FINANCIAL LINES

FINANCIAL LINES ESSENTIAL | EXPERT | PROTECTION

FINANCIAL LINES

WHY ZURICH FOR FINANCIAL LINES APPETITE COVER KEY RISKS

Zurich Financial Lines is a major provider of Professional Indemnity and Directors and Officers insurance for a wide range of professions boasting some of the most knowledgeable and approachable underwriters in the business, based in our Zurich Professional & Financial Lines teams across the UK.

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WHY ZURICH FOR FINANCIAL LINES

FINANCIAL LINES

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WHY ZURICH FOR FINANCIAL LINES Essential, expert cover for today’s professionals Zurich’s wide variety of Financial Lines cover across Professional Indemnity and Directors and Officers insurance, consistent pricing and local expertise creates more opportunity for brokers.

LOCAL UNDERWRITING Zurich boasts some of the most knowledgeable and approachable underwriters in the business, based in our Zurich Professional & Financial Lines teams across the UK. Zurich’s exceptional, knowledgeable underwriting expertise in this sector allows us to write for a wide range of companies. That’s why we’re Top 2 in the market by premiums, with global and local PI products.

CLAIMS EXPERTISE Our in-house claims team is staffed by highly experienced solicitors and insurance personnel who understand your business and make sure your claim is resolved effectively and efficiently. We offer a claims team who not only understand the legal issues but also the realities of commercial and professional practice

CONSISTENT COMMITMENT We build relationships with brokers and clients so our dedicated underwriters can offer consistent pricing and approach – we are committed to this sector.

NEXT: WHY

ZURICH FOR PROFESSIONAL INDEMNITY

WHY ZURICH FOR PROFESSIONAL INDEMNITY

FINANCIAL LINES

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WHY ZURICH FOR PROFESSIONAL INDEMNITY Professional Indemnity Expertise Zurich Financial Lines is a major provider of Professional Indemnity insurance for a wide range of professions. Our expertise and experience of Professional Indemnity insurance means we can offer you competitive premiums backed by excellent service from a team of dedicated professionals.

As a provider of professional services, you could be vulnerable to allegations of negligence or failing in your professional duties. Our range of insurance covers can give you peace of mind that your professional services are fully covered.

NEXT: WHY

ZURICH FOR DIRECTORS AND OFFICERS (D&O)

WHY ZURICH FOR DIRECTORS AND OFFICERS (D&O)

FINANCIAL LINES

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WHY ZURICH FOR DIRECTORS AND OFFICERS (D&O) Market leading D&O wording In an increasingly litigious society, it’s even tougher at the top. Brokers must now offer D&O cover to give their customers a wide safety net. Our D&O cover is straight-forward, market leading wording, with over US$450m written globally, it’s easy to underwrite and cheaper than you’d think.

LONG TERM D&O PROVIDER Zurich is market-leading and AA- rated, with a reputation for financial strength and stability. For brokers, this means we can offer continuity for pricing and a long-term D&O provider.

D&O QUOTES IN 60 SECONDS Exceptional D&O coverage is now available on ZTrade, our brand new trading system. ZTrade is designed to make trading SME business faster, easier and more flexible for you. It’s quick to get an indicative quote in just 60 seconds. REGISTER HERE

WHAT YOUR CUSTOMERS NEED TO KNOW ABOUT D&O 1) All directors and officers are open to claims. D&O is not just for those running public limited companies or in very large private businesses. 2) Directors are not covered by their limited status. Shareholder liability is limited but directors and officers is not, even if they are both. Their liability includes their homes, cash and pensions - even their liberty. 3) D&O with Zurich can cost as little as an additional £100, paid by the company. A lot cheaper than a claim. 4) Zurich D&O cover is written by expert underwriters who have hugely simplified the process in recent years 5) Not all companies will pay defence costs in the event of a claim against a director. As D&O is now a mass market cover, brokers who don’t raise it may expose their own PI policy to future claims.

