Is Your Business Ready for Brexit? Useful Resources to Help you Plan for Leaving the EU.
The Brexit transition period will end on 31 December 2020, which is just a few weeks away. There will be no extension to this deadline, even though the government is still in negotiation with the EU. For businesses, there is a lot to do, so it’s important to take steps to get organised now. Read on for helpful advice and resources.
Securing Professional Indemnity Cover in a Hardening Insurance Market
In this post, we are looking at how professional indemnity insurance has been affected by a rise in demand and drop in availability, brought on by a hardening of the insurance market that’s been further accelerated by the COVID-19 pandemic. We’ll be sharing advice on what to expect when attempting to obtain PI insurance, and providing expert tips on securing the cover you need to protect your business.
Microsoft Updates Vital to Avoid the Latest Cyber Threats
Ransomware is a form of malware that encrypts a victim’s files so that data cannot be accessed. The attacker then demands a ransom from the victim in exchange for restoring the data. Some of the more aggressive forms of ransomware exploit security holes in operating systems, infecting computers without the need to deceive users. One such security vulnerability is BlueKeep, discovered in May 2019 to be affecting older versions of Microsoft Windows.
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.
The Insurance Bill Part 2: Insurance Warranties
In our last post on the Insurance Bill, we discussed how legal reforms proposed by the Law Commission and Scottish Law Commission could be set to revolutionise the way commercial insurance is provided and administered in the UK. We talked in detail about how the Insurance Bill will affect duty of disclosure, a grey area of commercial insurance that has been recognised as being poorly understood. The Insurance Bill will also have an effect on insurance warranties, another area of concern and confusion for businesses, and it is these we will discuss in this latest post.
The Insurance Bill
On 15 July 2014 the Law Commission and the Scottish Law Commission presented a report to Government. The report, the culmination of eight years of consultations, included certain recommendations which we are discussing in this post, together with a draft Bill - the Insurance Bill - designed to implement them. The recommendations were intended to reform what is now considered outdated law on insurance which is based on the 18th and 19th century principles of the Marine Insurance Act 1906. And it will spell good news for businesses seeking insurance.