We currently have two apprenticeship positions available for talented individuals at our offices in Horsham, West Sussex. Successful apprentices will achieve the Insurance Practitioner Level 3 and fully funded Cert CII.
Previous experience isn’t required but a passion for working as part of a team, being pro-active and a passion to learn is essential.
As an award winning broker, CentriCity reward excellence with clear career pathways and continual professional development, a show stopping holiday allowance plus a range of personalised lifestyle benefits to boot!
Get in touch today if you’d like to learn more! careers@centricitybrokers.com
#horshamopportunities #career #apprenticeships #localbusiness #horshamtalent
Centricity can seriously improve your options when it comes to your Motor Fleet Renewal.
Fed up of being told there’s nothing you can do to prevent soaring motor insurance claims costs and in turn inflated premiums? We are here to show you differently.
Depending on the source, data suggests that the cost of claims reported within the first 12 hours of a loss can be on average a significant 77% lower than those reported a week after the event. This is why every Centricity client gets handy QR stickers for each vehicle allowing your drivers to report claims immediately to us, 24 hours a day. Sounds simple and it is!
- no lengthy claim forms
- reduced in-house administration
- lower third party claim costs
- faster settlements
- in house claims management
- claims cleansing
#fleetsolutions #fleetinsurance #fleetclaimsmanagement #insuranceclaims
“We don’t undertake design so don’t need Professional Indemnity Insurance (PI)” is something we hear frequently when speaking to new prospects, this common misconception and stance used by some less experienced brokers can lead to significant exposure.
Our stance on any risk clients may face is to explore the hidden exposures to ensure your business is properly protected avoiding potential exposure further down the line.
Temporary works are commonly part of a contract such as hoarding, permitter fencing, access roads and temporary barriers and support. These works can go wrong leading to consequential loss which can be expensive to correct.
Where any business is contracted to Design & Construct, significant exposure exists, even where the designs or other professional services are sub contracted out to a Third Party. In the event of the design being inadequate/defective this would lead you to being responsible for the costs whether you did the design or engaged others to design on your behalf, including any defence costs and expenses. The mere fact you may have engaged a Third Party to provide the design doesn’t mean you are exempt from liability, unfortunately rights of recourse is not always possible and therefore all the costs involved could fall at your own door and these costs can be significant and put your business at risk.
The majority of projects will require plans and designs to be tweaked, even ever so slightly, in order to complete the works. The moment this happens, your business is responsible for those changes with a pure PI Exposure. Even an informal design check to approve them creates huge risk should those designs and plans later fail. This is a crucial point to note, PI insurance is a claims made based policy cover and therefore it is not the insurer at the time the error is made who deals with the claim it is the insurer who is on risk at the time the error is first notified, which could be many years after!
If we consider materials, even the slightest change in manufacturer specification can cause devastating results, or perhaps you have been unable to source the original materials specified and replaced with a similar product, this could have serious consequences for the firm in the event of an inadequate specification.
If you’d like to chat through your true exposure with our experienced team then we are here to navigate through the myths!
The motor insurance industry is currently facing a challenging period, impacting policyholders through a surge in premiums. This environment is shaped by a combination of factors, creating a scenario where claims inflation is at a record high.
Supply Chain Challenges
Global events such as the Russia-Ukraine war, Brexit, and the enduring effects of Covid-19 have significantly disrupted the supply chains for the UK’s motor industry. According to the Association of British Insurers, a substantial 40% of vehicle repairs experience delays in obtaining the parts they need.
The consequences are widespread, resulting in prolonged repair times, shortages of courtesy vehicles, increased costs for hire vehicles, and a rise in vehicle thefts for parts. Ultimately, these disruptions contribute to higher insurance premiums for policyholders.
Technological Advancements
The adoption of Electric Vehicles (EVs) and the integration of Advanced Driving Assistance Technology (ADAS) add complexity to vehicle repairs. Repairing technologically advanced vehicles is more expensive, and the shortage of semiconductors, intensified by disruptions in Ukraine, affects both new and second-hand vehicle supplies, leading to larger prices and total loss values.
As vehicles become more sophisticated, the shortage of skilled labour in the repair sector compounds the challenges. The necessity for specialised expertise in handling electric vehicles further extends claims settlement times and increases repair costs.
