There has been a lot of talk about what will happen after the full liberation of Libya and the re-structure of the country, and who will be awarded contracts clearly with building, engineers and water structures, airport and oil refinery's will be key to getting a full working solution for Libya. this will need skills from both inside and outside Libya from professions such as architects engineers surveyors, specialist management consultants and project managers.
They will all need to carefully consider any contractual agreements, including issue in respect to contractual liability, Professional Indemnity Insurance and Public Liability along with Legal Protection and under most Jurisdiction they would be expecting these contractors to work under with such a young Libyan Government Council in place and Gaddafi still at large, it makes it very difficult for the re-structuring and awarding of contracts for these professions that may well have some worldwide cover for Professional Indemnity, and general Liability. But may well have a problem with their insurance companies extending cover to a country still at war.
Wednesday 28 September 2011
Thursday 22 September 2011
Regional Brokers and Commercial Line Insurance
It seems that the middle ground where Insurance broking is concerned is very much alive. Despite national brokers trying to purchase the bigger regional broker, with multiples so low, is it not worth selling out, not only that the regional brokers are pound for pound stronger that most national brokers.
If the main can also offer personal service to commercial clients that the bigger broker groups, there clients can also rely on staff being more continuous.
As nationals are either making staff redundant or many are leaving after being taken over. So both in commercial and retail insurance business regional brokers are leading the way and without the massive debt burden that the national brokers are carrying. Certainly on product ranges such as financial times I.e Directors and Officers Insurance, Professional Indemnity Insurance, Prospectors covers, Charities and Trustees Insurances, Financial raps etc and supplementary insurances such as office insurances and public liability can also be offered via the regional brokers and at very competitive costs.
If the main can also offer personal service to commercial clients that the bigger broker groups, there clients can also rely on staff being more continuous.
As nationals are either making staff redundant or many are leaving after being taken over. So both in commercial and retail insurance business regional brokers are leading the way and without the massive debt burden that the national brokers are carrying. Certainly on product ranges such as financial times I.e Directors and Officers Insurance, Professional Indemnity Insurance, Prospectors covers, Charities and Trustees Insurances, Financial raps etc and supplementary insurances such as office insurances and public liability can also be offered via the regional brokers and at very competitive costs.
Wednesday 21 September 2011
Coming to the end of Solicitors Season for PII
We are nearing the end of the Professional Indemnity Insurance season for solicitors, and insurers will be shortly publishing winner and loser in this years lottery.
There is of course a very strong argument to stop this ridiculous way of trading with one super date for all, and allow variations. There are of course two sides of the story, but on balance the system is old tired and should be completely re-vamped.
Their should also be new covers and indeed reduced covers within the Professional Indemnity Insurance Policies to allow underwriters and insurers more flexibility and to do away with the assigned risk period.
The law society need to consider their own qualifying rules for those insurers willing to offer PII to solicitors and again to consider flexibility which will allow costs covers and innovation to develop. With Professional Indemnity markets which we have seen become smaller every year (at least with good rated insurers.)
There is of course a very strong argument to stop this ridiculous way of trading with one super date for all, and allow variations. There are of course two sides of the story, but on balance the system is old tired and should be completely re-vamped.
Their should also be new covers and indeed reduced covers within the Professional Indemnity Insurance Policies to allow underwriters and insurers more flexibility and to do away with the assigned risk period.
The law society need to consider their own qualifying rules for those insurers willing to offer PII to solicitors and again to consider flexibility which will allow costs covers and innovation to develop. With Professional Indemnity markets which we have seen become smaller every year (at least with good rated insurers.)
Tuesday 20 September 2011
Online Insurance Trading for SME'S
Online trading for SMES is becoming more common with 1/3rs of those companies choosing to purchase their insurance online, now do so out of office hours.
With progression of technology going at a frightening pace with 'smart' phones each in their own classes, with different platforms and models, just getting a website to fit and work on them is a bit of a mission, business apps are also becoming very important for those directors and officers of a company on the move.
To write the computer code to fit all these phones and link in with the Quote & Buy websites, and collect money for the insurance policies is no small task. There are a group of SME Insurance covers that are now very much available from both smart mobile phones and websites where policy documents can be sent directly to the clients computer confirming covers, and issuing full policy details.
The type of policies currently available on mobile phones are Professional Indemnity insurance.
Public Liability with regards to Quote & Buy at low cost insurance policies via websites, you can obtain such covers for office, commercial combined, charities and trustees/Directors and Officer, landlord, Professional Indemnity, Public Liabilities and many more covers are now becoming available even Cargo Insurance and night club, restaurant cover is being conducted 'online'.
