Win a Kindle at Bench-to-Boardroom 2012
Join us at Bench-to-Boardroom 2012 and win a Kindle
Tuesday 6th March at the Newmarket Racecourse
Hanna Beaumont and Elaine Redington of our Science & Technology division will be at the exhibition to answer any insurance related questions. You can also enter into our Kindle prize draw, visit us at stand 3 and leave your business card behind!
Bench-to-Boardroom is organised by One Nucleus, it’s a 1 day event including an exhibition, leading industry speakers, workshops and technology showcases.
Do you work within the life science, healthcare or technology industry?
Then it’s definitely worth a visit.
Free Exhibition Pass – don’t forget to quote ‘La Playa’ when registering online
Click here for more information and directions >>
You can find us at stand 3 
Protect the Fruits of Your Invention!
Sci-tech broker La Playa comes to the aid of vulnerable R&D labs with the launch of Lab Portfolio™, a flexible, modular insurance policy designed for start-up, early stage and SME research and development businesses. An R&D Insurance Checklist is included.
60% of businesses in the UK are inadequately insured. 70% either won’t reopen or will fail within 3 years of a serious fire*. And laboratories are especially vulnerable to disruption and catastrophe.
*Statistics from the Office of the Deputy Prime Minister.
R&D firms face risks that are markedly different from other sectors – how do you replace the years of blood, sweat and tears invested in a tiny phial of serum destroyed in a freezer power-out, for example? How do you protect your bottom line so that funding isn’t jeopardised by unforeseen interruptions to R&D activity? Commercial insurance polices generally fail to address these unusual risk elements, so specialist advice and insurance is a must for any lab or research enterprise. R&D insurance hasn’t until now been widely available for smaller businesses – and solutions that do exist usually require accreditation.
La Playa now offers a practical, modular insurance solution with Lab Portfolio™ that starts with Employers’ and Public Liabilities and builds in other covers only when needed as the enterprise grows, saving money for early stage businesses. Lab Portfolio™ is exclusive to La Playa and supported by Catlin, the global specialty insurance group. Uniquely, Lab Portfolio™ is underwritten in-house by La Playa’s expert team of life science specialists.
So what risks do labs face?
Alongside the usual business liabilities and risks to property and equipment, labs operating in areas like Biotechnology, Contract Research, Medical Device Development, Micro & Nano Engineering, Environmental Testing and Toxicology face a range of unusual risks; an interruption to R&D operations, a disruption in the supply chain or a freezer breakdown in the lab can involve extra expense. The financial impact of replacing and reworking materials, relocation and downtime can be enormous. Labs may also be exposed professionally – what if a client is unhappy with the work done, and threatens with a lawsuit? How do R&D firms plan for disaster and how do they keep ahead of the minefield of Health & Safety legislation?
Here’s our Insurance Checklist for R&D management teams – you may not need all of these, but consider your risks in each area:
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Employers’ Liability: covers your liability to employees for injury or illness arising from their work.
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Public and Products Liability: protecting your business against allegations of negligence resulting in third party injury or property damage.
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Professional Liability: dealing with allegations of negligence or poor performance in your services.
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Property: protecting your physical assets including buildings, improvements (such as lab fit-outs), office & lab machinery & equipment, computers & data, stock, documents, lab books, prototypes and R&D materials – even mobile equipment and insurance for international cargo shipments.
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Business Interruption: protecting your income streams when there’s an unexpected interruption to business operations (such as accidental damage, fire, flood, power-outage or terrorist event)
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Stock Deterioration: critical protection for loss arising from malfunction or loss of power to fridges or freezers.
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Terrorism Insurance: protects against loss or damage resulting from acts of terrorism or the ideologically motivated.
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Professional Indemnity
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Clinical Trials
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Directors’ & Officers’ liability
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Loss Recovery insurance
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Intellectual Property Insurance
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Medical Malpractice
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Travel insurance for business trips
Lab Portfolio™ provides a simple solution for complex problems – available online for quotes and cover within a day. Premiums start at £750 (plus tax) and added benefits include:
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“Office in a Box” Disaster Recovery programme built-in Simple online tools to calculate the values of R&D materials
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Access to discounted online
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Health & Safety assessment services
“Lab Portfolio™ helps to protect the fruits of your invention with sensible levels of cover at reasonable prices,” says La Playa’s Matthew Clark, Director, Science & Technology. “And by building in covers as and when you need them, you only pay for the insurance you need, when you need it”.
