London market welcomes Government captive insurance consultation
W Denis and the London Market Group (LMG) have welcomed the Government’s pledge to launch a consultation next year into designing a new framework to help establish captive insurance companies in the UK. The commitment was included in Chancellor Jeremy Hunt’s Autumn Statement, which stated: “The government will consult on the design of a new […]
Multinational Companies and the need for Local D&O policies
Directors and Officers face significant challenges due to the ongoing impact of globalisation, technological advances and regulatory changes, particularly when the business has subsidiary companies in multiple jurisdictions. Whilst a D&O Liability Insurance policy may state on it that it provides ‘worldwide territorial limits and worldwide claims jurisdiction`, this is always subject to the insurer […]
Companies start to resist paying cybercriminal extortion demands
Extortion driven cyberattacks remain a significant factor in 2023, but there are indications targeted companies are starting to resist paying cybercriminals. The Resilience Mid-Year 2023 Claims Report highlights a shift in the cybercrime industry with companies become more resistant to extortion demands while the cybercriminals are adjusting their tactics to bypass security controls by hitting […]
False Claim Act case has implications for Businesses based in the US
A recent court ruling should be considered by our clients based in or with subsidiaries in USA. Following a decision of the Delaware Supreme Court, there are significant implications for Directors and Officers (D&O). This landmark case carries substantial precedential significance for policyholders facing False Claims Act (FCA) investigations. As a result of the ruling, […]
Defamatory allegations can cause serious reputational damage
The impact of defamatory allegations against a corporation or business can be significant with reputational damage and a loss of customer confidence. Libel, Slander and Defamation are legal exposure which can be insured as part of a Professional Indemnity Insurance, either as extensions to a `negligent act error & omissions wording’, or as being included […]
Professional advice key to ensuring quality D&O insurance coverage
The D&O insurance market offers a wide range of policy wordings. With some insurers limiting the cover offered and other insurers being generous with wider coverage. It is important for insurance buyers to work with a specialist broker in order to procure the best possible terms. Sometimes a D&O underwriter will apply an endorsement to […]
Court delivers important ruling on D&O liability insurance
An American court has ruled that Directors and Officers (D&O) liability insurance can protect against claims arising from the manufacture, distribution and sale of opioids. In The North Carolina Mutual Whole Company v. Federal Insurance Company, the North Carolina federal court determined a drug wholesaler’s D&O policy provides coverage for more than one hundred underlying […]
Law Society urges members to seek cyber insurance protection
The Law Society of England and Wales is urging members to give “serious consideration” to purchasing cyber insurance after research showed that seven in 10 (72%) of law firms do not have this protection in place. The Law Society research tallies with the UK Government’s Cyber security breaches survey 2023 which revealed that less than […]
Global insurance already facing £39billion climate change losses in 2023
Climate change is being blamed for the severe thunderstorms, earthquakes, extensive flooding and heatwaves that have led to the global insurance industry already suffering £39billion ($50bn) in losses in 2023. Heading into 2023, Deloitte, warned climate change risk was a pressing issue for insurance regulation with insurers’ and reinsurers’ rates exacerbated by inflation and the […]
National Cyber Security Centre report highlights continuing threats to the UK
The National Cyber Security Centre (NCSC) sixth annual report from their Active Cyber Defence (ACD) programme has revealed a continuing threat to the United Kingdom with a record-breaking 7.1m suspicious emails and websites reported to authorities in 2022 – equivalent to one every five seconds. The ACD programme has been a key aspect of improving […]