight against insurance fraud, 'Crash for Cash' scams, where fraudsters deliberately manufacture collisions with innocent road users to profit from fraudulent insurance claims, are costing around £340m a year. This, of course, puts innocent motorists in danger and feeds into insurance premiums, leaving honest motorists and fleet managers to pick up the tab.

A perfect storm for construction professional indemnity insurance

The tragic events at Grenfell Tower in June 2017 have further impacted upon the availability of Professional Indemnity (PI) Insurance in an already difficult market.

The UK construction PI market has deteriorated over the last 12 months and continues to do so. Following a ‘Thematic Review’ by Lloyds of London in 2018 many loss-making syndicates have been forcibly put into run-off, and others have had their capacity reduced. In the last 12 months Aspen, Brit, Hamilton Syndicate 3334, Novae and most recently Pioneer Syndicate have withdrawn from the UK PI market entirely and several others have withdrawn from underwriting ‘design and construct’ and construction PI. As a result most insurers that maintain any appetite for this sector are quoting increased premiums, higher excesses and limiting their exposure through restricted policy coverage.

Cyber Liability Insurance: need to have, or nice to have?

Imagine logging onto your computer and being met with the following message:


All your files, documents, photos, databases and other important files are now encrypted.
The only method of recovering files is to purchase an unique private key.
Only we can give you this key and only we can recover your files.


Insuring in the USA, what's the big deal?

As UK companies consider the need to look beyond traditional markets, for their products and services, they also need to ensure that they comply with local insurance and tax regulations and protect their balance sheets from additional exposures.

Why are insurance claims costs increasing and does this affect me?

Many factors can contribute to driving up the cost of claims and insurance policyholders need to be aware that, in turn, this could lead to higher premiums. Claims inflation can affect many types of insurance including motor, property, liability, plant and construction.

Terrorism Insurance cover evolves to meet changing risks

Attacks at Manchester Arena and London Bridge demonstrated a gap in the cover provided by terrorism insurance policies.

Help at hand for under fire landlords

The Government has announced new plans to prevent private landlords from evicting tenants without a "concrete, evidenced reason already specified in law" in order to bring tenancies to an end.

How to avoid the most common cause of workplace injury

Health & Safety Executive (HSE) statistics confirm that in 2018 slips, trips or falls accounted for over 30% of non-fatal workplace injuries and over 20% of non-fatal workplace injuries that resulted in a more than seven day employee absence.

Making the case for sprinkler protection

There is clear evidence that sprinklers are a valuable business risk reduction feature that can quickly extinguish a fire and help prevent it from spreading. A properly installed sprinkler system will detect the fire’s heat, initiate an alarm, and activate just moments after the flames appear.

Why it is important to review your liability indemnity limits

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.

The perils of using unrated insurers

With Gibraltar based Enterprise Insurance being declared insolvent, less than two years after Malta based Setanta Insurance suffered the same fate, why are Insurance Brokers still recommending unrated insurers to their valued clients?

The Insurance Act 2015 - beware the trip wires

The Glorious Twelfth this year will see the introduction of the greatest change to insurance contract law in this country in over 100 years. 12th August 2016 is the date when the Insurance Act 2015 amends the Marine Insurance Act 1906 and imposes significant new obligations on buyers of business insurance.

George Hardy celebrates graduating at the CII’s Great Hall

We are delighted to announce that Franklands’ first young apprentice has graduated from the Brokerbility Academy. George Hardy has just celebrated passing the Chartered Insurance Institute Accredited Brokerbility Academy Apprenticeship in a graduation ceremony held at the Great Hall of the CII in London, on 27 May 2016. George was one of 17 young apprentices to receive their qualification as part of the first Brokerbility Academy Programme.

UK technology business slideshow: 5 essential professional indemnity facts

Discover why UK technology businesses should take their professional indemnity insurance policy more seriously by viewing our Powerpoint Presentation below.

The presentation features information on 5 areas of professional indemnity including:

Institute Study confirms Chartered Insurance Brokers offer a better service

The latest study by the Chartered Insurance Institute (CII) has again concluded that SME customers rated the quality and suitability of Chartered firms’ cover higher than that of non-Chartered firms. Value, service and information were also measured either equal or marginally superior for Chartered firms against non-Chartered firms.

Time to Revisit Terrorism Insurance?

The current threat level from international terrorism in the UK is assessed as “SEVERE” at

It's Whiplash Season

The end of British Summer Time is traditionally the time when motor insurers see the start of an increase in claims associated with driving in Winter. With the nights drawing in and with wet and slippery roads, drivers need to be even more attentive in avoiding ‘rear end crashes’.

Customer Satisfaction Press Release

Franklands has revealed their latest results for their customer satisfaction questionnaire and they show that the Chartered Insurance Broker, based in Derby, always provide their clients with the highest quality service.