Friday 16 September 2011
Insurance Claims in respect to Professional Indemnity
There has been a recent increase of claims in respect to professional indemnity insurance for various professions particularly solicitors PI and independent financial advisors. In addition the banks who have miss sold an awful lot of policies via their insurance services sections where they have been suggesting compliance and offering them a personal injury and redundancy plans etc which were completely wrong for many of those clients.
It probably hasn't gone past anybody's notice of recent weeks where massive amounts of both television and radio advertising is encouraging people to make claims if they have taken out one of these plans. This will only cumulate into claims being made against professional indemnity insurance policies.
The fact remains that these insurance plans should never have been sold in the way that they were and that both banks and some (but very few) brokers targeted people and coerced them into purchasing policies that either didn't fit the circumstance or were in fact totally wrong. When it comes to treating customers fairly this has not been adhered to in the promotion of these plans.
It is therefore reasonable to assume that insurers who have covered various businesses that sold these plans with professional indemnity, can expect some big claims to be made.
There is also a consideration here that many of the brokers or organizations that sold these plans and had PI insurance in place, may very well have excesses to pay themselves.
The moral of the story here is that anyone selling insurance services, should not necessarily be put under pressure to sell a particular product and clear definitions and explanations should always be given to a client before they purchase such a policy.
It probably hasn't gone past anybody's notice of recent weeks where massive amounts of both television and radio advertising is encouraging people to make claims if they have taken out one of these plans. This will only cumulate into claims being made against professional indemnity insurance policies.
The fact remains that these insurance plans should never have been sold in the way that they were and that both banks and some (but very few) brokers targeted people and coerced them into purchasing policies that either didn't fit the circumstance or were in fact totally wrong. When it comes to treating customers fairly this has not been adhered to in the promotion of these plans.
It is therefore reasonable to assume that insurers who have covered various businesses that sold these plans with professional indemnity, can expect some big claims to be made.
There is also a consideration here that many of the brokers or organizations that sold these plans and had PI insurance in place, may very well have excesses to pay themselves.
The moral of the story here is that anyone selling insurance services, should not necessarily be put under pressure to sell a particular product and clear definitions and explanations should always be given to a client before they purchase such a policy.
Thursday 15 September 2011
How does treating customers fairly impact on Professional Indemnity (PII) TCF
There has been a great deal of talk about treating customers fairly over the years, with the FSA heading up an aggressive campaign to insure that its rules were meet in this arena.
We all of course need to have definitions and explained criteria for TCF which were not always clear and maybe just a little over the top when it came to 'smaller brokers'.
So some years on has TCF helped the clients we deal with? Has it made an impact? It would be fair to say that TCF has helped both clients and brokers alike, setting a standard for us to offer as an industry, however many of the set out rules were totally unnecessary and over the top. Simple rules to abide and police would have been the answer.
With regards to Professional Indemnity insurance claims over this period directly related to TCF have not been a problem for brokers and the cost for Professional Indemnity insurance has not increased in the broker sectors, although it would be fair to say that perhaps in other areas such as banking and the motor industry where insured products have been sold, Professional Indemnity insurance claims have increased and rightly so.
We all of course need to have definitions and explained criteria for TCF which were not always clear and maybe just a little over the top when it came to 'smaller brokers'.
So some years on has TCF helped the clients we deal with? Has it made an impact? It would be fair to say that TCF has helped both clients and brokers alike, setting a standard for us to offer as an industry, however many of the set out rules were totally unnecessary and over the top. Simple rules to abide and police would have been the answer.
With regards to Professional Indemnity insurance claims over this period directly related to TCF have not been a problem for brokers and the cost for Professional Indemnity insurance has not increased in the broker sectors, although it would be fair to say that perhaps in other areas such as banking and the motor industry where insured products have been sold, Professional Indemnity insurance claims have increased and rightly so.
Thursday 1 September 2011
Professional Indemnity rates still low 2011
Apart from the obvious high rated professions such as solicitors, independent financial advisers and survey valuation companies, the general rates for Professional Indemnity insurance have remained very low or static even for professions such as accountants and architects. The most competitive prices and costs with good policy definitions and clear explained (PII) wordings are miscellaneous professions such as IT consultants, business consultants and management consultants, the wordings for these classes have also been improved by some Insurers and provides Professional Indemnity insurance covers with any one claim and low excesses. PII brokers are also able to obtain worldwide cover including USA & Canada with low policy excesses.
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