Posted by Gabriella Hopkins | June 11, 2011

Global insurance managers short on visibility

Companies with global insurance policies may be duplicating cover, according to JLT Specialty, which surveyed 70 delegates attending a Global v Local workshop at the recent AIRMIC Conference.

The research revealed that while 54% of those responsible for arranging insurance for their companies knew what their global insurance programme comprised, only 12% thought they had full visibility of their programmes.

JLT therefore suggest that many companies may not know if they have duplicate cover and are spending more on insurance than needed.

They may also be unaware of gaps in their cover and/or if they are setting policies in the most effective and efficient way.

JLT partner, Karen Gorman, comments: “It’s easy to worry about compliance, local anomalies and local buying patterns and let these cloud the best decision for the buying of the insurance that’s needed.”

She adds: “Whilst control is key so are regular reviews, a proactive outlook and careful weighing up of options”.

 

Tags:
Global Insurance, insurance
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Posted by Gabriella Hopkins | June 01, 2011

JLT launches online property owners’ facility

JLT Specialty has launched an online quote and bind facility for property owners’ risks, aimed at the broker sector.

The firm says its research identified the need for an end-to-end solution for the purchase of landlords’ insurance, and the new facility offers brokers a number of key benefits including:

Comparative premium quotations at special rates from Aviva and Axa.

Regular updates on events within the real estate sector that may affect them or their clients.

The ability to bind cover and produce policy documentation immediately online.

Online claims notification and access to a 24/7 claims helpline.

Membership of an exclusive broker club.

JLT Specialty partner, Lee Rossney, comments: “Our depth of understanding and experience means we have been able to create a facility that suits both broker needs and those of their clients.”

 

Tags:
Facility, Property Owners’
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Posted by Gabriella Hopkins | June 01, 2011

Cheap Auto Insurance North Carolina

In the year 2009, the average auto insurance rates in North Carolina were $598, an amount that was an increase of 1.4% from the rates of the previous year, 2008. Among 46 states in the US that were suffering from sky high auto insurance rates, North Carolina was one of them. The speed limit in cities and highways, the blood-alcohol percentage limit, handheld cell phones, cell phones used while driving are some factors that affect the cost of the auto insurance policies in North Carolina. If you’re someone who is looking for cheap auto insurance North Carolina, you must be aware of the ways in which you can reduce the costs and make your premiums affordable according to your budget. Have a look at some such ways to be adopted in North Carolina.

Getting your auto insurance policy at the right age matters as the lenders will consider your age before lending you with an auto insurance policy. If you’re just 25 years old or lower than that, chances are high that the auto insurance lender will charge you high premiums as you’re more prone to road accidents at this age. The best time to get your policy is within 30 and 55 years as this is considered to be the least risky age. With lesser possibility to file a claim, you will be charged low premium rates.

Drivers who own a sports car will also be subject to sky high premium rates that can go beyond your financial affordability. Sports car will certainly be driven at excessively high speed and this will naturally make it more vulnerable on road. As th

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Tags:
Auto Insurance, Carolina, North Carolina
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Posted by Gabriella Hopkins | May 20, 2011

Hackers new worst enemy for business

Lockton is warning that hackers pose an increasing threat to business, as commerce continues to move online.

The insurer reckons that no firm is safe; only last month Marks & Spencer along with as many as 50 other clients of email marketing company, Epsilon, had thousands of customer details stolen.

In the case of M&S, Lockton partner, Ben Beeson, says: “It was a major breach. How much it damages them will come down to the regulation and how much litigation in the US comes out.”

According to the cyber-liability specialist, in the UK only between 1% and 2% of businesses are insured for losses resulting from hackers obtaining customer data, but Mr Beeson is expecting the proportion to rise to around 50% in the next five years.

 

Tags:
Business
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Posted by Gabriella Hopkins | May 17, 2011

Marsh launches solar projects policy

Marsh has developed an insurance contract that provides coverage for project companies and operators in the solar, or photovoltaic, renewable energy sector.

According to the broker, worries about industry stability mean that banks currently only give limited recognition to long-term guarantees provided by solar module manufacturers, as a basis for approving financing.

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Tags:
Solar, Solar Projects
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Posted by Gabriella Hopkins | May 13, 2011

RSA launches commercial combined offering

RSA has launched a new commercial combined select product that provides a wide range of covers as standard, plus add-ons at no extra cost.

Responding to broker feedback, the policy has been designed with clear eligibility criteria and will suit a range of trades including metal workers, plastics manufacturers, wood product manufacturers, wholesale and warehousing, retailers and leisure providers.

Businesses with turnovers of between £1 million and £10 million and a property value per location of £10 million can apply.

RSA’s mid-market director, Mike Lawton, comments: “We’ve listened to broker feedback, so our new Packages product is competitively priced and far quicker and easier to transact, so that brokers have fewer questions to ask.”

He adds: “We’ve made clear the sectors that we’re in the market to do business with, as we want brokers to feel RSA is transparent.”

Last month the insurer announced the expansion of its e-Promise team, which supports brokers who are e-trading with RSA.

The team comprises dedicated underwriters who are available on the phone and aim to resolve queries, or agree on a course of action, immediately.

Where an underwriter is not available immediately, RSA promise to call the broker within 30 minutes of receiving their query.

 

Tags:
Combined, Commercial Combined
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Posted by Gabriella Hopkins | May 07, 2011

Technology failure joins top ten business risks

Technology failure and lack of innovation have joined talent recruitment among the top 10 risks ranked by business leaders, as scored by Aon’s global risk management survey.

However, business leaders across the globe identified economic risk as the greatest threat they face today, with the threat of sustained economic trouble weighing heavily on the nearly 1,000 business professionals across 58 countries.

At the same time, technology failure/system failure earned its first top 10 spot, ranking ninth on the list, and failure to innovate/meet customer needs also made the top 10 for the first time, coming in at number six.

Aon Analytics global head, Constantin Beier, comments: “Throughout the economic recession, many organisations pulled in their oars – tabling research and development projects, decreasing spend on information technology and freezing hiring.”

He adds: “Today, business leaders are realizing this strategy won’t work in the long term.”

 

Tags:
Risks, Technology Failure
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Posted by Gabriella Hopkins | May 02, 2011

Bellwood Prestbury gains Lloyd’s Coverholder status

As a Lloyd’s Coverholder for worldwide Personal Accident Insurance, global insurance specialist Bellwood Prestbury is now able to write policies for brokers with clients in high risk occupations or high risk countries, anywhere in the world.

Bellwood Prestbury is able to create bespoke Personal Acccident policies that typically cover accidential death, disability and permanent dismemberment and international medical and emergency evacuation cover, valid in even the harshest environments like Iraq, Afghanistan, Libya and Ivory Coast.

The firm has years of experience in this niche marketplace and works in partnership with brokers, advising their clients on the best approach and fully supporting claims if they arise, while opening up new revenue streams for the broker.

Rob Thompson, Director at Bellwood Prestbury says the firm is working with brokers all over the world. “Most brokers get the occasional request for high risk cover outside the ordinary.

Expat cover for an oversees mining operation in DR Congo for example, or individual consultants accepting a contract in a war or terrorist area where standard polices are invalid. Our

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Tags:
Bellwood Prestbury, Lloyd’s, Lloyd’s Coverholder
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