Main features in this issue:
Expansion of our Reading office
We are celebrating more than doubling the size of our Reading office since its opening in May 2012, further endorsing our commitment to the local economy. There also plans to expand further throughout the next 12 months, with a particular focus on the engineering and manufacturing sectors, as we work to launch a new insurance package to cover the unique risks they face.
Government to shake up claims payment terms
The government has proposed new legislative plans to crack down on insurance companies who delay claims payments to businesses. Insurers in England and Wales are currently under no legal obligation to pay valid insurance claims within a reasonable time. But this is likely to change under the proposed Enterprise Bill 2015’s provisions on late payment of claims, which would give policyholders a legal right to enforce payment. And damages would be payable by an insurer where a policyholder suffered additional loss because of the insurer's ‘unreasonable delay’ in payment.
Protecting against emerging risks in the Engineering & Manufacturing sector
The challenges that were thrown up by the 2007 global economic downturn encouraged many companies in the UK engineering and manufacturing sector to seek new routes to success. Indeed this innovation has been central to the UK trading its way out of the recent economic downturn. But all innovation creates new risks. To understand these risks in more detail, we carried out a research project with insurance buyers from UK engineering and manufacturing businesses and in response to the concerns highlighted, we have a developed a unique risk transfer product.
Cyber breakfast briefing
We recently hosted a briefing to help company directors understand their liabilities should their company suffer a cyber-related crime. The Reading-based event featured a team of legal, IT and criminal intelligence experts to help companies implement strategies to fight their growing cyber risks.
Insurance Act bulletin launched
We have recently launched a bulletin updating UK companies on the status and likely impact of the Insurance Act 2015 (‘the Act’). The bulletin explains key changes the Act will make to the law – such as proportionate remedies for a breach of that duty, adjustments to how non-compliance with policy terms will operate, and remedies for fraudulent claims.
Sponsorship of the Southern Manufacturing 100
We are delighted to be involved in the launch of the Southern Manufacturing 100, where manufacturers across the south feature in The Business Manufacturing new listing. There are some fantastic manufacturing businesses across the region and we are looking forward to working with everyone involved in this event. We have a wide variety of clients in this sector so can offer the expertise and sector specific insurance advice to ensure their needs are met.
Reading office welcomes new Business Development Director
We are pleased to announce the appointment of Paul Goodman, our New Business Development Director. Paul has over 20 years’ experience in the insurance sector and has previously held positions at Alexander Forbes, Marsh Limited, Oval Insurance Group and Bluefin Insurance Services Limited. Paul’s role will be to support the Reading office’s growth plans throughout the next 12 months and beyond.
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For more information please contact Peter Cant, Head of Reading Risk Practice on +44 (0)118 945 0107