Flood Re - what does it mean for the insurance industry?
01 April 2016 Broker email
As you may already be aware, the introduction of the Flood Re scheme launches on 4th April 2016. Flood Re is a joint industry/government sponsored reinsurance fund owned by the UK insurance industry that has been designed to ensure flood insurance is both available and affordable for the 350,000 properties most at risk of flooding in the UK.
There are two costs associated with Flood Re, a ceding premium which is charged on those risks submitted to the pool and a levy which is a compulsory contribution made by all UK household insurers. This compulsory contribution, along with the recent IPT change out of the Budget are increases beyond our control and as such, will be passed onto customers. This equates to an average Flood Re levy of 3.6% for Hiscox customers however this will vary based on the proportion of buildings, contents and fine art under the policy. Hiscox are committed to stable pricing and as you’ll be aware we have made no wholesale changes to our rates for the past five years.
Please read the factsheet and should you have any questions or comments, please do ask your Regional Underwriter.
Insurance Act 2015
24 March 2016 Broker email
On the 12th August 2016 the Insurance Act will come into force bringing about the biggest change to English insurance contract law in more than 100 years. These changes apply to all ‘non consumer’ insurance contracts. Reform has come about to not only modernise the current law but also with the intention of:
- ensuring better exchange of information between insurer and insured
- reducing the number of disputes, saving legal costs and avoiding 'disruption for both insurer and insured'
- reducing the number of claims rejected
- increasing confidence within the insurance sector.
Read the full email
Hiscox are proud to support The Patron’s Lunch
01 February 2016
You may have seen in the news that the Queen will be inviting 10,000 people to celebrate her 90th birthday next year, at the biggest sit down lunch the country has ever seen, on The Mall in London. I am delighted to tell you that Hiscox has been chosen to be the official insurer of the event.
Taking place on Sunday 12th June 2016, the street party is designed to celebrate The Queen’s patronage of over 600 charities and organisations on the occasion of her 90th birthday. It will be a fabulous climax to a weekend of celebrations, starting with a Service of Thanksgiving at St Paul’s Cathedral on the Friday, the Trooping the Colour on Saturday and culminating in The Patron’s Lunch on the Sunday.
The street party itself is a huge undertaking. Joining the 10,000 people on The Mall will be Her Majesty The Queen, The Duke of Edinburgh, The Duke of Cambridge and Prince Harry as well as other members of the Royal Family. Everyone will be able to enjoy the festivities from large screens situated in Green Park and St James’s Park, and it is expected that street parties will be held throughout the country to coincide with the official event.
You can imagine the complexity of putting together the insurance for an event like this, but our long history of insuring complex and unusual risks, high profile events, and irreplaceable items of national importance mean we are well placed to be involved in what is sure to be a memorable day. We will be working closely with Palace officials, the event organisers, event partners and other suppliers on planning and risk management to ensure the event is a fitting success on such an occasion.
We’ll share more on this in the months that follow, along with ways you can get involved, but in the meantime you can find out more at www.ThePatronsLunch.com.
We hope this example of our expertise in insuring events, whatever their size or complexity, will help you sell Hiscox when your clients approach you with their own insurance needs. You can view our Hiscox Event Insurance policy documents and sales literature here.
Hiscox appoints new Head of Media for UK and Ireland
30 July 2015
Specialist global insurer Hiscox has announced the appointment of James Brady as its new Head of Media for UK and Ireland.
James has worked at Hiscox since 2007 and held a number of different roles across the UK business. Having initially worked as an Art and Private Client underwriter, both in Glasgow and London, he went on to specialise in Technology, Media and Telecoms before moving into a Senior Development Underwriter role in Manchester and, most recently, a Regional Manager role in Maidenhead.
Based in London and reporting to Group Head of Hiscox Media, Entertainment and Events, Suzy Kemble, James will be instrumental in maintaining the team’s market-leading position – leveraging his breadth of skills, experience and regional relationships to drive profitable growth.
Suzy commented: “This year marks 20 years of media at Hiscox and over that time we have developed a market-leading proposition as well as a specialised media claims handling team which truly sets us apart. James has an important part to play in helping us build on that experience. His deep understanding of our UK business and our media book means he is well placed to drive forward this important line of business for us.”