Labour Shortages in the Repair Sector
A significant shortage of skilled labour in the motor repair industry, influenced by factors such as reduced EU immigration post-Brexit, an ageing workforce, and the demands of repairing electric vehicles, results in prolonged claims settlement times and increased repair costs.
Injury & Rehabilitation Costs
General and wage inflation, coupled with extraordinary inflation in the care sector, significantly impact future losses in large claims. The shortage of care workers amplifies these challenges, contributing to a 25% increase in the cost of care for large claims.
Energy and Fuel Price Rises
Rising energy prices, influenced by the Russia-Ukraine war, affect manufacturing, repairs, maintenance, and day-to-day operations in the motor sector. These increased costs are directly passed on to customers through elevated repair costs.
Vehicle Theft and Insurance Fraud
A surge in car thefts, particularly keyless thefts, and a rise in application fraud contribute to increased insurance premiums. The shortage of parts and materials due to thefts adds to the overall cost of insurance, and policyholders may encounter difficulties in obtaining insurance in the future.
Personal Injury Discount Rate (PIDR)
The uncertainty surrounding the Personal Injury Discount Rate adds another layer of complexity. The rate, set by the Lord Chancellor, influences compensation payments for personal injury claims, and the scheduled 2024 review creates uncertainty about its potential impact on large personal injury claims.
How Can We help?
While many factors are outside of our control and yours as a policyholder, pro-active claims management is vital when it comes to contolling and mitigating costs as is prompt claims reporting.
Depending on the source, Insurer data suggests that the cost of claims reported within the first 12 hours of a loss can be on average a significant 77% lower than those reported a week after the event. After 24 hours of the loss this figure reduces further to 55%.
Centricity’s QR Code initiative rolled out two years ago has been a huge success enabling our clients’ drivers to report incidents in real time at the scene of an accident providing it is safe to do so; allowing us to assess and manage potential claims as soon as they occur. We cannot prevent accidents but we are ahead of the game when it comes to claims management!
The motor insurance industry is navigating a challenging terrain marked by global disruptions, technological advancements, labour shortages, and inflationary pressures. Now more then ever is the time to choose a broker who is geared up to really protect your business and ongoing costs through these unchartered times.
According to Insurance Age “Ten people have been arrested across the country, and 18 vehicles seized during a two-week police operation to tackle commercial insurance fraud. During the operation, a former insurance broker was charged with 39 counts of fraud by false representation, and one count of money laundering. Gary Whipps, 31, of Thundersley Church Road, Benfleet, Essex, is due to appear at Chelmsford Magistrates Court on 1 December 2023.
People who set themselves up as commercial ghost brokers leave drivers who believe they have bought a legitimate insurance policy uninsured. Over the past 12 months, ghost broking has been repeatedly flagged as a problem affecting the insurance sector. In May, LV revealed a 143% rise in its ghost broker referrals into IFED, measured year-on-year between 2021 to 2022. In November 2022, Aviva confirmed that ghost broking made up 15% of all policy fraud.”
So how do you protect your business against buying from a ‘Ghost Broker’?
– ALWAYS check the FCA Register using the Firm Reference Number here https://register.fca.org.uk/s/ to ensure the firm you are speaking with firstly exists and secondly has the correct permissions to sell you the product you are seeking
– We always recommend choosing a BIBA Broker too – The @British Insurance Brokers’ Association has 1,800 Regulated members representing the interests of insurance brokers, intermediaries and their customers by campaigning on all aspects of insurance to ensure the industry is united and working for brokers and customers alike.
Most of all, if it sounds too good to be true, it probably is!
CentriCity Insurance Brokers Ltd are regulated by the Financial Conduct Authority, Firm Reference Number 963828 and proud members of BIBA.
We did it!
Insurance Age’s UK Broker Awards 2023 were packed with nominations for the best of the best and elite of the broking world and we’re absolutely delighted to say Centricity Corporate Insurance was crowned Start Up Of The Year fending off some tough competition!
On accepting the award, Becky said, “Thank you to our incredible team! The service you deliver daily to our wonderful clients and the passion you inject into our fantastic business is infectious and truly recognised tonight!”
