News

Systematic checks for an international motor insurance certificate (IMIC), also known as a ‘green card’, may be introduced as proof of third-party motor insurance at the border of EEA member states if the Brexit transition period ends without a trade deal. 

Our property specialist, James King, recently published a feature in the RICS Property Journal on the ramifications of Covid-19 on insuring properties.

We’re pleased to be able to share the feature, reproduced in full below.

We’ve previously written about why the insurance market is getting harder, however as the issue remains complex, we wanted to pay particular attention to the key issues in a hard market for Financial Lines.

Read the following article to learn more — and don’t hesitate to get in touch if you have any questions, our contact details can be found at the bottom of this article.

We've already written about a 'hardening' insurance market and how, until recently, this was primarily confined to the supply of professional indemnity insurance (PII).  However, conditions across the whole insurance sector are now becoming more challenging as insurers are forced to increase premiums, reduce their presence in specific markets or withdraw from them altogether because they are no longer financially viable. 

During the lockdown, many insurers extended or relaxed their policy conditions for unoccupied properties. This situation has changed, potentially affecting anyone who owns or rents a property that currently remains unoccupied.

If you think this may include you, please continue reading.

Following an update from the government, if your car, motorcycle, light van or other light vehicle MOT expiry date is on or after Monday 20 March 2020, it will automatically be extended by 6 months.

While many of us collect for love, not money, supply and demand, popularity and the vagaries of fashion can all affect the value of our collections. So, it’s important – at least from an insurance point of view – to be able to put a price on the priceless. 

As the professional indemnity market continues to harden, insurance buyers and brokers are facing growing challenges. In this article, we explore what’s been happening and how we can help you navigate these changes:

If you own a property, it’s important to protect it - and what’s inside it.

Chances are, your home spends some time empty - when you and your family are at work or school, away for the weekend, or on holiday. 

Following the success of our popular first edition legal indemnity insurance guide, we're pleased to share the most up-to-date copy with over 45 covers included. Find out why it's so useful and download it for free:  

If you run a business, you're using technology - but are you aware of its vulnerabilities?

With effect from 5th August 2019, the Ogden discount rate will marginally increase from -0.75% to -0.25% for personal injury awards. The government made the decision to increase the Ogden Rate after the current rate led to concerns that victims of life-changing injuries (claimants) were being significantly overcompensated. Here are the key points to note about the changes and how they will affect you:

Have you noticed your premiums rising? Conditions in the professional indemnity market are changing. In this article we outline what these changes are, why they have occurred and what you can do to manage them.

With the UK scheduled to leave the EU on 29th March 2019, we want to provide our customers with a summary of the insurance implications of driving your vehicle in the EU in the event of a no-deal Brexit. 

Commercial property is worth £883 billion and accounts for 10% of the UK’s net wealth. Yet it is estimated that in London alone 24,400 commercial units are currently empty. Around 45% of these unoccupied properties have been vacant for over two years.

Is your anti-ransomware strategy in place? Are you adequately insured in the event of an attack? If the answer is NO to either question, then you need to review your cyber-security urgently.

PwC’s 2018 Global Economic Crime and Fraud Survey reveals that only 49% of global organisations admit that they’ve been the target of fraud and economic crime. But, what about the remaining 51%? Does a lack of awareness mean you may not even realise that you’ve fallen victim to fraud? 

In a climate of increasing cyber-crime, CLEAR asks could data security vulnerabilities in your business expose you to a GDPR fine? And if so, what remedy can cyber insurance provide?

Until recently hardly anyone knew of the Ogden discount rate but with effect from 20th March 2017, the Ogden discount rate was reduced from 2.5% to -0.75%

Here are the key points to note about the changes and how they will affect you:

The HM Treasury reported in the Autumn Statement 2016 that the standard rate of Insurance Premium Tax (IPT), the tax on general insurance, will increase from 10 per cent to 12 per cent with effect from 1st June 2017.