NEXT: APPETITE

APPETITE

FINANCIAL LINES

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APPETITE For businesses with fees or turnover between £500,000 and £300m, we have a broad appetite to write Professional Indemnity cover for accountants, advertising and marketing, architects, design and construct, engineers, general professionals, surveyors and technology companies. Zurich has a broad appetite in terms of cover for writing almost any D&O cover and will consider most types of business offering wide cover in most cases. Speak to your local Zurich Financial Lines contact about D&O covers available. For more information on our SME Appetite for PI & D&O click the button below. MORE INFORMATION

PROFESSIONAL INDEMNITY

DIRECTORS & OFFICERS (D&O)

PROFESSIONAL INDEMNITY

FINANCIAL LINES

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PROFESSIONAL INDEMNITY From medium-sized companies operating solely in the UK to large multinationals, we are looking for companies which would value the financial benefits of transferring their risk to a fair, consistent and financially secure insurer. For businesses with fees or turnover between £500,000 and £300m, we have a broad appetite to write Professional Indemnity cover for the following professions:

• • • • •

Accountants Advertising, Marketing and Public Relations Architects and Engineers (Civil Liability)

• • • • •

General Professions (Civil Liability) Excess Professional Indemnity Combined Liability- Technology and Communications Technology and Communications Solicitors

For more information on our SME Appetite for PI click here: MORE INFORMATION

Chartered Surveyors Design and Construction

NEXT: DIRECTORS & OFFICERS

DIRECTORS & OFFICERS

FINANCIAL LINES

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DIRECTORS & OFFICERS (D&O) The reassurance of Directors and Officers liability insurance Zurich has a broad appetite for writing almost any D&O cover and will write almost any business. Zurich’s D&O policy is aimed at UK domiciled companies with turnover up to £300m, other than financial institutions and UK companies with shares traded on overseas exchanges. D&O cover is for any person who is a director or officer or an employee while acting in a managerial or supervisory capacity.

But, although it is the individual who is protected by D&O, policies are issued in the name of the business (Insured Company). Insured Companies can be:

• Ltd Co • PLC • LLP • Partnership • Charity/Association

NEXT: COVER

COVER

FINANCIAL LINES

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COVER

PERSONAL INDEMNITY

DIRECTORS & OFFICERS (D&O)

FINANCIAL LINES

PERSONAL INDEMNITY

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PERSONAL INDEMNITY (PI) Zurich’s PI policy is suitable for UK domiciled firms offering professional services with a fee income up to £300m cover is available on a civil liability or negligence basis including:

• Limits of indemnity of up to £10 million

• Infringement of intellectual property rights

• Libel and slander

• Replacing or restoring lost documents

• Loss of documents

• Compensation for court attendance

• Breach of confidentiality

• Innocent non-disclosure.

NEXT: ACCOUNTANTS

ACCOUNTANTS

FINANCIAL LINES

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ACCOUNTANTS PI is mandatory for most types of accountants so selecting the right provider is crucial. Zurich Financial Lines is committed to keeping premiums competitive and commensurate with risk low. so they only pay for the cover they need. We will consider most types of accountants and book keepers from the small to the large.

• Zurich Financial Lines is also able to offer a comprehensive range of options for your professional indemnity insurance, such as extended cover, aggregate levels of cover, range of excess level and Defence Reimbursement cover. POLICY BOOKLET

POLICY SUMMARY

SIGNIFICANT FEATURES AND BENEFITS • Our insurance cover complies with the minimum terms and conditions set out by the ICAEW/ICAS, ACCA, ATT, CIOT and AAT.

INSURANCE BROKERS As a provider of professional services, you could be vulnerable to allegations of negligence or failing in your professional duties. Our range of Professional Indemnity covers can give you peace of mind that your professional services are fully covered.

NEXT: ADVERTISING, MARKETING, PR CONSULTANTS

ADVERTISING, MARKETING, PR CONSULTANTS

FINANCIAL LINES

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ADVERTISING, MARKETING, PR CONSULTANTS Civil liability cover for incorrect professional advice or services provided by advertising agents, marketing and public relations consultants.

SIGNIFICANT FEATURES AND BENEFITS • Limits of indemnity up to £10 million any one claim • Civil Liability wording which includes: •

Breach of professional duty

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Libel and slander

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Breach of confidentiality

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Unintentional breach of copyright

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The consequence of any loss of or damage to business records

• Cover for media space and print time fees if you commit your client without the authority to do so POLICY BOOKLET

POLICY SUMMARY

NEXT: ARCHITECTS & ENGINEERS (CIVIL)

FINANCIAL LINES

ARCHITECTS & ENGINEERS (CIVIL)

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ARCHITECTS & ENGINEERS (CIVIL) Civil liability cover for incorrect professional advice or services provided by architects and engineers SIGNIFICANT FEATURES AND BENEFITS

SIGNIFICANT FEATURES AND BENEFITS

• Limits of indemnity up to £10 million any one claim

• Limits of indemnity up to £10 million any one claim

• Civil Liability wording which includes:

• Civil Liability wording which includes:

• Breach of professional duty

• Breach of professional duty

• Libel and slander

• Libel and slander

• Breach of confidentiality

• Breach of confidentiality

• Unintentional breach of copyright

• Unintentional breach of copyright

• The consequence of any loss of or damage to business records.