Our extremely brave employees; Sara Ramira, Becky Morris, Ryan Yems, and Josh Cubitt, jumped 10,000 feet in aid of raising funds for our incredible chosen charity; Mates in Mind!
We’ve raised over £2800 for this fantastic charity, can you help us make it £3000? Any donation via our JustGiving link would be much appreciated; https://www.justgiving.com/team/teamcentricity
Mates in Mind is a leading UK charity raising awareness and addressing the stigma of poor mental health, with a focus in the construction industry, where two construction workers take their lives every single day in the UK. As a specialist construction insurance broker, we are passionate about the industry and the incredible people within it, making Mates in Mind the natural charity choice for CentriCity!
The current economic climate has had a significant impact on motor claims, with claim costs rising due to inflationary pressures. In particular, the increase in economic hardship has led to an increase in motor claims. Since individuals are struggling financially, they may be more likely to file a claim in the hopes of receiving compensation for their losses. Whereas before, financial pressures weren’t as severe, so companies could cover the costs themselves to keep this off their claims experience, and in turn keep their renewal premium down.
Additionally, global supply chain issues and a lack of available parts and materials have majorly contributed to rising claims inflation in the motor industry. Not only does it impact the claim costs, this also increases the longevity of open claims because parts are not readily available at local dealerships, so they are having to be ordered in for overseas. As a result, insurance companies are facing increased pressure to manage the rising costs of motor claims, and close claims in a timely manner.
Although there are just some things that we can’t change, such as the supply chain, appointing an Insurance Broker like CentriCity to manage your claims is definitely in your best interest. Our in-house claims management allows us to monitor and track the progress of all your claims under one roof, where our experienced team specialise in navigating through the current economic climate to get the fastest results for you and your business.
Another impact of the current economic climate on motor claims is an increase in fraudulent claims due to financial desperation. With so many households impacted by inflation and the rising cost of living, the potential for fraud is likely to increase. In fact, leading UK insurer Aviva reported a 13% increase in insurance claims tainted with fraud in 2021. Insurance fraud occurs when individuals commit deliberate deception to obtain an illegitimate gain.
Furthermore, unemployment is on the rise. With more individuals out of work, there has been a significant increase in the number of claims filed for vehicle theft or break-ins. As people out of work become more desperate for money, they tend to lean towards criminal activities for a fast pay-out, such as the theft of burglary of a vehicle. Commercial vehicles are one of the most common vehicles that are broken into, robbed, or stolen because of the likelihood of high value tools and equipment being stored in the back for easy pickings.
Get in touch with our team today!
#InsuranceBroker #EconomicClimate #MotorClaims #InsuranceClaims #Compensation
Employers’ Liability is a policy which pays legal fees and compensation awards in the event of an employee pursuing a claim against your business as a result of them suffering an injury or disease caused under your employment. As a business owner, the loss of any member of your team can be incredibly disruptive and potentially costly to the business. Employers Liability provides no protection against this.
A Group Personal Accident Policy covers your Directors and Employees in the event of an accident which results in death, or permanent or temporary disablement, with a scale of benefits included for other injuries such as loss of speech, hearing, limbs, etc.
As the Policyholder, the benefit is paid to you, the business. You can then choose whether the benefit payable is passed on to the injured party (or their estate), or retained within the business to assist with increased costs; seeking temporary cover or replacement at a difficult time. Many policies will also cover rehabilitation, private therapy and such alike, in order to aid a rapid recovery for your valued staff, reducing the downtime and impact to your business.
A number of our partner insurers include Personal Accident Cover as standard for certain trades within the Construction Industry, providing added protection for your business. Where this cover isn’t available as a package, we have an enviable range of solutions available which can include Business Travel and holiday travel for Directors and their families, free of charge. Cover is fully tailored to your exact needs and the protection required.
Would you like a quote for Personal Accident Cover?
Contact our team today to get the best possible cover, at the best possible price!
#Insurance #GroupTravel #PersonalAccidentCover #EmployeeBenefit #BusinessInsurance
There are a shocking number of construction clients who have been left confused by the advice given from their current broker when it comes to differentiating between a Labour Only Sub Contractor and a Bonafide Sub Contractor.
