Flooding could cost homes and businesses in England £818m by 2055
Homes and businesses most at risk of flooding across England could face at least £818m in costs by 2055. According to a new report from AXA UK there are an estimated 2.8 million properties in England already at risk of river and sea flooding and 3.4 million are at risk of surface flooding. The Environment […]
Court highlights need for unambiguous drafting of construction contracts
A recent Technology and Construction Court case has highlighted key issues for contractors including the need to ensure the unambiguous drafting of construction contracts. This case Workman Properties Ltd v Adi Building And Refurbishment Ltd [2024] EWHC 2627 (TCC) has reaffirmed the principle that in design-and-build projects, the contractor bears the responsibility for completing the design. […]
Specialist principal designer insurance vital to manage risks
Chancellor Rachel Reeves has recently announced significant reforms aimed at revitalising the UK’s financial sector. One of these reforms involves private companies considering participation in the “Private Intermittent Securities & Capital Exchange System” (Pisces). Consequently, W Denis recommend that private companies considering this source of new capital, to reassess their Directors & Officers (D&O) insurance […]
Specialist principal designer insurance vital to manage risks
The Building Safety Act 2022 (BSA 2022) redefined the role of the principal designer making it essential to have the right insurance in place to manage the broad range of risks inherent in the position and ensure long-term protection against claims. Principal designers influence how risks to health and safety are managed throughout a project […]
Economic and Social inflation challenges insurance sector
Businesses often query what influences the cost of their insurance and one major factor is ‘inflation’. However, there are different types of inflation that impact the insurance sector; Social Inflation and Economic Inflation. Whilst UK economic inflation has been reported to have fallen to below 2% as at 16 Oct 2024, rates of economic inflation […]
Risk evaluation key to carbon capture storage projects as Government launches funding support
The Government has announced up to £21.7bn of support for the UK’s first carbon capture and storage (CCS) projects in Merseyside and Teesside with the aim of creating thousands of jobs, attracting private investment and helping meet climate goals. Carbon capture is recognised internationally as an indispensable key technology for mitigating climate change but companies […]
London ExCel appeal victory establishes COVID-19 compensation precedent
The owners of London’s ExCel conference centre have won an appeal brought by insurers over pandemic-related losses which establishes a precedent for policyholders seeking COVID-19 related compensation and highlights the importance of clear and precise policy wording. The Court of Appeal handed down its decision in London International Exhibition Centre Plc v Allianz Insurance Plc […]
London tower block fires focus attention on potential insurance claims
Two tower block fires in London have focused attention on building safety and potential claims under the The Building Safety Act 2022 (BSA) . Building safety issues were brought sharply into focus by the Grenfell tragedy in 2017 which killed 72 people. The blaze spread rapidly, allegedly due to the cladding on the block’s outside walls. A […]
Advanced faces £6.09m fine for failing to protect against cyber-attack
The Information Commissioner’s Office (ICO), the UK’s data protection watchdog , has announced a provisional decision to impose a fine of £6.09M on Advanced Computer Software Group Ltd (Advanced) for its failure to protect the personal information of nearly 83,000 people when it was hit by ransomware attack in 2022. Advanced, an IT service and hosting […]
AM Best rating confirms Lloyd’s world leading position
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has confirmed its global leadership with its financial strength rating (FSR) upgraded by AM Best to A+ (superior) from A (excellent). Additionally, AM Best has revised the Lloyd’s long term issuer credit rating to ‘AA-’ (superior) with a stable outlook from ‘A+’ (excellent) with a positive outlook. […]