• Cover for claims made against you arising from dishonest, fraudulent, criminal or malicious acts by your employees

• The consequence of any loss of or damage to business records.

• Cover for claims made against you arising from dishonest, fraudulent, criminal or malicious acts by your employees

SIGNIFICANT AND UNUSUAL EXCLUSIONS OR LIMITATIONS • Asbestos • Claims brought within the United States of America or Canada

• Work done prior to the retroactive date • Prior circumstances and claims • Pollution or contamination unless sudden or accidental • Claims arising from market fluctuations (not applicable to surveys or valuations of property for sale purposes)

• War, terrorism or asbestos related events

• Adjudicator awards

ARCHITECTS & ENGINEERS (CIVIL LIABILITY) This policy provides civil liability cover for incorrect professional advice or services provided by architects and engineers.

• Costs of defending criminal proceedings • Loss of documents cover for expenses incurred in replacing or restoring lost or damaged records associated with your services or for which you are responsible

• Cover for costs of representation at any official examination or enquiry into your affairs

• Collateral warranty cover with no assignment limitation • Innocent non-disclosure cover

NEXT: DESIGN & CONSTRUCTION

DESIGN & CONSTRUCTION

FINANCIAL LINES

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DESIGN & CONSTRUCTION This policy provides breach of professional duty cover for incorrect professional services provided by or on behalf of contractors.

TOP FEATURES INCLUDE: • Limits of indemnity up to £10 million any one claim • Libel and slander • Breach of confidentiality

NEXT: IT CONSULTANTS

IT CONSULTANTS

FINANCIAL LINES

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IT CONSULTANTS As a leading provider of Professional Indemnity cover we understand the risks around the rapidly evolving world of IT customers. Our specialist underwriting experience and risk engineers, supported by our panel of lawyers and claims management experts allows us to focus on trades within this sector.

SIGNIFICANT FEATURES AND BENEFITS Comprehensive civil cover for IT customers, including the following outstanding features:

• Worldwide Jurisdiction to full policy limit to cover unwitting worldwide exports as standard

• Network Security Liability to full policy limit • Privacy Costs on a first party basis including Privacy Breach Costs, Notification Costs, Credit Monitoring Costs, Regulatory Privacy Fines and Penalties and Extortion Expenses

• Third party privacy damages to full policy limit

NEXT: MISCELLANEOUS PROFESSIONS

FINANCIAL LINES

MISCELLANEOUS PROFESSIONS

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MISCELLANEOUS PROFESSIONS We have a wide appetite for PI cover and offer wide working and competitive pricing on our products.

• Unintentional breach of copyright • The consequence of any loss of or damage to business records

SIGNIFICANT FEATURES AND BENEFITS • Limits of indemnity up to £10 million any one claim

• Dishonesty of employees provides cover for claims made against you arising from dishonest, fraudulent, criminal or malicious acts by your employees

• Cover for a wide variety of professions Civil Liability wording which includes:

POLICY BOOKLET

POLICY SUMMARY

• Breach of professional duty • Libel and slander • Breach of confidentiality

NEXT: CHARTERED SURVEYORS

FINANCIAL LINES

CHARTERED SURVEYORS

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CHARTERED SURVEYORS Meeting the requirements of the Royal Institution of Chartered Surveyors, this is civil liability cover for incorrect professional advice or services provided by surveyors, estate agents and property professionals.