Not knowing the difference can lead to incorrect cover being arranged, fines, penalties, and the risk that your claim won’t be paid. Here’s our handy list to give you the clarity to get it right, every time.
Labour-only Subcontractors (LOSC)
You supply them with PPE, materials, tools and anything else required
You provide training, toolbox talks
They follow your RAMS
They are required to follow your Health & Safety Procedures
They work under your Direction, Supervision and Control
Bona-fide Subcontractors (BFSC)
They supply their own kit, tools and PPE
They provide their own RAMS and follow their own H&S procedures
They complete their works under their own Direction Supervision and Control
They are responsible for all workers that they supply
They will quote for the works and provide a bill for these upon completion
With material and labour costs at an all-time high in the Construction Industry, there has never been a better time to consider whether your Contract Works Insurance is fit for the job in hand.
Whilst many building & contents policies include “Day One Uplifts” for sums insured, giving some protection against inflation, the majority of Contract Works Policies do not. With one of our exclusive markets we take the calculation headache away, including an automatic increase of up to 25% of the limit of liability stated in the schedule, during the period of insurance. Whilst this is in no way a buffer for being underinsured, it does give peace of mind during these uncertain times.
We also understand that delays cost you serious money! By including Expediting Expenses to avoid delays in completion of contract works (following damage), you can get the job done and move onto the next, keeping cash flow, and your business thriving. With generous limits for Materials Storage anywhere within the UK, our policy allows you to buy when the price is low, store securely until needed and ultimately protect your carefully calculated profit margin.
These seemingly small things make a big difference. We are passionate about building Construction Insurance the right way – get in touch for a free review of your current coverage, it’s seriously on us!
Get in touch today for a free review of your cover!
With eye watering inflation, now is the right time for all construction firms to consider the true value of their current plant and equipment. Regardless of the settlement basis contained within your Insurance Policy, the cost of replacement items and spare parts is at an all-time high, often with significant delays for both leading to site down time and of course, interruption to your business.
Whilst your policy can’t prevent loss or damage, the way it responds can make a real difference to the overall disruption to your business. Using a broker who understands policy cover and recommends market leading solutions can make all the difference! Wherever possible, we include the following;
- Continuing Hiring Charges
- NO Restrictive Security Conditions
- NO Restrictions in respect of losses from vehicles
- Recovery Costs for recovering Insured Property
- Repair Investigation Costs
- Automatic cover to indemnify in respect of Plant Hired Out
- 72 Hour Weather Clause
Time to dig out your documents and have a read, or pop them over and we will happily review them on your behalf – free of charge – life is expensive enough right now and we’re just passionate about doing Insurance right!
#ContractorsPlant #ContractorsAllRisks #Construction #Insurance #HiredInPlant #HiredOutPlant
Contact Us Today for Free Review of your Cover
The UK inflation rate hit 9.9% in September 2022 and is predicted to reach 18% during 2023. The cost of living crisis is seldom out of the headlines and the ramifications of the war in Ukraine, global supply issues and shortages of key raw materials and components are being felt across most industrial sectors. In a survey, 78% of SMEs said they see the cost of living crisis as their greatest threat but how many have actually considered what it means for their insurance protection?
The temptation could be to forego some covers, reduce cover limits. Whilst this creates greater exposures at any time, it is a particularly dangerous strategy during a time of rampant inflation. Even as things stand, many types of business should be reviewing their policies’ sums insured and considering whether to increase them, not decrease them.
This is particularly true for any construction-sector business. Between May 2021 and May 2022, the All Work construction material price index rose by a staggering 27.2%. The value of contracts underwritten by Construction All Risks and Erection All Risks policies is particularly affected and insured’s could find themselves underinsured, unless they review their cover. The ramifications of being underinsured are profound, putting a business at risk of having a claim completely turned down, with cover cancelled; or only being paid out partially, in a ratio linked to the degree of underinsurance.
Inflationary pressures on raw material costs and supply chain issues will also bring project delays and business interruption. Companies must check that they are insured for such disruption and able to absorb delays. Having Credit Insurance, to safeguard against supplier insolvency, is also something to consider along with robust Legal Expenses Insurance including Construction Contract Disputes Cover.
