How Can General Average Affect Importers And Exporters?

General Average is a long-established principle of Maritime Law. It is important for all importers and exporters to be aware of the potential financial risks, in the event of General Average being declared. The Marine Insurance Act 1906, defines a General Average as: “There is a general average act where any extraordinary sacrifice or expenditure…

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Why Are Professional Indemnity Insurers Applying Cyber Exclusions?

Due to increasing ambiguity in cover between Professional Indemnity (PI) and Cyber Insurance policies, many insurers are now applying ‘Cyber and Data exclusion’ endorsements to PI policies. This may appear as though PI insurers are looking to restrict policy cover. however they are simply seeking to provide clarification. Professional Indemnity Insurers Seek Clarification Professional Indemnity…

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PI Cover – Who Needs It?

The need for professional indemnity (PI) cover has grown over the past several decades. This is because more people enter professional service-based professions. PI insurance still covers ‘traditional’ professionals, such as doctors, solicitors, accountants and architects. However, there is a whole new market of professionals, who now need to consider PI cover. Whether a traditional…

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What’s the Difference between Bona Fide and Labour Only Subcontractors?

And, Why Does It Matter? The categorisation of Bona Fide and Labour Only subcontractors can cause great confusion! However, correctly classifying your subcontractors is of paramount importance. Failure to do so could result in claims being repudiated. Labour Only Subcontractors Labour Only Subcontractors (LOSCs) are treated as if they are working under a contract of…

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So Do I Really Have To Read My Insurance Policy Documents?

Unfortunately, the devil really is in the detail when it comes to arranging commercial insurance. When looking to arrange cover, all too often the focus is on price. However, when making a claim all that counts is the scope of cover. There are many pitfalls that can be avoided when arranging business insurance. Our Top 10…

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What’s Happening to the U.K. Professional Indemnity Insurance Market?

Things were tough enough in 2020. But additionally, a combination of factors has resulted in the further hardening of the professional indemnity insurance market place. Unfortunately, the market is still going through a tumultuous period. For instance, the tragic events relating to the cladding at Grenfell Tower. In addition, the subsequent uncertainty resulting from the…

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UK Haulage Industry And Cargo Crime

The UK haulage industry suffers huge financial losses each year as a result of cargo crime. So what is being done about it? The National Vehicle Crime Intelligence Service (NaVCIS) is a national police unit. Their Freight team is supported by, and works alongside a collective of industry partners. They target cargo thefts and thefts…

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Top Tips on Being Cyber Secure

Whilst cyber insurance can provide financial protection for your business, simply purchasing a policy isn’t enough to ensure that you are cyber secure. Over the past 12 months, there have been significant changes in the cyber insurance marketplace. Insurers are increasingly focusing on cyber risk mitigation measures. The unprecedented level of remote working triggered by…

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Top Tips to Reduce Insurance Premiums in a Hard Market

Unfortunately, Property and Liability insurance premiums are on the increase. However, these increases are dwarfed by the increases experienced in the Professional Indemnity and Directors & Officers insurance markets. Insurance2day is here to help you reduce insurance premiums and arm yourself with the knowledge you need to ensure you are getting value for money. In…

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The HSE have outsourced the checking of Covid-19 risk management arrangements

The Health & Safety Executive (HSE) have outsourced the checking of Covid-19 risk management arrangements to two third-party organisations, with a view to increasing the number of compliance inspections. This will effectively increase the chance of a business receiving a spot check to ensure that it’s workplace is compliant. As the economy reopens and Covid-19…

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