Hiscox has been providing commercial insurance for the media sector since 1995, and now insures more than 9,000 businesses across the UK and Ireland – ranging from bloggers to some of the largest broadcasters in the world. It offers commercial policies that are specifically tailored for media companies, advertising, media buying, PR or graphic design agencies, publishers and broadcasters and is able to provide professional indemnity, specialist media combined, cyber and data, personal accident, Director’s and Officer’s, event cancellation and crisis containment cover. Hiscox is also able to offer market-leading contingency based coverages such as advertising agent’s indemnity, commercial producer’s indemnity and death and disgrace.
Travelling to Tunisia: information for Hiscox 606 clients with travel cover
01 July 2015
Last week’s tragic events in Tunisia, and the ongoing uncertainty over the security situation, have been well documented over the last few days. We recognise that as a result, some travellers may have concerns over travelling there in the immediate future.
Whilst disinclination to travel is not usually covered by our travel policy or travel policies in general, we will take a special stance on this occasion.
Therefore, if any of your clients have Hiscox 606 Home Insurance with travel cover, and have already booked a holiday to Tunisia during 2015 which they decide to cancel or curtail, we will cover the cancellation or curtailment costs if a refund, credit or suitable alternative is not provided by their travel agent, airline or hotel.
If you have a client who has decided not to travel to Tunisia or would like further assistance, please contact our travel helpline. Our contact details are:
0800 711 7120 or 020 7902 7120 if calling from a mobile or overseas
01 238 1842
Travel security advice
Hiscox policyholders also have 24-hour access to travel security advice from specialist firm Control Risks, who can be contacted on: 020 7448 6032 (for clients in the UK) or 01 238 1840 (for clients in Ireland).
Changing media landscape: discover more at Hiscox webinar series
16 June 2015
Starting at the end of June, Hiscox will be hosting a series of webinars looking at the marketing, advertising and communications sector. The webinars will give brokers an overview of the opportunity, the range of products we can offer businesses in the sector, and explain how we can help them to preserve their relationship with their end client if something goes wrong.
Please click on the title of the webinar to register.
Professional indemnity insurance for the marketing, advertising and communications sector
Suzanne Kemble, Head of Global Media, Entertainment and Events
Date and time: 24 June, 9.30 - 10.00
In this introductory session, Suzanne Kemble will discuss the types of business in this vibrant and dynamic sector, the exposures they face – and common claim scenarios. In addition, she will look at the pressure points for businesses in the sector, discussing why they may be reluctant to purchase insurance and how we can help to educate them on the risks they face.
Beyond PI: what other risks do media businesses face?
Suzanne Kemble, Head of Global Media, Entertainment and Events
Joe Brown, Commercial Lines Underwriting
Manager Matthew Webb, Head of Technology, Cyber & Data
Robin Walsh, Head of UK and International Entertainment
Date and time: 1 July, 9.30 - 10.00
Marketing, advertising and communications businesses face a broad range of risks which may require specialist cover. This webinar will explore the risks beyond professional indemnity, with a particular focus on:
- property and liability
- cyber and data
- contingency covers needed by agencies producing video for their clients.
All about media PI claims: putting it right when things go wrong
James Webster, Claims Underwriter for Technology and Media
Date and time: 8 July, 9.30 - 10.00
In this webinar we will run through a number of interesting claims Hiscox has managed, demonstrating the wide range of risks businesses in the sector can face - whether they're an SME or global advertising agency - and how Hiscox can help to put things right.
What will the home of the future look like?
08 June 2015
The Hiscox Home of the Future Report 2015, commissioned to mark the 25th anniversary of 606 Home Insurance, shines a light on how people will live in the future and shows that although homes will look much the same as how they look now, their functionality and capabilities will change dramatically.
As well as highlighting the transformative role of technology and the growing importance of sustainability and wellbeing, key findings include:
- Dual and tri-hub homes on the rise – more generations living under one roof
- Renaissance of the pre-fab – next-generation pre-fabricated homes will be well-engineered, factory built homes that improve affordability and help relieve housing shortages
- Growth of energy-positive communities that will generate both power and profit
- Evolution of the bathroom as it becomes the nerve centre for health monitoring and wellbeing
- Move towards ‘accidental minimalism’ as even more of what we own becomes virtual
Download the report now to find out what the the next 10 years in the home will look and feel like for people in the UK, France and Germany – and what this could mean for you and your clients.
