New research on behalf of the Charity Commission confirms that charities are increasingly aware of the risk of cybercrime, a term which includes phishing, malicious emails, hacking and extortion attacks on a charity’s data or systems.
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%.
The announcement of the General Election in December, and the recent flooding in the North of England, has prompted the British Insurance Brokers’ Association (BIBA) to call upon the future Government to confirm that it will continue with its commitment to ring-fence money collected through Insurance Premium Tax (IPT) for flood defence spending.
Franklands was again delighted to support the East Staffordshire and South Derbyshire Business Awards, sponsoring the Medium Business of the Year category for businesses with 21 to 100 employees.
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.
The AA has expressed safety concerns about the removal of the hard shoulder from hundreds of miles of so-called smart motorways. Drivers and Fleet Managers should ensure that they are familiar with the rules that apply to these new highways.
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.
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.
Rapid improvement in alternative technologies and incentives offered by the UK Government, to help meet their pledge to reduce emissions by at least 80% of 1990 levels by 2050, under the Climate Change Act, have led an increasing number of drivers to consider switching to electric vehicles (EVs).
According to one leading Cyber Liability Insurer, AIG, business email compromise (BEC), commonly referred to as phishing, has overtaken ransomware as the number one cause of cyber security insurance claims.
Diwali celebrations during October mark the arrival of the annual fireworks season quickly followed by Halloween, Bonfire Night and Christmas. Firework season is a time for celebration and should always be enjoyed, but whilst injury is a primary concern during this period, the potential for damage to property and business operations, as a consequence of fireworks is a serious concern.
Following a Summer of political turmoil, it remains a possibility that the United Kingdom (UK) will leave the European Union (EU) on the 31st October 2019 without a transition agreement in place.
Following the Lord Chancellor’s announcement in July that the Ogden Discount Rate, applicable to the United Kingdom excluding Scotland, will only marginally increase from minus 0.75% to minus 0.25%, with effect from 5 August 2019, Insurers have now crunched the numbers to reveal how this will affect future Motor and Liability Insurance limits of indemnity considerations.
HM Revenue & Customs (HMRC) has updated guidance and published a list of examples of websites, emails, letters, text messages, WhatsApp messages and phone calls used by scammers and fraudsters to obtain corporate and personal information.
Individual fire authorities are responsible for creating appropriate strategies for their own area. With limited resources and many calls on those resources fire authorities have to make difficult decisions about how they allocate those resources. Sometimes those decisions can be controversial and fire alarm response is sometimes a sensitive area.