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Insurance News

The Ogden discount rate has been reduced

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:

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With Sterling in a Tailspin, Should Brokers Be Warning About Sums Insured?

The weak pound may be good news for UK exporters but for firms that use parts, equipment and raw materials from abroad to make their products – business is getting much tougher. What’s more, the government’s caginess about what the terms of ‘Brexit’ will be may cause the value of sterling to sink further in the coming months.

One effect of this downward trend is that firms that bought parts or materials from overseas when the pound was stronger will find it more costly to replace them if, say, they’re damaged or stolen.

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 7 Reasons to Buy Crime Cover

Despite increased regulation and more stringent internal controls, fraud, theft and dishonesty are still major threats to organisations.

In a fraud barometer report, conducted by a leading auditor earlier this year, it was highlighted that the total cost (£732 million) of fraudulent activity in the UK remains worryingly high, up from £717 million in 2014.

If your organisation is looking to minimise potential losses from fraud, theft or dishonesty, insurance can offer valuable protection. Here are our 7 reasons to buy crime cover:

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The Insurance Act is here

The Insurance Act 2015 (Act) is here, replacing the 110-year-old Marine Insurance Act 1906, which until now, governed contracts between businesses and insurers. Many industry insiders are hailing the Act as the most significant change to UK insurance contract law in more than a century.

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Insurance Premium Tax (IPT) Increase to 10%

On 16th March 2016, George Osborne, Chancellor of the Exchequer, delivered his 2016 Budget to Parliament.

As part of the delivery, HM Treasury announced that the Insurance Premium Tax (IPT), the tax on general insurance, will increase from 9.5 per cent to 10 per cent, with the extra revenue going to flood defence.

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The Insurance Act is coming…

The government recently made some of the biggest changes to insurance law in over a century when they announced the Insurance Act 2015. The Act introduces some new obligations on customers, which are counterbalanced by strict remedies for insurers.

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Flood protection: Be prepared

While winter is drawing to a close, there are still some significant risks to properties due to bad weather. This was highlighted recently with the damage caused by Storm Imogen.

What should you do?

There are a number of steps that you can take to prepare for floods:

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Cover overview: Property Dispute cover

We are launching a new insurance product that will provide cover for 'live' property risks (risks that are not insurable in the Legal Indemnities market).

This might be of use for clients involved in litigation on the defendant side or where you have identified a risk but conversations between the parties have already taken place thus excluding the risk from the Legal Indemnities market.

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