Thinking Risk

A perfect storm of inflationary pressures in the construction industry mean that the majority of businesses’ property risks are currently underinsured. This can have disastrous consequences for any business suffering a major property damage claim, as their insurance will not fully cover the loss, threatening their ongoing viability.

Unscrupulous hackers use the “Season of Goodwill” to defraud and extort money from unwary shoppers.

The Construction industry has been through a tumultuous few years - COVID-19, Brexit and most recently the Ukraine war have caused disruptions with project delays, supply chain issues, price inflation and the availability of labour. This article considers how these issues have impacted the construction insurance market, and what businesses can do to help their broker achieve the best possible terms on their behalf.

This summer has seen unprecedented temperatures. On the 19th July 2022, the UK experienced its hottest temperature on record where the thermometer touched 40.3C in Lincolnshire. This month the Met Office have issued a further Amber warning for Central and Southern England and Wales.

The current hot weather may be welcome for holidaymakers, but many workplaces in the UK are not equipped to deal with the current extreme temperatures. It makes sense to consider putting in place some simple common-sense measures to help mitigate the heat, reduce the risks and make your colleagues more comfortable.

Directors and officers of limited companies can have unlimited personal liability for the decisions and actions they take on behalf of their company. The trend is increasingly for senior leaders to be held personally accountable for organisational issues and problems (eg cyber-attacks, environmental incidents and financial failings), making D&O insurance more important than ever.

Government communication of the changes to the Highway Code implemented at the end of January 2022 has been widely criticised, so it is important for businesses running a fleet to ensure their drivers are fully briefed to avoid danger and confusion.

Winning this prestigious industry award is testament to the hard work of all our staff, who have remained focussed on delivering an outstanding service to clients through an incredibly difficult year.

UK SMEs typically lose £13.6bn each year from legal issues, and this cost is on the rise. Costs of a legal dispute can be seriously damaging for a business and can even prevent companies from trading.

Commercial Legal Expenses insurance can help take the strain, reducing the costs and time spent on legal disputes. This article highlights some of the post lock-down issues which are driving litigation and outlines how legal expenses insurance can help.

"Is the current Professional Indemnity market harder than Only Connect? Yes, it really might be even harder than the fiendishly difficult BBC quiz show.  

It is certainly the most difficult and challenging insurance market I’ve experienced in over 30 years in the industry, and the underlying problems were all solidly in place and building long before we could all spell 'coronavirus'."

Sean Trent, Divisional Director of Lonmar Global Risks (part of the GRP Group) discusses the difficult Professional Indemnity market, and how PI insurance buyers can help their broker to achieve the best solution possible for their business.

Both the residential and commercial property markets have steadily hardened in recent years, resulting in premium rate hikes every quarter since Q3 2018, along with an increasingly restrictive risk appetite and more stringent terms from insurers.

Unfortunately, this trend is continuing into 2021. This article examines the reasons for this hard market, and provides advice to property owners about how to minimise its impact on their renewal premium and terms.

The Covid emergency has been the catalyst for rapid change and innovation in business practices. As we start to see a light at the end of the tunnel with a return to less restricted working, now is the time to think about what has been leaned over the last year, and how this can make a positive difference to your business effectiveness in the future.

• Remote working means cybercriminals can potentially attack business systems by hacking staff’s personal devices
• A recent Symantec analysis suggested that about one in every 3700 emails is now a phishing email.
• The Office for National Statistics recorded a 53% increase in hacking in the year to September 2020, - about 4500 small businesses are hacked every day
• 40% increase in “malware” attacks which lock businesses out of their own systems – average cost per attack £600,000
• The escalating impact of cyber crime means cyber insurance is now more important than ever for small businesses

IMPORTANT COVID 19 CLAIM NEWS: Friday 15th January The Supreme Court upheld the judgement on the Financial Conduct Authority’s business interruption test case.

Members of residential property management associations fulfil an important role which comes with serious responsibilities. Management Liability Insurance provides directors, trustees & officers of companies and associations cover for legal costs, awards and settlements for any claim or regulatory action 

With the outcome of Brexit negotiations still uncertain and the deadline for a deal fast approaching, it is important for motorists who intend to travel to Europe after the 1^st January to be aware of the potential changes a no deal Brexit will require.

The recent revision includes a number of changes which provide added protection to hauliers. This article summarises the changes, and outlines why this is important from an insurance perspective.

This article reviews current market conditions, and provides guidance on how to work with your broker to manage the hard market.

The Coronavirus lockdown has created a high risk environment with increased likelihood of legal action against Directors and officers relating to breaches of Health and Safety regulations and employment law.

Government guidelines regarding non-essential travel in the COVID-19 pandemic have meant that businesses which use commercial vehicles may need to ‘lay up’ their vehicles.

Laying up helps preserve a fleet while the vehicles aren’t being driven for an extended period. This technique also helps ensure that vehicles can smoothly transition back to normal road use when needed.

The following best practice provides guidance on laying up commercial vehicles, and on how to safely get them back on the road after the lay-up period.

As the COVID-19 pandemic changes the way businesses in the UK function, this practical guide provides advice for SMEs on how to best manage the crisis.

Cyber hackers are taking advantage of the coronavirus outbreak by sending messages to victims, and by using the name of legitimate health organisations to steal information or distribute links to websites designed to steel identification information such as login credentials.

Here’s an example of a phishing email impersonating the World Health Organisation with an attachment that leads to the installation of malware.

More than £1 in every £5 is spent online – so it’s not surprising that criminals are following the money. Its not only businesses which are victims, the costs of cyber-crime for private individuals are massive, and growing.

This article provides an overview of the insurance available, and suggests 6 simple measures everyone can take to reduce their cyber risk.

GRP Group Transport and Logistics National Practice Leader Tony Gardiner explains the importance of the C.M.R convention from an insurance perspective, and provides an overview of its main terms.

Hackers have held Travelex to ransom since they launched a cyber attack on the business on New Year’s Eve, demanding the firm pay $6m (£4.6m) before they unlock its systems.

This article by GRP Group Cyber Practice Leader Nick Ellis explores the fallout from the attack, and what lessons can be learned from Travelex's experience.

GRP National Care Sector Practice Leader John Whittlestone explains why care providers face direct conflict between the rights of their employees and the rights of the people they care for.

Recognising this issue, and having appropriate cover in place can help care providers to do the right thing by both employees and clients.

Good risk management prevents disruption to business, and can also have a big impact on insurance costs

Debbie Airey GRP Group National Practice Leader for the Agricultural sector explains why a management liability cover should be considered as part of every farmer’s insurance programme

In the event of a "no deal Brexit" a physical copy of a Green Card is needed when travelling to Europe as digital copies are not currently accepted. If you arrive at the border without a physical Green Card, you will not be allowed to drive in that country.

GDPR has introduced severe penalties for companies which do not report breaches in 72 hours. Nick Ellis, GRP National Cyber Practice Leader discusses how cyber insurance can help ensure an effective response.

Allianz estimate that inflationary factors have more than doubled liability claims costs over the last 10 years. Within that timeframe many businesses haven’t changed the Limit of Indemnity provided by their liability insurance policies, leaving themselves exposed to potentially catastrophic underinsurance.

This article explores some key factors driving claims cost inflation.