Category: Construction
The Difference Between ‘Joint Names’ and ‘Composite Insured’ Construction Insurance
The Difference Between ‘Joint Names’ and ‘Composite Insured’ Construction Insurance Most people in the construction industry will know that contract works are usually determined by standard form contracts called JCTs (or Joint Contracts Tribunal contracts) which outline the responsibilities and obligations of all parties involved in the project i.e., the employer, contractors, and any subcontractors.…
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How Your Business Can Reduce Their Motoring Costs
How Your Business Can Reduce Their Motoring Costs Rising motoring costs are a concern for all businesses that have a motor fleet. If you run a fleet of vehicles as part of your business, you’ll be keeping a close eye on balancing the cost of keeping your fleet on the road with the difficulties of…
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Why all businesses require Directors and Officers insurance
Why all businesses require Directors and Officers insurance Directors and Officers liability insurance (D&O insurance) provides financial support and defence against potential investigations into the behaviour of your executives and the possibility of them being sued. Without such insurance, the company will be left to pick up the tab from their own resources. Or,…
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Top 6 Cybersecurity Trends to Watch Out For in 2023
Top 6 Cyber security trends to watch out for in 2023 - Rise of automotive hacking - Potential of artificial intelligence - Mobile is the new target - Data breaches: prime target - Targeted ransomware - Insider threats Rise of automotive hacking: The use of wireless communication systems in modern vehicles has created a vulnerability…
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Construction – Problems with Products
What is Part Product? In the last few weeks I have seen trade advertising from different major insurers announcing that their Construction policy now has an optional extension for what is known as Part Product. Well, this is not something new, as I have been including this important extension since the early 1990s. Liability Insurance?…
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Legal News – Three Items of Interest for the Construction Community
Phoenixing: Construction bosses who 'phoenix' firms could now face fines or bans Construction is one of the UK industries that suffers the most from ‘phoenixing’ – folding a firm to avoid debts, then starting up a near identical business with a new name. Now directors who do this could face hefty fines or being banned…
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How Does Cyber Insurance Work and What Does it Cover?
How does cyber insurance work and what does it cover? How does cyber insurance work? You have a small business that sells leather goods online and you collect customer data including credit card numbers. You are hacked by cybercriminals who steal all this information from 1K of your customers' accounts- making them victims, too! Your…
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Why you Need Cyber Insurance
Why you need cyber insurance... The risks of cyber crime have never been more prevalent, with attacks on businesses increasing each year. Cyber risk insurance is a must for any company that holds personal data or stores business critical information electronically. If your computer system fails due to interference from outside forces, you could lose…
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10 UK Cybercrime Statistics
10 UK Cybercrime statistics Did you know as of October 2022, 39% of UK businesses have experienced a cyber attack, the same as in 2021. However, the figure has dropped since 2020 (46%). “Cyber crime is the greatest threat to every company in the world.” - According to 31% of these businesses, they were attacked…
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Ascend Broking Summer Newsletter 2022
Ascend Broking Summer Newsletter 2022 Welcome to our summer newsletter. This month I would like to raise 2 key exposures to your business – underinsurance and your personal negligence exposure. Underinsurance - why inflation can have a major impact on your insurance A not-so-well understood risk is the impact of inflation on insurance and the…
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