More information and online application are available here
Or get in touch with Hanna Beaumont, Senior Account Executive, Science & Technology:
E: hanna.beaumont@laplayainsurance.com
T: 01223 200664
Follow Hanna on Twitter or Download the Lab Portfolio™ Application
London Olympics 2012
2012 is set to be an exciting year for the arts in the UK with the Queen’s Diamond Jubilee and the London 2012 Olympic Games and London 2012 Festival, the culmination of the largest ever Cultural Olympiad. Due to the size of these events organisers are approaching many different arts practioners across the country to create a spectacular and memorable event.
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Many of our clients are being contracted to provide different aspects of the games, from event management through to the delivery of very specific projects. We’ve been working closely with them to provide the best protection possible, and have devised a checklist which will help you navigate your way through the contractual obligations.
You’ll probably have to enter into a contract for services with either the Olympic Delivery Authority (ODA) or one of their approved sub-contractors. We strongly advise that you take the time to review the contracts you will be asked to sign with regards to your insurance policy. It’s possible that the contract may require you to accept liability risks which may be beyond that provided under your normal insurance arrangements.
Consider the following:-
- Check that you have all the relevant insurance cover in place that is demanded by the contract. This may include property damage, employers’ liability, public/products liability and professional indemnity.
- Make sure that the business description under your insurance policy is adequate for the work you are undertaking.
- The contract may require that your employers’ and public/products liability policies contain an indemnity to principal clause and you will need to check that they do. The purpose of this clause is that the benefits of the insurance policy apply jointly to the insured and the principal, and the insurers will indemnify the principal for claims arising out of work done by the insured.
- You may be asked to agree to a subrogation waiver clause, which means that your insurers agree not to pursue their rights of recovery against the other parties to the contract.
Sometimes a valid employers’ or public/products liability claim may be brought against you which is actually the result of the negligence of one of the other parties to the contract, normally insurers can seek to recover their settlement costs from the negligent party. By agreeing to this clause insurers can no longer do this and therefore agree to bear the cost of the claim which will also go on your claims experience. Not all insurers will be happy to agree to this so you’ll need to check with them via your insurance broker, at the very least they may require this waiver to be reciprocal by the other contracting parties. - Check whether the other parties to the contract remain responsible for their own negligence. If the contract has a blanket subrogation waiver, ask whether it can be altered so that the other parties remain liable for claims arising out of their own negligence.
- You may be asked to put the policy in joint names with ODA and/or other parties, which will need to be agreed with your insurer. Give careful consideration to the agreement as it’ll mean that, in the event of a claim the policy will not respond to any claims made by these other named parties, you cannot bring a claim against the insured under a policy they are named on. This is particularly relevant under Professional Indemnity insurance where claims are likely to arise from the other contracting parties.
- Are you sub-contracting anyone? We recommend that you check that they’ve their own insurance in place and that it matches the limits you have in place yourself. In fact this may already be a condition of your own insurance policy. It is also worth noting that your own insurers may be unlikely to waive their rights of subrogation against them.
When in doubt regarding the implications of such clauses, it’s always worth checking with your insurance broker to make sure that your insurance arrangements are adequate for such contracts and will respond to any claims that arise. Some clauses may extend the coverage beyond that which you have in place, which in the event of a claim may leave you uninsured. Please note that your insurance brokers can only provide advice in respect of the insurance implications of these clauses, for some of the clauses legal advice may be required.
Please do get in touch if you have any questions or for more advice.
Tracey McCreath, Director Media, Arts & Entertainment
T: 01223 200655
E: tracey.mccreath@laplayainsurance.com
W: laplayainsurance.com
Mike Taylor-West joins La Playa as Head of Private Client & Marine, London as the company heads into the wind with a new specialist provision for yachts and pleasure craft.
La Playa is on a growth curve and is seeking to offer increasingly specialist advice and cover for its high net worth clientele. A seasoned sailor himself, Mike has over 17 years’ experience in Private Client and Marine insurance at Pantaenius, Chubb Masterpiece and Savills Insurance Services. He will operate from London, the home of global marine insurance.
With Mike on board, La Playa will access the world’s leading insurance markets, including Lloyds of London, for yacht, motor yacht and superyacht underwriters. Mike explains; “A number of insurance intermediaries exist for specialist yacht insurance but few provide the genuine capacity for personalised and expert relationships across their clients’ whole insurance portfolio – properties, valuables, cars and yachts. And as well as insuring the craft as an asset, we can help with chartering, UK crew Employer Liability and crew medical needs.”