Sunday Times Hiscox Tech Track 100 – nominate your clients now
In 2015 we will be continuing our long-term sponsorship of the Sunday Times Hiscox Tech Track 100, a league table ranking the UK’s fastest growing technology companies. This year’s league table will be published in September.
Are you working with growing technology businesses who you think have potential to become market-leading? Encourage them to apply before 3 July 2015 to be considered. A typical Tech Track 100 company:
- is generally owned and run by entrepreneurs
- has between 20 and 200 staff
- has average 3 year sales growth ranging from 40% pa to 280% pa
- has sales ranging from £5m - £50m
Find out more about The Sunday Times Hiscox Tech Track 100 or how to nominate your clients at http://www.fasttrack.co.uk/fasttrack/nomination/techNominatelhm.html
New appetite guides out now
The Hiscox Professions & Specialty Commercial team have recently released new appetite guides for key products including Emerging Professional Indemnity, Technology and Media. These aim to give our brokers a simplified and clear indication of the business types that are within our core appetite and those we will consider.
The guides are available to download now >
Stay up-to-date on topics relevant to your technology clients
The Hiscox small business blog has been providing useful, engaging content across a range of topics for more than five years and is now accessed by 16,500 small businesses every month. The blog has recently been redesigned, making it easier to find articles which may be relevant to you and your technology clients. You can find a range of resources - from guidance on the most common IT insurance claims that can help you bring the risks to life for your clients, to case studies from cutting-edge firms and opinion from industry experts.
Improvements to our motor claims service
30 March 2015
At Hiscox, we are proud of our award-winning* claims service and are constantly working to improve it. Our motor account is growing and to ensure that we continue to deliver the best service to you and your clients, we have taken a fresh look at our motor claims service.
Following a detailed review, we are delighted to announce that we are partnering with WNS Assistance to manage our claims from first notification to final settlement. They are a market leader in motor claims management with a wealth of experience in the UK, supported by cutting edge technology. This means a larger, dedicated team will be working exclusively on all new Hiscox motor claims from April 13th 2015, focused on enhancing the customer experience throughout the claims process.
All of our motor claims telephone numbers, including for first notification of loss (0845 213 8898 or 01206 773 898 if calling from a mobile or overseas), remain unchanged. From 13th April the email address for notification of claims will change to firstname.lastname@example.org.
We will continue to work with many of our existing claims partners, with motor specialist BLM taking the lead as our preferred law firm for the motor account.
*Outstanding Insurer Claims Team of the Year Insurance Times Claims Excellence Awards 2013
Personal Lines Claims Team of the Year 2013 Post Magazine Claims Awards
Building on the past, creating the future
23 March 2015
Tailored to customer requirements, schemes can offer a means to future-proof your business in a changing landscape. They also present an excellent platform to provide true and bespoke value to clients. Hiscox will be hosting a series of seminars throughout 2015, looking at the lifecycle of a scheme – from launching a new scheme to optimising performance at every stage. How are data and digital changing the consumer marketplace, and how can we utilise this to develop our schemes? What are the key challenges in a rapidly changing environment? What lessons can be learned from the most successful and innovative schemes in the market? To find out more or book a place, please visit hiscoxbroker.co.uk/schemesroadshow
How to predict trends in your industry
16 March 2015
Bernard Marr, business author and consultant in strategic performance shares his insight into the challenges of predicting trends and which path to take in your sector. It’s not all about gut feel which he says is basically a guessing game. His advice is to rely on the numbers to take you in the right direction.
Read it here >
Hiscox awarded ServiceMark
9 March 2015
Hiscox has long recognised the importance of delivering superb service to our brokers and their clients, so in December 2014 we were proud to receive accreditation by the Institute of Customer Service. The Institute of Customer Service’s ServiceMark is based on customer satisfaction and an assessment of employee engagement with an organisation's customer service strategy. In their report the Institute of Customer Service said that Hiscox’s ‘quality of service [was] apparent throughout’ and that Hiscox ‘embraced change and looked for improvement in order to differentiate itself from its competitors’. Only a handful of businesses have received the ServiceMark, which demonstrates our commitment to delivering great service at every level.
Perseverance stories: the reward of not giving up
9 February 2015
Hiscox head of UK brand Tracy Waxman looks at how determination can bring huge rewards. She breaks down the steps to achieving your goals however challenging they may seem at first. It is especially daunting for small businesses that have clear goals but don’t necessarily know how to move forward.
Read it here >