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Three Truly Strange Insurance Claims

Three Truly Strange Insurance Claims

Every business is unique, and because of this needs insurance policies to match.

In the security insurance world, for example, some businesses require policies such as professional liability insurance, whilst others that have security guards and officers would need to have coverage to protect them from harm and legal issues whilst they do their job.

However, even by the broad standards of the insurance world, some truly surreal insurance claims have been made.

 

The Triple Whammy

Car collisions happen all the time, and no individual part of this story is strange, but the entire story is truly bizarre.

One day whilst in his car, an unnamed driver accidentally bumped into the car in front, breaking one of the rear headlamps. Concerned that there may be more damage, he reversed to get a better look, only to bump into a car behind him.

So far, this is a relatively mundane degree of bad luck, particularly during rush hour traffic. What makes this truly strange, however, is that at the exact moment the driver decided to step out of the car to swap insurance details, a passing cyclist just happened to be riding past the door.

They were sent flying, leading to three insurance claims in the space of about a minute.

 

Motivational Liability

The motivational speaking circuit, whilst filled with some rather unique advice at times, typically does not cause any physical injuries.

The exception to this was the case of one unfortunate presenter who had to pay out after a member of their audience hurt themselves trying to break a wooden board with their bare hands.

Thankfully, the insurers covered it and the issue was quickly solved.

 

Up In Smoke

Wedding insurance is a unique type of policy but often it covers issues with the ceremony or if half of the couple decide to pull out of the proceedings, but in the case of one Italian couple, their plans went up in smoke quite literally.

After she stood a little too close to a barbeque, the blushing bride saw her hand-made wedding dress go up in flames. Thinking quickly, her new husband chucked her into the sea, which despite sounding like a joke, ended up saving her life.

Unfortunately, her dress was ruined, but thankfully her insurance provider paid out compensation worth half the value of the dress.

UK Firms Second-Worst Hit In World By Financial Crime

UK Firms Second-Worst Hit In World By Financial Crime

British firms are among the most likely to be hit by financial crime in the world – and the situation is getting worse.

This was the message from consultancy firm PwC, which revealed in its biannual Global Economic Crime Survey that 64 per cent of UK businesses were hit by economic crime in the past two years.

It was the second highest national figure in the world, only exceeded by companies in South Africa and well above the global average figure of 46 per cent.

Moreover, the situation has been deteriorating, as the figure in Britain was 56 per cent in 2020 and 50 per cent in 2018.

The crimes committed include fraud, corruption and other offences, with this year’s survey including supply chain crime as a separate category for the first time.

Explaining how threats were changing, PwC said fraud is “now a greater and more costly threat than ever before” and that firms will need to take action to avoid paying a heavy price.

Among the kinds of steps a firm will be wise to take is comprehensive business insurance, including cover against cyber crime and the interruption of business that such activity can cause.

Curiously, a the findings for the UK revealed cyber crime accounted for a lower share of incidents than two years ago, down to 32 per cent from 42 per cent, something Computer Weekly suggested may be due to greater awareness of attacks like malware.

However, head of digital and forensic investigations at PwC Fran Marwood said this was surprising and might mask a lot of crimes that could have taken place without being detected due to firms not yet bringing their systems in line with increased remote working.

Firms may also be at risk because of cyber criminals targeting data centres and cloud services. For this reason, the government is currently running a consultation on how to improve the security of these services, not least because so many companies rely on them to keep their data safe and systems running.

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University Of Essex Leaks Data In Online Breach

University Of Essex Leaks Data In Online Breach

Many students at the University of Essex have had their personal information leaked to the public after it suffered an online data breach.

The incident occurred as an email sent from an external partner contained a spreadsheet with student IDs, dates of birth and contact details on March 23rd.

A spokesperson from the university said: “We are taking this issue very seriously and ensuring our delivery partners understand our high expectations about the management of data.”

More than 400 pupils at the university have been affected by the event, which was the result of facilities management emailing to request for payment for repairs to a broken door at one of the halls of residences.

Legal specialist at law firm Hayes Connor Christine Sabino was reported by Education Technology as saying: “Breaches of this kind can have a big impact on those affected.”