Clients with marine assets can choose between a standalone and portfolio approach to their insurance. A portfolio solution means just one set of paperwork and one renewal date for their home, car and yacht policies – a significant saving on time and administration. Matthew Mullee, Director of La Playa Private Clients, says: “This is an exciting addition to the La Playa skill set – and clients love to work with someone who understands their lifestyle and shares their passions.”
La Playa is a small broker with big ideas: “We’re hungry – we want to quadruple in size by 2015 so 2011 has been a year of bold strategic moves for us. Our great challenges are finding high calibre people for our specialist practice groups, and preserving our culture of quality, fun, panache, “can do” and social responsibility as we grow”, says CEO Mark Boon.
With the Scottish highlands already covered in snow and winter weather drifting across the country, now seems like a good time to prepare your home for whatever the winter may bring. We’ve put together a handy checklist to help you enjoy a safe and damage-free winter.
Preventative Measures Checklist
Many common claims and mishaps can be prevented and avoided by making sure you carry out some straightforward home maintenance:
- Make sure that chimneys are checked and swept prior to lighting your first fire. All chimneys should be checked at least once a year to prevent chimney fires.
- Check your heating unit is functioning properly - whatever your heating system.
- Autumn leaves can cause significant problems: make sure they’re cleared from rain gutters at least twice a year to avoid water backup. If gutter drainpipes are clogged, flush debris out of them with a hose.
- Any loose slates or tiles on the roof should be replaced.
- Any loose ridge and hip tiles should be re-bedded.
- Flat roof coverings should be inspected for blisters, bubbles or moss as these are the first signs that water has got into the structure.
- Check that all external lights are in good working order. This will not only create a well maintained look and ambience around the home but will also help with security.
- In case of an emergency, all adults in the household, including staff, should know the location of the following:
- The stopcock (in older properties this may be an external stopcock which may require a key to turn off.) 1 in 7 homeowners doesn’t know where this is, and 1 in 3 under the age of 35 doesn’t know.
- Heating fuel main shutoff.
- Gas mains main electrical fuse/breaker box.
Most insurers have a 24hr home emergency cover for domestic emergencies. Coverage varies from policy to policy, but the excess wouldn’t apply if it fell under what was considered by the insurer to be an emergency.
Storm Damage
Storm damage is more likely to occur during winter months. Research has shown that there has been a 68% rise in storm-related home insurance claims in the last 12 months.
- Put away any garden furniture that could cause damage in high winds.
- Remove any loose branches from trees and secure any loose fencing.
- Install a lightning conductor if you live in a large building or particularly exposed area.
Burst Pipes
One major cause of home insurance claims is burst pipes. This occurs when water freezes, expands and then escapes, causing major disruption and damage. In the winter of 2009, burst pipes accounted for nearly £1 billion in insurance claims, with individual claims as high as £100,000. The average claim for a burst pipe last winter was £15,000. The following checklist will help avoid water damage from burst pipes. Even if you have your heating and hot water on constantly, you’re still vulnerable to frozen or burst pipes, so it’s worth:
- Insulating pipes, water tanks and cisterns, especially in unheated areas like lofts, outbuildings and under floor spaces.
- Test taps and fix any dripping taps as even a small trickle can quickly freeze and lead to a blocked pipe.
- During cold snaps you should consider having the heating on 24hrs a day.
- Leaving the central heating on low if you are going away, or turning the water supply off at the stopcock.
If you discover a frozen pipe:
- Turn off the water supply at the main stop tap, and turn off the stopcock in your cold water tank if you have one – it’s usually found in the loft.
- Protect everything around the pipe that appears to be frozen to avoid damage if it bursts.
- Gently warm the frozen pipe with a hairdryer or hot water bottle.
- Open the tap closest to the frozen pipe, and begin thawing the pipe from the tap side of the frozen area.
- If a pipe or tank should actually burst, turn off the water at the main stopcock immediately and switch off all central heating and other water heating installations.
- Let water in the system drain out by turning on all the taps and then call in a professional plumber to make the repairs. Most water companies operate approved plumber schemes if you don’t have a regular plumber.
Read more on water damage from floods or leaks in our Home & Dry Datasheet >>
Why not check out our Newsletter article on the Latest Leak Detection Technology! >>
Please do get in touch if you have any questions or for more advice.
Gareth Cotton, Private Client Account Executive.
E: gareth.cotton@laplayainsurance.com or T: 01223 200665
La Playa Private Clients: Insurance with Intelligence
Public Relations: Mistooks happen
Typos and misinterpreted information are everyday occurrences – but how would such mistakes affect your company’s reputation?