As a specialist Construction Insurance Broker, we are on hand to help you through these turbulent times, providing guidance and delivering flexible and competitive solutions that can truly make the difference.
For help or guidance with your insurance policy, please contact us today!
Call: 020 3830 7060
Email: info@centricitybrokers.com
Business travel may now be back on the agenda for many companies, as the travel sector begins to recover from the impacts of Covid-19. You yourself may be once again packing your suitcase and checking out overseas opportunities.
Regardless of whether you are an independent consultant travelling overseas on business, or a large organisation sending staff to far-flung places to transact business, it can be worthwhile making Personal Accident and Travel Insurance your travel buddy.
This type of cover looks after a business’ people – including you, if you are a business traveller. It fulfils legal obligations with regard to duty of care – just as important overseas as on home soil – and steps in should any serious work-related injuries occur, wherever the ‘workplace’ may be.
However, it also allows anyone heading abroad on business to know they have packed the best possible travel emergency cover and can access superb medical treatment and support services, should the worst occur.
This includes specialist emergency medical repatriation, when necessary, and care in overseas hospitals. It allows family and friends to be kept informed of their loved one’s situation and even, under the terms of some policies, travel to visit them.
Similarly, it can come to the insured’s aid, when they find themselves in a fix, having lost money, baggage, tickets, or had to cancel or cut short their plans, due to unforeseen circumstances and local situations. Flight rebooking assistance can be provided and emergency cash can be transferred, if required.
It can facilitate easier travel, by providing services such as hotel check-in support and interpretation assistance and some policies will also offer a concierge service, booking tickets for corporate entertainment and sourcing gifts for those all-important clients whose culture may expect you to arrive armed with an appropriate present.
Most importantly, there is a preventative element to this cover, with pre-departure security advice and training in key areas, including staying healthy, avoiding kidnap, observing local customs and avoiding becoming a victim of crime. Whilst in-location the cover provides regular updates and alerts with regard to health, weather and political situations.
Should you operate in, or travel to, very sensitive areas of the world, optional upgrades may be available, to provide crisis support, should anyone find themselves in a particularly dangerous situation, such as kidnap or blackmail, and require specialist security assistance.
If you are a director who travels, there is another good reason to consider such cover, as some policies can be extended to include leisure travel for your partner, children and domestic staff for up to 60 consecutive days. With internal UK trips also being covered by some policies, it can be great value for money.
With none of us knowing what lies ahead when we travel, it pays to be armed with quality insurance protection, to safeguard health and wellbeing and comply with the legal duties associated with running a business. This type of business travel insurance policy certainly ticks the right boxes.
Thinking about travelling for business and fancy Worldwide Holiday Cover thrown in for free?
There is no better team to talk to!
Call: 020 3830 7060
Email: info@centricitybrokers.com
Please contact us to discuss your Personal Accident & Travel Policy requirements! (We promise we have prices that cannot be beaten!)
Inflation is a word re-entering daily conversation, after many years’ absence. Everything is going up in price – food, petrol and diesel, labour and more. But how does this impact on insurance?
With certain types of insurance, such as motor insurance and property insurance, inflation directly affects the prices of the components required to ‘fix’ the insured vehicle or property, following a crash or damage scenario. However, whilst inflation has an impact on vehicle repair costs, later reflected in premiums, it is particularly problematic within property claims.
Property insurance relies on the insured correctly assessing their ‘sum insured’ – the property’s value (rebuild cost). The components influencing this have all soared in cost. Raw materials have rocketed in price, due to global supply issues, shortages caused by Covid-19, shipping problems, and even lockdown DIY mania.
Brexit has reduced the number of workers in the construction and transport sectors, pushing up labour costs, now also influenced by the minimum wage increase of April 2022. Labourers are now less willing to work longer hours, further squeezing the labour supply chain.
The cost of some property repairs is also influenced by the requirement to incorporate more expensive ‘green’ materials and solutions, to help meet environmental targets.
Many homeowners unfortunately set their property’s sum insured when first taking out home insurance, but then never review it, simply allowing their policy to roll over. In times of low inflation, that may not be such an issue, but when inflation is soaring, so too are property rebuild costs.