She noted that individuals trust information they provide to be handled in a secure way, which is why this incident is a “particularly worrying one”, especially as these students are young adults living away from home for the first time.

A lot of the people who have been affected have contacted Hayes Connor about the situation, as they feel like it has undermined their trust in the university. They are now looking for an explanation, while the university continues to offer advice and support to its students regarding the breach.

This comes at the same time the Home Office’s visa service accidentally copied the email addresses of over 170 people into a message, enabling recipients to see everyone else who had been contacted.

While the message did not include other personal data, it followed up the email with an apology for the data breach, reported The Guardian.

Breaches of this kind can have big implications for individuals and companies, which is why it is important to have adequate protection in place, such as business insurance in Stafford.

UK Space Industry Insurance Market Grows

UK Space Industry Insurance Market Grows

The UK may not be launching its own moon rockets, running a space station or planning to send a human mission to Mars, but it has a space industry – and one where the insurance market is growing.

Worth £16 billion in total, it mostly consists of sectors such as satellite broadcasting and communication, as well as a nascent space tourism industry. However, there are also many other firms involved in ancillary services, including IT, consultancy and brokerage.

According to City AM, the insurance sector connected with the space industry grew by a quarter in 2020, despite the pandemic shrinking the overall market, according to a study by Brycetech commissioned by the government. This raised its value to £20 million.

Like any other kind of business, those working on the space sector will need their business insurance, not just for the usual earth-bound reasons such as covering their equipment and premises, but also any associated problems that might arise from incidents in space.

These could include a satellite being rendered inoperable due to a collision with a piece of space junk, or the work of rogue states and other agents acting to try to disrupt satellite technology.

Overall, the role of the space industry in the UK economy, currently worth 0.31 per cent of GDP, is expected to increase markedly.

Among the reasons for this will be the first ever launches of spaceships from UK soil later this year. These satellite launches will take off from Spaceport Cornwall, followed by vertical launches from Space Hub Sutherland in the Highlands and SaxaVord Spaceport in Shetland.

These developments will be taking place in line with the UK’s National Space Strategy, published in September last year. This noted that the global space sector is set to grow in value from a 2019 figure of £270 billion to £490 billion in 2030.

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What Are The Insurance Requirements for The Security Industry?

What Are The Insurance Requirements for The Security Industry?

The security industry covers a broad spectrum, and this means that the insurance policies relating to the sector tend to be bespoke, rather than a one-size fits-all package. The type of cover will depend on the level and the nature of the risk undertaken by the company. here’s a look at the most common insurance needed for security-based businesses.

 

Events security cover

For a company that arranges and hosts events, such as sports matches, concerts, and so on, public liability insurance is essential. This will provide the business with cover, if a member of the public makes a claim because of injury or illness caused to them while they attended an event. It will also provide cover if property is damaged during an event.

Other types of cover that may be needed for events insurance include loss of keys cover, and contents insurance if there will be significant amounts of materials or valuable equipment at the event. Businesses will also need employer’s liability insurance, should a member of staff suffer an injury at work and bring a case against the company.

Professional liability insurance may be required for companies which specialise in organising and planning events, and making the security arrangements. It may be worth considering cancellation cover, which will protect the business against financial loss, should the event have to be cancelled at short notice.

 

Security industry inefficacy cover

Inefficacy cover is defined as ‘cover on the basis of failure to perform.’ This could be in relation to equipment such as security lighting, fencing, or alarms which don’t function as expected. It could also relate to staff who are accused of not dealing with a security situation in an appropriate manner.

Inefficacy cover is a bespoke policy that will be unique to each company. If you are looking for security company insurance, talk to us today.

Motorbike Thieves Steal Valuable Jewels

Motorbike Thieves Steal Valuable Jewels

A jewellery shop in Liverpool has been targeted by a group of motorcyclists, who stole a large quantity of jewellery from the premises.

Police were called to Rebecca’s Jewellers on Lord Street in Southport at 2100 on March 21st after a member of the public alerted them to the incident.