• Libel and slander • Breach of confidentiality • Unintentional breach of copyright • The consequence of any loss of or damage to business

SIGNIFICANT FEATURES AND BENEFITS • Limits of indemnity up to £10 million any one claim Civil Liability wording which includes:

• Breach of professional duty

records

• Cover for ombudsman awards up to £250,000 in the aggregate POLICY BOOKLET

POLICY SUMMARY

• Liability for dishonest acts

NEXT: TECHNOLOGY & COMMUNICATIONS

FINANCIAL LINES

TECHNOLOGY & COMMUNICATIONS

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TECHNOLOGY & COMMUNICATIONS We provide specialist expertise and knowledge to protect your business from risks whilst protecting your people and property. We know how dynamic and interesting your industry is. Using our specialist Underwriting experience, our Risk Engineering team and with help from our panel of Lawyers, Environmental, Valuation, Loss Adjusters and Claims Management experts we have focused on specific groups of trades where we want to grow our presence.

Being experienced in Technology & Communications we know the current risks and see emerging risks so we can help you safeguard your business and address the challenges you face.

POLICY BOOKLET

POLICY SUMMARY

NEXT: SOLICITORS

FINANCIAL LINES

SOLICITORS

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SOLICITORS Whilst Professional Indemnity insurance is mandatory for solicitors, selecting the right provider is your choice. It’s our different approach that leads to more competitive premiums and it’s our global resources and financial strength that allow us to offer you such a wide range of outstanding policy options.

SIGNIFICANT FEATURES AND BENEFITS • Range of excess levels delivering extra flexibility over premium • Nil excess option means you will pay nothing further throughout the year, regardless of how many claims you may have

• Aggregate excess options to limit your potential liability • Cover Plus comprising of Defence reimbursement and employee fraud and dishonesty cover

• A range of endorsements designed to suit your firm

NEXT: D&O

FINANCIAL LINES

D&O

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D&O Working with you, working for you D&O covers costs and awards associated with the allegation of a wrongful act. A “wrongful act” could be a breach of duty, neglect, error, misleading statement or wrongful trading committed or attempted whilst acting in their capacity as a director or officer of the company.

OUR D&O COVERS: • D&O Liability Corporate • D&O Liability Residents Associations • D&O Excess Liability • Executive Risk Solutions (ERS) • Executive Risk Solutions for Charity and not for profit associations • Executive Risk Solutions for Solicitors • Charity & Charity Trustee’s Liability • Pension Trustee Liability

Zurich’s D&O policies are comprehensive enough to protect individuals against claims and allegations including: Employee claims – Unfair dismissal, failure to promote harassment, discrimination. There are thousands of these made each year. Regulators – Investigations from the H&SE or other regulators can be costly, even when no wrongdoing is proved. Shareholders – Shareholders are ever-more vigilant of directors activities and there are more requirements for decision transparency. European legislation – Directors and Officers much ensure the company does not breach European legislation, but staying up to date is easier said than done. Creditors/insolvency – These occur frequently and directors and officers can be singled out. Theft by employees – Zurich’s Standalone Crime Policy provides broad coverage to ensure protection and peace of mind to your customers against a wide range of criminal activity.

NEXT: D&O CORPORATE

FINANCIAL LINES

D&O CORPORATE

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D&O LIABILITY CORPORATE Aimed at companies between £50m and £300m turnover. Dedicated underwriters who can provide a tailored solution for your client. BOTH POLICIES INCLUDE EXTENSIONS THAT COVER • Civil costs and bail bonds sub limit

• Cover for legal representation at any proceedings subject to our written consent

• Product enhancements now include Entity, Employment Practice Liability and Corporate Manslaughter.

• Extradition costs • Non-executive director additional limits • Reputational recovery costs

CIVIL LIABILITY WORDING

• the Health and Safety at Work etc. Act 1974 or the Health and Safety at Work (Northern Ireland) Order 1978

• any statutory or secondary legislation implementing the Council Directive 92/57/EEC or similar legislation enacted elsewhere in the world. POLICY BOOKLET

POLICY SUMMARY

• Costs of defending the following criminal proceedings (£1m Agg - Inner Limit - £2,500 Excess):

COVER HIGHLIGHTS

• the Bribery Act 2010

• Limits of indemnity of up to £10 million

• the Construction (Design and Management) Regulations

• Extends to reimburse the company in situations where they are allowed to pay Directors’ and Officers’ defence costs

• Cover for claims instigated by a shareholder against any director or officer

• Full cover in respect of insured versus insured actions, other than in the USA where limitations apply

2007

• the Corporate Manslaughter and Corporate Homicide Act 2007

• the Data Protection Act 1998

NEXT: D&O RESIDENTS ASSOCIATIONS

D&O LIABILITY RESIDENTS ASSOCIATIONS

FINANCIAL LINES

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D&O LIABILITY RESIDENTS ASSOCIATIONS This policy provides cover for management company’s directors, officers and others and for the management company itself. It provides cover for liabilities that may arise in the course of running the management company, on behalf of its residents.