Competing to be first with news coverage is tough – and this increases the risks for Public Relations Practitioners as they strive to be ever more imaginative in their creative news hooks. Sign-off issues are one of the main triggers for Professional Indemnity insurance claims from PRs in the UK.
Insurers regularly receive insurance claims from PRs who have inadvertently sent out press releases with mistakes, or a day early, risking not only the client’s displeasure but also possible action from the client’s regulator and/or trade body.
Despite everyone’s best intentions, mistakes do happen. When they do, a PR agency can be left facing both the wrath of their client and potential financial liabilities from legal action, compensation claims, or refusal to pay fees.
Commissioned research is obviously at the core of many campaigns as PR professionals look to get their client’s name out there. When you release an article announcing a new trend based on findings, your research had better be water-tight as your client’s reputation is at risk. What if the sample size is too small or a journalist starts questioning the research methodology? You risk losing credibility and your client could have their own expertise undermined.
The explosion of social media has opened up a whole new area of risk. Many companies have started to outsource their Twitter feeds, Facebook pages and blogs which, in turn, can mean a greater risk of unintentional defamation or inaccuracy. The sign-off processes and procedures for these communication channels shouldn’t be any less rigorous than for a traditional press release. However, the sheer volume of output inevitably raises the potential for accidents.
Even when a PR agency has jumped through all the right sign-off hoops, things can still go wrong for both online and offline content. Strict record-keeping is a must to prevent PR agencies being dragged into litigation. This is still possible even if a client has signed off a document, so it’s essential that the paper trail of records is comprehensive, accurate and retained. It’s critical that PR professionals take time to review their own procedures and ensure a good level of risk management.
A recommended checklist of actions includes:
- Make sure the final sign-offs for all documentation have been received from the client.
- Keep good records of all your conversations and correspondence so you can produce a paper trail. For example, follow up a phone call or meeting with a summary by email.
- Review your own internal procedures for version control.
- Make sure you have the right insurance: Professional Indemnity Insurance protects you if a client accuses you of negligence or, perhaps more likely, breach of contract.
Aside from the obvious pitfalls when it comes to sign-off, it’s important to realise that press releases can lead to defamation claims if they’re not appropriately worded or are misinterpreted. For example, the daughter of Chris de Burgh, model Rosanna Davison, recently sued Ryanair after their press release, according to the model, portrayed her as racist, xenophobic, jealous and narrow-minded. In May this year she was awarded £70,000 in damages.
As a PR practitioner you’re in the business of reputations – and your own is key. If you’re unfortunate enough to suffer a claim against you or your agency, or expect to receive a complaint, get your broker involved at the earliest opportunity. In many cases a compromise can be reached on legal actions before solicitors are engaged. Not only will early action help prevent an escalation of legal costs, it may well save your reputation and future relationships.
Laura Wellstead
Head of Business Development, Media, Arts & Entertainment.
Reinstatement value refers to the value of reconstructing your home, including all of its features, using materials which are as similar as possible to what’s currently in place.
Establishing an accurate reinstatement value is incredibly important as any miscalculation can lead to a claim settlement which will not fully pay for the rebuilding of your property. If your property is listed and your building is under-insured this could lead to you personally being liable to fund the difference. Wouldn’t you prefer to spend the extra amount to insure to the correct value rather than potentially having to find hundreds of thousands of pounds to pay the difference?
I frequently find myself explaining why it’s so important to insure with a company who truly understands period and grade listed properties. When it comes to period properties, repair and restoration costs are likely to be higher than for modern homes. Unique building materials such as wattle and daub, intricate cornicing and feature fireplaces will all require specialist craftsman to reinstate them. Many insurers will insist on using their own contractors to carry out the work which will potentially lead to more problems as those individuals won’t have the necessary skills to do the job. Under all of the contracts we administer you can source a suitable tradesperson to carry out the work and this is a key feature of these types of policies.
Finding the correct reinstatement value is a complex affair. Type and quality of materials used, the properties accessibility, age, listed status, along with external measurements of the property are all taken into consideration. In addition to the cost of the materials, valuations also need to take into account fees to employ architects and various contractors. That’s why plucking a figure from thin air isn’t advisable or even using non-specialist surveyors as the figures they place on properties can be markedly different than their specialist counterparts.
A lot of the time people ask ‘Why can’t we insure for the market value?’ . The market value of a property can be influenced by factors such as the properties’ location, surrounding landscape and its proximity to key services such as schools and shops. It’s also worth bearing in mind that the market value of a property in certain areas, such as a city centre, may be much higher than the actual rebuild cost. Getting the correct rebuild cost from the outset can save you money!