Although this may, at face value, only appear to be an issue if a property suffered a total loss, perhaps due to a fire or explosion, that is not so. Being ‘underinsured’, by setting too low a sum insured, affects anyone who is insuring a home or commercial property.
Insurers can view underinsurance in two ways – as either a fraudulent attempt to reduce premiums, or as a genuine mistake. Either way, the insured loses out significantly. An insurer can either void the policy completely, if they find the property underinsured, or will apply ‘average’ to the claim. Here, they look at the percentage of underinsurance and use it to calculate a much-reduced pay out.
For instance, if a property has a rebuild cost of £600,000, but is only insured for £500,000, it is only insured for 83.3% of it’s value. If you suffered damage amounting to £50,000, and the insurer agrees to pay anything, you would most likely only receive a payment of £41,650 (83.3%), less the policy excess.
When calculating your sum insured, it is not just the property’s market value you need to consider but all the other costs – architects and surveyors’ fees, potential site clearance costs, building materials, labour, planning charges and more. Commissioning a Royal Institution of Chartered Surveyors’ (RICS) valuation can assist with your setting of the sum insured, but do remember to then add VAT. Getting the sums wrong could be disastrous.
CentriCity Promise
As you broker, one of the many areas we can assist with is ensuring your sums insured are adequate, working with a wide range of suppliers and surveyors, to properly protect your business and your future.
Get in touch today to speak to one of our team, or leave a comment below and we will get back to you!
Management Liability protects you and your business in the event of regulatory investigations, contract disputes, insolvency related D&O claims, fraud issues and serious accidents. With over 90 Regulators in the UK, not including Local Authorities, spending a combined £4.9 billion, no business can ignore their regulatory responsibilities. A robust Management Liability Policy covers investigations from all UK Regulators including the Health & Safety Executive, Police, HMRC, ICO and the Environment Agency.
Directors’ & Officers’ Liability
D&O insurance protects directors, officers and other people with managerial responsibility from legal and other costs they may become personally liable to pay as a result of litigation.
Why Do I Need D&O Insurance?
Legislation over the last few decades has made the position of directors and senior managers more onerous in that it has increased their accountability for their actions or inactions, and for that of others.
There are many laws now that regulate companies and their directors. In addition, ‘no win, no fee’ arrangements have increased the potential for claims to be made against a company and its senior management.
It is frequently misunderstood that a company having limited liability status protects its directors and senior managers from personal liability. It does not. In reality, a director’s liability is potentially unlimited even to the extent of a charge on their salary if assets such as their home, cars and savings do not meet their liabilities.
Who Can Sue Directors & Senior Management?
Regulatory bodies, Employees, Customers, Competitors, Suppliers, Government departments or organisations, e.g. for health & safety, local authorities, HM Revenue & Customs, agencies for the protection of the environment and many more, Contractors, Creditors.
What Actions Might Senior Management be Personally Liable for?
Employment disputes, including wrongful, unfair or constructive dismissal, harassment and wrongful discipline. Involuntary, constructive or gross negligence, manslaughter and far-reaching health and safety legislation. Anti-discrimination regulations, including sexual, racial and age discrimination.
Wrongful trading i.e. trading in the knowledge the business is or will become insolvent. Unpaid taxes where the company has become insolvent. Bribery and corruption.
Even if allegations are unfounded defence costs can be crippling, especially to smaller companies. Other legal costs, such as attendance at investigations into the affairs of the company, should not be underestimated.
Company Legal Liability
This section of cover responds where claims are made involving the company, either as the sole target or jointly with one or more individuals.
Employment Practices Liability (EPLI)
With an average cost of £20,000, EPL claims can be extremely financially damaging as well as draining management resource and potentially harmful to your company’s reputation.
Recent years have been extraordinarily active in shaping workplace law and this looks set to continue with employee rights strengthening.
Employees are increasingly aware of their rights and companies need to ensure their procedures are up to date with legislation to avoid disputes and the significant expense of defending claims.
Why Do I Need EPLI?