KEY HIGHLIGHTS INCLUDE: • Limits of indemnity of up to £2 million • Legal representation at any proceedings subject to our written consent.

NEXT: D&O EXCESS LIABILITY

FINANCIAL LINES

D&O EXCESS LIABILITY

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D&O EXCESS LIABILITY This policy provides a top-up to a Directors’ & Officers’ Liability product and is aimed at larger commercial companies.

KEY HIGHLIGHTS INCLUDE: • Limits of indemnity of up to £10 million • Follows the terms, limitations and provisions of the underlying policies.

NEXT: EXECUTIVE RISK SOLUTIONS (ERS)

EXECUTIVE RISK SOLUTIONS (ERS)

FINANCIAL LINES

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EXECUTIVE RISK SOLUTIONS (ERS) Executive Risk Solutions (ERS) product is designed to protect principals, officers and managers of a solicitor practice in respect of personal and other liabilities arising from running the business of their practice.

KEY HIGHLIGHTS INCLUDE: • Wide definitions – Insured, Claim, Financial Loss, etc. • Comprehensive core covers • Very few exclusions • Improvement to clauses

NEXT: EXECUTIVE RISK SOLUTIONS FOR CHARITY AND NOT FOR PROFIT ASSOCIATIONS

EXECUTIVE RISK SOLUTIONS FOR CHARITY AND NOT FOR PROFIT ASSOCIATIONS

FINANCIAL LINES

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ERS FOR CHARITY AND NOT FOR PROFIT ASSOCIATIONS The policy provides cover for personal and other liabilities in relation to running a business for directors, officers, supervisors, managers and others.

POLICY FEATURES • Directors, Officers and Trustees Indemnity • Reputational Recovery Costs • Crime Cover • Corporate Liability Cover

• Loss of Documents Cover • Professional Services Cover • Employment Practice Liability Cover • Corporate Manslaughter Cover • Emergency Costs

NEXT: EXECUTIVE RISK SOLUTIONS FOR SOLICITORS

EXECUTIVE RISK SOLUTIONS FOR SOLICITORS

FINANCIAL LINES

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ERS FOR SOLICITORS The policy provides cover for personal and other liabilities in relation to running a solicitor practice for directors, officers, principals, supervisors, managers and others.

• Cover extends to include Corporate liability.

• Cover includes legal representation at any proceeding subject to our written consent.

• The policy cover applies at the time that a claim is made and the limits of liability include all costs.

• Limits of liability up to £5 million.

Cover can be additionally extended to include:

• Extends to reimburse the company in situations where they are

• Employment practice liability

allowed to pay directors’ and officers’ defence costs.

• Cover includes Financial Loss arising out of Disciplinary

• Employee dishonesty.

proceedings brought against Compliance Officers for Legal Practice & Finance and Administration and Money Laundering Reporting Officers up to a sub limit of £250,000 in the aggregate.

NEXT: CHARITY & CHARITY TRUSTEE’S LIABILITY

FINANCIAL LINES

CHARITY & CHARITY TRUSTEE’S LIABILITY

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CHARITY & CHARITY TRUSTEE’S LIABILITY This policy provides legal liability cover for charities and not for profit social organisations and their trustees, directors or officers.

WHO CAN TAKE ADVANTAGE OF OUR POLICY?

Our dedicated Financial Lines team is here to help you develop C&SO and their overall insurance portfolio.

Charity and not-for-profit trustees have unlimited personal liability in managing their organisation’s affairs. Directors, officers and employees in a management capacity can also be held to account for their decisions and actions. Employment disputes and negative media attention can have a serious financial impact on organisations they work for too.

• Charities

Our Major Loss team are experts at dealing with the complexity of large property losses.

• Not-for-profit organisations • Social organisations • Trustees • Directors, officers and employees.

Tailored policy wording around three target audiences: Care & Retirement - Heritage, Religion & Culture - Community Activities. A strong appetite for portfolio development with a unique and tailored Altitude solution.

