Insurance Premium Tax Rise: Navigating the Backlash
The Chancellor George Osborne’s decision to increase Insurance Premium Tax (IPT) was one announcement that was quietly slipped in to the July Budget. Quiet it may have been at the time, but one month on there is plenty being said. Here we take a look at some of the commentaries that have caught our eye, and offer a few opinions of our own on what has become a much-discussed topic.
Could Your Commercial Property be up to 60% Underinsured?
According to the Building Cost Information Service, part of the Royal Institution of Chartered Surveyors, almost 80% of commercial properties in the UK could be underinsured by as much as 60%. For a £500,000 property, that could mean a shortfall of £300,000: a very worrying statistic. But what is it that is causing this shortfall? It seems there are two main factors.
LEIA Seminar 2015: Bonds, Indemnities and Warranties
On 26 March 2015, we were invited to speak at and sit on a Q&A panel session at a Lift and Escalator Industry Association (LEIA) seminar held in Birmingham. The event – ‘Bonds/Indemnities/Warranties’ – invited members of the lift and escalator industry’s trade association to learn more around the subject of on-demand and performance bonds, third party warranties and indemnities. The seminar provided a great opportunity to gain insight into industry perception, expectations and demands around these products and we thought it would be useful to cover these subjects over a series of blog posts, starting with ‘bonds’.
Important Advice for Employers of Remote Workers
According to research by the Office for National Statistics, 13.9% of UK workers do their jobs remotely: that’s 4.2 million people. The remote working population has grown by 1.3 million since 2008 and is at its highest level since records began in 1998. Remote working certainly has its advantages, both for employers and employees. However, for employers there are considerations to be made concerning health and safety, data protection and physical risks – and insurance.
The Insurance Act 2015
On 12th February 2015, Parliament passed the Insurance Act 2015. The reforms brought about by the Act are the most significant changes to be introduced to United Kingdom insurance contract law since the Marine Insurance Act of 1906. Implementation of the amendments will follow an 18-month preparation period with the Act coming into force on 12 August 2016.
Business Interruption Insurance: Are you Prepared for the Unexpected?
If one thing’s for certain, it’s that you can never be sure what the future will hold. That’s a fact of life and it is as true in business as in any other walk of life. Unexpected events can arise at any time and, if you run a business, then you’ll be aware that even the slightest interruption can start costing you in lost income and profits before you know it. That’s precisely why business interruption insurance is vital. It provides cover for loss of income during such times as you cannot trade as usual, due to some unexpected insured event.