Three reasons why your business needs Machinery Breakdown Loss of Profits Insurance

As a manufacturer, you will understand the need to insure your machinery against damage and theft, but are you aware that the breakdown of your machinery wouldn’t be covered under a standard contents insurance policy? The loss of machinery due to breakdown could have potentially serious consequences to your business, such as a reduction in turnover and a subsequent loss of profit.

To protect your organisation from this risk, you need Machinery Breakdown and Machinery Loss of Profits Insurance, and here are 3 reasons why:

7 things you need to know about Directors and Officers Liability Insurance

Here at Franklands, we've compiled 7 things you need to know about Directors and Officers Liability Insurance. Read all 7 below:

What is Directors & Officers Insurance

D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties.

12 reasons your technology firm should have business interruption insurance

Often overlooked by technology firms, business interruption insurance is a crucial product that can helps your business continue to trade by protecting loss of revenue following a property damage claim.

Although your professional indemnity, property and liability insurance covers you against liability claims made by customers, employers and members of the public – what will keep your doors open if a key supplier suffers a property claim which impacts on your ability to trade?

Essential tips for UK technology firms trading overseas

It is an exciting time in the life of your business when you’re looking to expand overseas. The potential to tap into growing markets, around the world, brings about a huge profit potential, but also a plethora of risk too.

So what needs to be done to facilitate overseas trading? Here’s some essential tips for those technology firms looking to expand overseas:

The most common data security weaknesses and how you can avoid them

The Information Commissioner’s Office published a report in June 2014 entitled “Learning from the Mistakes of Others”, listing the most common security weaknesses identified during their investigations of data breaches and how these can be avoided.

The Information Commissioner’s Office issued fines for many of these incidents, but the offences could have been avoided if the industry standards identified in the report were adopted.

3 reasons to take your technology insurance more seriously

Being at the forefront of innovation, technology businesses can be exposed to risks that their insurer may not even cover full stop, let alone in include in their actual policy.

3 ways insurance can protect your technology business

In the rapidly changing world of technology how do you protect your thriving ICT business in an unstable and sometimes unfamiliar market?

Here’s 3 ways insurance can help protect your business…

Surveyors professional indemnity: 5 things your policy should include

Surveying is one of the oldest and most traditional professions. Its health is very much tied to the economy, both for general practice in terms of property sales and valuations and also in construction with increased, or decreased activity for construction professionals such as Quantity Surveyors, Project Managers etc.

As a result the underwriting performance for insurers has often been poor and the profession has consistently faced difficulties with obtaining affordable Professional Indemnity Insurance.

To make sure your surveying firm is ready to submit a new application, or renew an existing policy, here are 5 things your policy should include…

Bonfire Night celebrations result in increased risk for businesses

Bonfire Night is typically the most demanding night of the year for the police, the fire brigade and other agencies.

The damage which can be caused to property and business operations, as a consequence of the use of fireworks is a serious concern, posing a danger to all types of buildings, including commercial and industrial premises as well as residential.

As far as this relates to the business community, the risk posed by fireworks, whether this is the result of anti-social behaviour or just an accident caused by burning debris, can be significant.

Solicitors professional indemnity insurance: 5 step checklist

Price isn't everything when it comes to PII. Before you accept an offer, you need to make sure that your new or renewing policy covers you for the full spectrum of activity your business undertakes.

Follow our 5 step checklist below to ensure you have the correct solicitors professional indemnity insurance:

FAQs on liability caps for surveyors professional indemnity

Make sure you know exactly what liability caps are and how they could affect your business in the case of a professional indemnity claim. Here's everything you need to know about liability caps for surveyors:

What are they?

Liability caps are contractual agreements that mean a client can only claim damages up to the amount agreed, even if the law would otherwise award a greater sum in damages.

RICS themselves strongly recommend the use of caps wherever possible as a way in which to manage the risk in valuation work, and to ensure that there is a fair allocation of risk and reward between members and their clients.

Professional indemnity for accountants: 9 checks your insurer makes

Accountancy is one of the more 'established' professions, but this hasn't stopped the sector becoming fragmented with a confusing mix of several professional bodies and unqualified but highly experienced advisors.

You will also know that firms vary greatly in size and services, which is why insurers have to take extra steps with accountants before accepting a professional indemnity policy.

To make sure your accountancy firm is ready to submit a new or renewing policy, here's 10 pieces of information insurers scrutinise including the risk associated with each check when signing off professional indemnity for accountants.

6 step surveyors guide to handling professional indemnity complaints

Avoiding complaints or dealing with them expeditiously, is important to a successful business.

Last year 75% of complaints were accepted by the Ombudsman because firms had not resolved the complaint within the eight week period allowed to a surveyor for internal resolution.

Only 19% were referred because the complainant was not satisfied with the surveyor's response to the complaint. There is substantial scope for reducing referrals to the Ombudsman if this eight week period is used more effectively.

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