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On the 20th April, in partnership with the CII, Roger Flaxman and Michael Wilson from Flaxmans hosted their latest webinar on the topic of the insurance of sub-contractors. The webinar explored the idea that most people outside of the insurance industry find insurance confusing and unfair and that it is up to those within the industry to aid understanding and do what we can to bring about fair outcomes. An insurer or broker who is dealing with the construction industry will know...

Has an unintended precedent been set? If choosing an insurance policy was as easy and inexpensive as a ‘blind tasting of gin’ would the public be more discerning about their insurance purchases? In the wake of the court’s decision in Corbyn & King v Axa our latest Bulletin examines the unintended consequences of the test cases on BI Covid Disease and Denial of Access Clauses. The courts have identified the infinite variety of nuanced words, expressions phrases and definitions in modern insurance policies and...

Flaxmans has been working in partnership and collaborating with the Chartered Insurance Institute (CII) on a series of webinars since September last year. These webinars have presented a series of topics and issues facing the insurance industry today. We believe that by opening up discussions on these topics we can inform, educate and empower change. The Financial Services compensation Scheme 22 nd September 2021 Many brokers rarely allocate much time to investigating the rating of insurers in the belief that, if the worst...

IT’S NOT JUST THE BIG BOYS AFFECTED BY CYBER LOSS - THOUSANDS OF SME’S ARE EQUALLY VULNERABLE! A cyber-attack on any business could be a catastrophe waiting to happen! We might think it’s just the big boys that Cyber criminals attack – we all know the stories of Yahoo, Linkedin and the huge IT companies in Europe and America – those stories of course make the headlines – what is perhaps less reported is that SME’s are equally at risk with thousands...

As a business owner you know that covering your business if it is damaged in anyway is important. Afterall, you need to cover the costs of repairing the damage. However, do you know how important it is to cover the loss of income if you have to close your business for a prolonged amount of time? What about paying your employees and the bills if you have no income? How long would your business survive if you had no revenue...

Some of the insurance industry’s leading companies have been ‘found wanting’ by the Supreme Court and are now required to pay claims that they had pleaded were not covered by their various insurance policies. Next comes the vexing task of ‘adjusting’ the losses claimed by the policyholders and already some insurers have asserted ‘their right’ to deduct grants, loans and Furlough monies from indemnity payments. Our latest Covid Bulletin examines the controversial question: Is it Treating Customers Fairly for insurers now to deduct...

Are you in the position of having to make a claim on your travel insurance due to COVID-19? You’ve probably never had to really think about your travel insurance before, you generally pay a small premium just in case something goes wrong, but you would never normally expect to make a claim.  You might be surprised to know that a travel insurance policy is one of the most complicated policies in existence. The term small print might as well have...

February 2021 Our strong belief is that there are still many challenges to be made and overcome. “The Supreme Court has ‘come good’ and now its my right to get my money.” These emotionally charged words, uttered by a broker’s customer, perhaps best describe the sentiment amongst many SMEs. Sadly, even now, many of them will be disappointed that their particular claim does still not meet the cover threshold; for reasons that will be beyond their comprehension. Will it become necessary to fight yet another...

More Haste, Less Speed According to the Cambridge Online Dictionary the above phrase means if you try and do things quickly it will take you longer in the end. So, in essence if you do not do your due diligence or pay attention to detail when making an insurance claim you could end up making mistakes that were avoidable and, in the end, spend more time completing the task to a satisfactory level. This phrase could be used for most tasks that...

The pain and suffering is not over yet and does not address the remedy from its decision.    More than 370,000 thousand UK businesses have suffered unnecessarily at the hands of the UK insurance industry but more suffering is soon to come.  The spectacular common sense of the Supreme Court’s judgment on the FCA initiative to challenge the industry’s integrity towards its business ‘customers’ has paid off but at what cost and what is going to be the ‘payback’ by the industry?   “The insurers...