NEXT: PENSION TRUSTEE LIABILITY

FINANCIAL LINES

PENSION TRUSTEE LIABILITY

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PENSION TRUSTEE LIABILITY Offers personal liability protection to trustees of a company’s pension plan for claims brought by beneficiaries, regulatory authorities or other parties. This product is only available to Director & Officer policyholders and is suitable for SME to midsize corporate businesses.

KEY HIGHLIGHTS INCLUDE: • Limits of indemnity of up to £5 million • Automatic cover for additional pension schemes if acquired during the policy period

• Extended reporting cover provided in the event of nonrenewal

• Cover provided for retired trustees for up to one year • Pollution defence costs cover provided up to £100,000 • Cover automatically applies for prior acts in the event of the

MODULAR PRODUCT • We are offering five important covers under a single policy. • Each cover stands as a separate ‘tower’ of the policy, so there are no sub-limits.

• Low excesses are available.

BROAD COVER WITH WIDE DEFINITIONS AND A LIMITED NUMBER OF EXCLUSIONS.

• No prior and pending litigation exclusion. • No insured versus insured exclusion. • Pre-claim events cover. • Environmental mismanagement cover.

HIGHLY COMPETITIVE PREMIUMS AND REMUNERATION ADDED VALUE SERVICES • Five helplines available to support your customers. • Two online law guides and document drafting aides available.

Highlights of our standard wording extend cover to:

• Reputational recovery costs covered.

• Civil fines and penalties (where permitted).

• Reconstruction costs to amend or rewrite software, security

• Taxes and employee wages.

codes etc. following fraudulent use.

• No pollution exclusion.

winding up of a pension plan.

NEXT: CRIME COVER

CRIME COVER

FINANCIAL LINES

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CRIME COVER Offers protection for companies against first party loss of money or goods caused by the fraud or dishonesty of an employee. The policy can also be extended to offer cover for third party computer fraud and forgery.

KEY HIGHLIGHTS INCLUDE: • Cover for business assets against employee fraud and dishonesty regardless of whether the employee is acting alone or in collusion with others

• Cover can be extended to cover losses from any employee pension or benefit fund set up by the Insured

• Provision of cover for all employees, including students, temporary agency staff and those hired from another employer

• Extends to cover auditors’ fees incurred in the investigation of a claim

• Includes costs incurred in rewriting software programs following fraudulent use and reconstruction of documents.

NEXT: KEY RISKS

FINANCIAL LINES

KEY / EMERGING RISKS

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KEY RISKS Zurich’s in-house specialists know the risks that Financial Lines customers face. Crucial information that we share with our customers. COMMERCIAL FRAUD The most common fraud is fund transfer type fraud committed by an employee working within the finance function of a company, typically carried out by a single person over a number of years. Those trading overseas also need to tread warily, paying financial inducements to secure business is rife globally, says Ernst & Young. Supply chain fraud involving collusion between external suppliers and internal employees is also a concern.

REAL RISKS IN BUSINESS Claims from creditors, shareholders, employees and regulators are one of the biggest risks companies face. Sexual harassment, racial, wrongful dismissal, theft from employees. Individuals can be held personally liable. For example workers who think they were wrongfully dismissed can sue.

DIRECTORS & OFFICERS FAILING TO ACT

DESIGN AND CONSTRUCTION RISKS

Directors & Officers are being accused of an increasing number of “wrongful acts”, like failure to act in the company’s best interests, harassment or negligence. Often, they are not even aware they have done anything wrong.

As the UK construction industry recovers, a potential shortage of skilled labour in the face of large-scale projects such as HS2, nuclear new builds and the Crossrail initiative, is becoming increasingly apparent. Contractors need to assess the risks that an under-qualified workforce could present.

RISKS FOR ACCOUNTANTS

RISKS FACING SURVEYORS

Accountants are increasingly carrying out low-level legal work such as probate, will writing etc. How this work is regulated by their professional body and how best to manage the risk. Tax mitigation work is also a key area for risk.

Surveyors face negligence claims over mortgage valuations, structural surveys and even home buyers’ reports. Estate agents and surveyors are also at risk with work undertaken within Financial services. From building society agents and referrals to mortgage broker to involvement in stamp duty mitigation.