The cost of having surveys done can vary. If your rebuild cost is over £1,000,000 then usually the insurer will conduct an appraisal free of charge as part of the contract. We can also arrange surveys on your behalf through our specialist contacts these include both desktop valuations and full appraisals.
Please do get in touch if you have any questions or for more advice.
Gareth Cotton, Private Client Account Executive.
E: gareth.cotton@laplayainsurance.com or
T: 01223 200665
Ultimate repositioning
I saw a great piece of repositioning yesterday in the pharmacy:
A plain coloured cylinder of air-freshener was being sold as a “flameless candle”! So much more romantic, and so much more expensive than a “mere” air freshener, don’t you think?
Big is a Business Issue
So I was at a party at MOMA the other week, and I was interested to hear how the obesity issue is starting to affect business. The client of the person I met was seeking investment for a great business idea – but was “beyond obese”. That made the investment more than a little risky as its brain-father could have heart problems kicking in any minute - this was clear for all to see. Therefore he had to take out a significant insurance policy to protect his investors - just interesting to see how “supersize” is spreading into all areas…
Treasure Your Treasures
“Over the last 2 years we’ve seen a rise of up to 12% in jewellery values”, says La Playa’s Private Client Account Executive, Gareth Cotton. “A quick review could save you thousands on an inadequate claim settlement.”
Top Tips for protecting your jewellery:
1. Get regular valuations
As you may be aware, jewellery prices have rocketed over the past few years. Silver, for example, is back up to its 1980s value. Whatever the reasons behind these rises, one fact remains: the importance of insuring adequately with an insurer who understands the changing values of the various classes.
Unfortunately insurers can’t indemnify you or even quantify the sentimental value that these items may hold, but a good policy will allow you to choose a cash settlement if you opt not to replace lost pieces.
2. Buy a specialist “high net worth” insurance policy
Your jewellery may not be as safe as you think. If you took the “easy” option and bought home insurance from your mortgage lender or a high street insurer, and you own antique or designer jewellery, it may be time to upgrade to a specialist policy. Make sure your home insurance allows you to enjoy your jewellery in your everyday life – rather than keeping it under lock and key. Conversely, if you only wear a small proportion of your collection, make sure your premium reflects this: it should cost less to insure.
A small number of insurers provide specialist policies for discerning homeowners, which offer:
- Lower rates: with individual risk assessments, the insurer gets a more accurate picture and you don’t pay for others’ carelessness.
- No restrictive small print: jewellery on your dressing table may be uninsured on a standard home policy – many carry small print clauses that nullify the cover for jewellery not being worn or in a safe.
- Choice of jeweller for repair/replacement – would vouchers for a high-street outlet really replace your precious pieces? Some insurers insist you use their supplier to keep their costs down.
- Valuation advice: gold and gem prices change with fashion and trends – without good advice you could be paying too much or be under-insured. After a theft, the last thing you need is a tussle over the value of each lost piece.
- Extra covers: if you lose one ear-ring the insurer will replace both. And the insurer pays the pre-agreed value regardless of subsequent wear and tear or depreciation.
- Cash claims settlement: valuable pieces cannot easily be replaced – or it may take time. Specialist policies pay out claims in cash, so you can choose whether/how to replace.
3. Take good care of your jewellery
- Storage: to prevent scratching, store jewellery in a box. Diamonds in particular may scratch other items, and pearls scratch easily and are best stored separately.
- Cleaning: a regular soak in warm soapy water is usually best. Use a soft natural-bristle brush for cleaning open-set jewellery, but never wash pearls, opals or turquoises which are porous and susceptible to scratching. Don’t clean gold with abrasive powders – use proprietary dips. Foil-set stones (i.e. with enclosed backs) should not be dipped.
- Day-to-day: keep jewellery away from unsuitable materials such as household cleaners which can damage the surface and clog up the back of rings, dulling the “patina” and shine.
- Going out: put jewellery on last. Perfumes and sprays leave a film on the surface, which may dull the sparkle.
- Maintenance: day-to-day wear and tear can loosen settings – have settings checked every 12 months.
- Security: have your jewellery invisibly marked and registered on a database (e.g. E-register or Identidot). This will help police recovery and speed up insurance claims. Take a digital photograph of higher value pieces.
If your insurance doesn’t pay out when you make a claim, it’s simply money down the drain!
For more advice, contact Gareth Cotton, Private Client Account Executive.
E: gareth.cotton@laplayainsurance.com or T: 01223 200665
or Matthew Mullee, Private Client Director.
E: matthew.mullee@laplayainsurance.com or T: 01223 200652