Merseyside Police cordoned off the road, while also closing the area around a bus stop on Lord Street, preventing the public from accessing it.

Detective Chief Inspector Gayle Rooney said: “The investigation is in its early stages, and we will be reviewing all CCTV locally and speaking to business owners and anyone with information.”

While most of the motorcyclists got away, a 43-year-old man was arrested at the scene of the crime on suspicion of burglary as he tried to escape via London Street.

Although the exact contents of what was stolen remains unknown, the police are asking businesses and individuals around Merseyside if they have been offered any jewellery in the last couple of days.

“This would be a distressing and inconvenient experience for any business, and we will act on all information to find those responsible and bring them to justice,” Chief Inspector Rooney stated.

Just a few days before on March 18th, Merseyside Police was called to Co-Op store on Fylde Road, after the shop was broken into and the cash machine attacked.

These incidences show how frequently businesses are targeted by potential thieves hoping to steal money or items they can sell. Even though the premises had CCTV cameras, it is also important to obtain security insurance.

The Reasoning Behind The Strangest Insurance Policies

The Reasoning Behind The Strangest Insurance Policies

The unique business models, activities and products provided by different companies in the security industry require bespoke security insurance policies to protect the business from any potential issues that could come about.

Along with Employers’ liability insurance, insurance to protect security guards, public and professional liability insurance, there is a range of other policies out there specific to the activities the business usually undertakes.

However, there are always unusual circumstances, and in some cases, a loss adjuster will create a specialist policy with this in mind, just in case the most unlikely potential situation occurs.

Here are some of the most unusual insurance policies ever agreed to and the reasons why.

 

Space Station Taco Insurance

Whilst this may look like a non-sequitur, American fast-food chain Taco Bell once took out a custom insurance quote for a truly ridiculous publicity stunt.

In 2001, the Space Station Mir was deorbiting Earth and was set to land in the Pacific Ocean near Fiji.

Taco Bell put a sign in the ocean that measured 40ft by 40ft which simply read “Free Taco Here” and promised that if the core of the station hit that target, they would give everyone in the United States a free taco.

This cost, estimated at $10m, was sizeable enough that the chain opted to cover themselves just in case.

 

The Risks Of Being An England Fan

Baddiel, Skinner and the Lightning Seeds sang about “30 years of hurt” in 1996 and since then there have been nearly three decades of controversy and near misses for the English national side.

It got so much for some fans that an insurance firm once covered a football fan from the “severe trauma” that would have been caused if England’s national side, then managed by Sven Goron Eriksen, were knocked out early.

Thankfully for the loss adjuster, England reached the quarter-finals and no trauma was claimed for.

 

The Lloyds Of London Pro Wrestling Tag Team

Lloyd’s Of London, an insurance and reinsurance market that is based in London, has had a range of unique insurance policies, including kidnap and random, protecting against audiences dying of laughter at a comedy show, and all sorts of body part insurance policies.

One of the most infamous of these, however, is that Lloyd’s at one point used to insure the bodies of professional wrestlers and pay out if a wrestler was permanently disabled and was forced to retire early.

However, so many of the wrestlers who took this policy, including Ric Flair, Bret Hart, the Road Warriors and “Mr Perfect” Curt Hennig would return to the ring, which caused Lloyd’s to tighten up their policies before refusing to insure pro wrestlers entirely in 2017.

What Security Industry Insurance Coverage Do You Need?

What Security Industry Insurance Coverage Do You Need?

The golden rule of insurance is that no two companies are alike, and this tenant is especially true when it comes to security insurance.

The security industry is a vast set of exceptionally different fields united under the common goal of protected health, wellbeing and property.

To that end, whilst there are some universal coverage packages you need as a security firm, such as Employers’ Liability, general liability, property and car insurance, different industries require a more bespoke slate of insurance packages.

Here are just a few different types of company working in the security sector and the types of insurance they might need.

 

Security Consultants

One of the most important businesses in the security sector is consultancy and the ability to deliver expert advice on which security measures would be the best solution to help protect businesses, from technological solutions to monitoring to the hiring of security guards.