Employment Practices Liability insurance can protect companies against the financial impact of a claim providing cover for:
- Damages (including injury to feelings), judgments, settlements, defence costs and awards or claimant’s costs as well as pre- or post- judgment interest
- Legal representation costs for employment investigations. This cover also adds an additional defined limit of liability dedicated to such costs
- Cost of paying wages from date of purported dismissal to date of judgment in the event that the company is ordered to re-instate or reengage worker
- Punitive and exemplary damages where insurable by law
Legal Defence & Advice
Proactive legal advice and representation against common and evolving risks for UK registered businesses, charities and Housing Associations including template letters, HR & Employment advice.
Examples of Management Liability Claims
Health & Safety Investigation – Building Contractors
The Insured company commenced a design and build project. Two Health and Safety Inspectors attended site and conducted an unannounced safety inspection. Concerns were raised, and following investigation by the Health and Safety Executive, they initiated a prosecution against the Insured Company for allegedly failing to discharge the duty imposed upon them to take all reasonable steps to prevent danger to any persons.
The Insured Company were issued with a fine of £50,000 and Chubb provided cover for defence costs up to the client’s policy limit of £100,000.
Pregnancy Discrimination – Retailers
An operations manager informed her employer that she was pregnant. She claimed they then told her to resign. She refused, so she was dismissed, which she alleged was due to her pregnancy. The employer argued that it was due to her unsatisfactory approach to work and unauthorised absences during work hours.
The case settled before the scheduled tribunal hearing with settlement and defence costs totalling over £75,000.
Constructive Unfair Dismissal, Discrimination & Victimisation – Technology Company
The claimant alleged constructive unfair dismissal, race discrimination, victimisation, breach of contract and breach of the ACAS code. The claimant offered to accept £160,000 in respect of injury to feelings and the loss of earnings and with the provision that a reference be provided for future employers. Despite having little merit, the costs of dealing with the claim to conclusion were in excess of £60,000 and were not recoverable by the client.
Whistleblowing – Zoological Society
An employee was dismissed from the Insured Company and brought a Claim in the Employment Tribunal for Unfair and Wrongful Dismissal, Whistleblowing, Disability Discrimination. The Claimant was seeking above £140,000.
The Claim was settled for £75,000 plus £30,500 Defence Costs paid by Chubb the insurers.
Breach of contract – Further Education Establishment
The Insured company entered into a contract with a retailer for the supply and sale of clothing. The retailer went into administration and a dispute arose with the new company who purchased the retailer alleging that they became owners of the stock under the agreement held with the Insured company. The contract was terminated by the Insured Company but proceedings were issued by the new retailer company for breach of contract.
Chubb provided cover for defence costs amounting to just under £24,000.
CentriCity guarantee the delivery of our 360-degree service to every single one of our clients throughout the year.
In the current market we’re increasingly seeing incumbent brokers doing a half-hearted job, offering renewal with the current market despite significant premium increases; or leaving it far too late for their clients to make an informed decision.
Work with us and experience the difference;
- We will always contact you a minimum of 60 days prior to your renewal date
- We will always provide you with relevant risk management advice and guidance that’s relevant to the current climate
- We will always ask the right questions about changes to your business
- We will always asses your risk comprehensively and deliver the most suitable cover with transparent pricing
- We will always add quantifiable value to your business as your trusted insurance partner
Contact us today on 020 3830 7060 or info@centricitybrokers.com
What Our Clients Say
We aim to deliver excellence to every client, honouring our 360 degree service promise at every single stage.
Although it’s what we do best, it’s always a privilege to hear that our work is appreciated from the client’s that we work closely with. Here’s just a few of the lovely things that our satisfied clients have to say about CentriCity Brokers.
Get in touch today to uncover the CentriCity way…
Call: 020 3830 7060
Email: info@centricitybrokers.com
Our Recent Successes
As specialists within the Construction Sector, CentriCity add quantifiable value to your business as a trusted Insurance Partner. Our market relationships and experience inject innovation and a fresh perspective into even the most complex Insurance Portfolios.
Trading with complete transparency, we produce individually structured and competitively priced Insurance Solutions, and here are a few of our most recent successes – we make it look easy – saving our clients time, money, and energy!
Get in touch today so we can provide an initial reveiw of your current cover, and experience the CentriCity difference!