However, there are cases that an incident occurs and the company blames the consultancy firm for their advice and brings legal action against them, for example for negligence.

Professional liability insurance helps to cover the firm from any action taken against them and ensure that even if a court case does not go the way of the consultancy firm, it does not necessarily lead to the end of the business.

 

Cyber Security

An ever-growing field in security, cyber security focuses on electronic data and how it is protected from people who wish to destroy or steal that data, which can lead not only to significant reputational damage but also can have significant financial consequences.

Cyber security insurance protects data controllers and data processors and covers the costs of refunds, credit notes, legal costs and consultation with crisis communication specialists.

 

Security Guards

With security guards being an essential part of protecting businesses across the world, inspecting the property and ensuring that bad actors are not able to compromise a place of business, they require a package of insurance policies that protects them if they are in harm’s way.

This means that policies such as personal injury insurance is a standard part of a security guard insurance package alongside general liability, professional liability and car insurance.

As well as this, however, there are provisions for wrongful arrest, where a guard faces criminal or civil charges whilst on duty, as well as provisions in case keys are lost to pay for any replacement locks or keys.

Storms & Flooding Highlights Need For Care Home Insurance

Storms & Flooding Highlights Need For Care Home Insurance

The last few days have been tempestuous to say the least and, in fact, the Met Office has just issued rare red weather warnings today (February 18th) that Storm Eunice will be bringing extremely strong winds with her and continued disruption for much of the country throughout the day.

Some coastal areas could even see gusts of wind in excess of 90mph, which could have significant impacts for many in these regions, as well as representing a risk to life.

There is also an ongoing risk of disruption to power, travel and other such surfaces. Damage is also expected for buildings and trees, and some parts of the UK could even see possible blizzard conditions. Up to 20cm of snow is possible in the Pennines, for example.

Warnings have been issued that strong winds provide the potential for flying debris, damage to structures and coastal flooding, so it might be a good precaution to check your flood risk and sign up for flood warnings, so you can be properly prepared.

Now’s also a good time for you to check your care home insurance cover to make sure you’ll be compensated if you are affected by Storm Eunice – or other such events in the future.

It could also prove beneficial to go around the perimeter of your site and make sure any and all gates are locked, that fences, trees and bushes are all secure and that any damaged tree branches are removed before the winds hit.

If your care home does sustain damage of some kind over the next few days or so, get in touch with your insurance company as soon as you can. Don’t undertake any repair work or employ a contractor until you’ve been through everything with your insurer.

What Insurance Do Freelancers And Contractors Need?

What Insurance Do Freelancers And Contractors Need?

There are as many different types of business insurance as there are different types of businesses, from public liability to employers liability and cyber insurance. They are all designed to give you peace of mind, knowing that in the event of the worst happening, you have protections in place.

But while youre looking at predictions for freelance work for the coming year, it is important to give careful consideration to what insurance policies are right for your business. We have a look at professional indemnity insurance, whether it is for you, and what level of cover you need.

What is professional indemnity insurance?

Professional indemnity insurance offers protection in case a client makes a claim against your business if they believe that your work has caused harm to their company or resulted in financial losses. Professional indemnity insurance, also known as professional liability insurance, will typically cover the costs if you are found liable.

What does professional indemnity insurance protect you against?

Professional indemnity cover will vary between insurers. So always check what’s included with your policy. And remember, just because a quote is cheap, doesn’t mean it’s the best value and protection.

Lets look at what professional indemnity insurance will cover you for:

Confidentiality breach. If you accidentally disclose information or data to a third party, without your client’s consent.

Irresponsible employees. If you have an employee, or former one, that impacts your client’s business by lying, stealing or behaving in a dishonest, fraudulent or malicious way.

Professional negligence. If you fail to live up to your duty of care, such as giving bad advice, and it costs your client time and money.

Defamation. If you use or produce written or spoken statements or materials that damage a client’s reputation.

If your business involved giving advice or professional services to a client, then you should consider taking out professional indemnity insurance. Mistakes can happen, no matter how experienced or careful you are, so make sure you have protections in place.

If youre looking for business insurance in Staffordshire, get in touch today.