Call: 020 7060 3830
Email: info@centricitybrokers.com
#haulage #construction #demolition #piling #performancebonds #professionalindemnity #motorfleet #cyberliability #insurance #letstalkfuture #insurancesolutions #success
“Cyber” is one of the most talked about topics in business, insurance, and media, but also seems to be one of the most misunderstood.
This is mostly down to the fact that the development of cyber insurance has historically been driven by the US market, and therefore focused primarily on third-party privacy exposures. At the same time, traditional insurance policies have tried, but rarely succeeded, at addressing cyber risks; this has left clients believing many exposures are covered when they aren’t.
Why do you need Cyber Insurance
Cyber insurance is necessary because traditional insurance policies were not designed to handle 21st century threats. Many standard first-party insurance policies such as property and traditional crime were designed to deal with threats to a company’s physical assets – their buildings, machinery, office equipment and tangible money only.
The majority of businesses these days have a much greater reliance on their digital assets than they do on their physical ones, which makes a ‘Cyber’ policy essential.
Truthfully, cyber attacks can happen to any business, no matter how big or how small. All data is valuable, so if your company holds data on their systems, even just names and addresses, you become at risk of a cyber attack. Although firewalls and other security measures are essential and can be used to prevent the likelihood of an attack, these measures do not stop an experienced attacker, so having the insurance in place in case they were to breach through this is vital.
How does it work?
Cyber insurance policies tend to be modular in nature, meaning that they consist of a variety of different coverage areas. Broadly speaking, most cyber policies can be divided into two areas – first party covers, and third party covers.
Typical ‘First-Party’ covers include:
• Incident Response – This section will generally pick up all the costs involved in responding to a cyber incident in real time, including IT security and forensic specialist support, gaining legal advice in relation to breaches of data security, and the cost associated with having to notify any individuals that have had their data stolen.
• Cyber Extortion – This section covers costs incurred in responding to fraudsters attempting to extort money out of an insured by either threatening to carry out a cyber attack or by threatening to expose or destroy data.
• System Damage – This covers the costs for the insured’s data and applications to be repaired and restored if their computer systems are damaged as a result of a cyber event.
• System Business Interruption – This aims to reimburse loss of profits and increased costs of working as a result of interruption to a business’ operations caused by a cyber event.
Typical ‘Third-Party’ covers include:
• Network Security & Privacy Liability – This covers third-party claims arising out of a cyber event, be it transmission of harmful malware to a third party’s systems or failing to prevent an individual’s data from being breached.
• Regulatory Fines – If permitted, this will cover the cost of certain fines and penalties that a regulatory body might enforce on an organisation as a result of them having suffered a data breach.
• Media Liability – This covers any third-party claims arising out of defamation or infringement of intellectual property rights.
Types of Cyber Claims
More than 95% of cyber claims are for first party losses only and they fall into three broad categories:
• Theft of Funds – This is straight forward theft of money from a company’s bank account. The fact that nearly every business can now move its money around electronically and remotely means that it is much easier to steal.
• Theft of Data – Identity theft has reached record levels in the UK, and to commit identity theft, criminals need data. Seemingly innocuous information such as names and addresses stored on a computer network can be worth more money than you think.
• Damage to Digital Assets – Businesses have an incredibly high dependency on their computer systems these days, and criminals know that. By either damaging or threatening to damage a firm’s digital assets, attackers know that they can extort money from their victims who might prefer to pay a ransom rather than see their business grind to a halt.
Today it’s clear that most cyber events tend to cause financial loss to the insured themselves, as opposed to third-parties that they deal with. In fact, cyber claims figures show that less than 5% of cyber claims by volume involve third-party legal action
Are you covered in the event of a Cyber Attack?
As you can see, the need for Cyber Insurance has never been so important! While cybercrime is on the rise, would it not be worth checking to see if your adequately covered in the event of a cyber attack?
Give our main office a call today and have a chat with our team to find out:
Alternitively, email any enquiries over to;
References:
https://www.ncsc.gov.uk/guidance/cyber-insurance-guidance
BIBA Cyber Guide
Let us ease your pain…
There’s no denying that the PI Market continues to be challenging for many sectors within the Construction arena, including Demolition, Piling and of course, any business involved in Cladding.
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