NEXT: D&O CASE STUDY

FINANCIAL LINES

D&O CASE STUDY

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D&O CASE STUDY When an allegation of slander was made by a customer against an officer of a clothing retailer, Zurich stepped in to settle out of court. Allegedly, the comments were made by the manager in public, which supposedly damaged the reputation of the customer. A threat to take the manager to court was averted and the settlement of £26,500 was covered under the D&O policy.

RELEVANT/ EMERGING RISKS With Government increasingly out-sourcing tasks to private companies which would in the past have been undertaken by local councils or government organisations, both opportunity and risks increase.

DESIGN AND CONSTRUCTION As the UK construction industry recovers, a potential shortage of skilled labour in the face of large-scale projects such as HS2, nuclear new builds and the Crossrail, is becoming increasingly apparent. Contractors need to assess the risks that an under qualified workforce could present.

SURVEYORS Valuation work - Residential/ Commercial/ Development. Surveyors face negligence claims over mortgage valuations, structural surveys and even home buyers’ reports.

ACCOUNTANTS

Financial services work undertaken by estate agents/surveyors. From building society agents and referrals to mortgage broker to involvement in stamp duty mitigation.

Accountants are increasingly carrying out low-level legal work such as probate, will writing etc. How this work is regulated by their professional body and how best to manage the risk. Tax mitigation work is also a key area for risk.

DATA PROTECTION

ARCHITECTS/ ENGINEERS Building Information Modelling (BIM) should lead to greater project efficiency and reliability in terms of delivery, which should reduce risk. However, both insurers and contractors remain unconvinced. MORE INFORMATION

INSIDER ARTICLES 5 OBJECTIONS TO D&O COVER MASTERING THE D&O ENVIRONMENT 4 FAQS ON D&O COVER THE CHANGING NATURE OF COMMERCIAL FRAUD STANDING OUT FROM THE PACK NAVIGATING THE AGE OF INDIVIDUAL ACCOUNTABILITY

Storage and management of data but also the power of data used and interrogated in the correct way, big data etc. Benefits against the risks.

NEXT: ADDING VALUE

FINANCIAL LINES

ADDING VALUE

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ADDING VALUE COLLATERAL WARRANTY VETTING

HELPLINES

Zurich with Berrymans Lace Mawer LLP provide a collateral warranty vetting service to help your clients avoid unreasonable or onerous contractual terms. We will vet draft documentation, identify conflicting clauses and suggest alternative wordings.

As standard, the Zurich Professional Indemnity policies come with added-value services especially chosen for their relevance to the policyholder.

All you or your client needs to do is send the collateral warranty and policy details via email and written advice will be returned within 5 working days.

Your customers have access to specialist helplines provided by DAS providing confidential professional advice to the insured’s business 24 hours a day. Health and Medical, Legal, Tax, Counselling and General Business assistance: 0844 893 8164.

NEXT: CLAIMS

FINANCIAL LINES

CLAIMS

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CLAIMS Zurich Financial Lines is the one of the market leaders for service and expertise Our in-house claims team is staffed by highly experienced solicitors and insurance personnel who understand your business and make sure your claim is resolved effectively and efficiently.

Because handling D&O claims is a highly specialist area, Zurich has invested in its team so it can handle even the most complex cases. That’s because we:

We offer a claims team who not only understand the legal issues but also the realities of commercial and professional practice.

1) Have qualified solicitors on the team

Claims are handled either by an in-house claims handler personally or by external solicitors under a delegated authority arrangement.

2) Minimise disruption and loss to customers 3) Proactively manage claims for quicker resolution.

PI CLAIMS D&O Every director or officer is open to claims. They can come from absolutely anywhere: customers, competitors, suppliers, employees, the company itself, regulators, as well as governmental and law enforcement agencies.

1) Qualified solicitors – legal specialists to resolve issues fast 2) Specialist in-house PI claims handlers

NEXT: PORTFOLIO TRANSFER

FINANCIAL LINES

PORTFOLIO TRANSFER

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PORTFOLIO TRANSFER Increasing numbers of brokers are transferring their portfolios to Zurich We’ve completed more than 100 portfolio transfers, totalling over £80m. These brokers are benefitting from the flexibility, convenience and tailored experience that only Zurich offers.

• Zurich is AA- rated – the stability you’d expect from one of the world’s leading insurers.

• Your customers will benefit from our wide, high-quality policy wordings

100% OF THESE RELATIONSHIPS HAVE GONE ON TO RENEW Our simplified and fast track portfolio transfer process – through a single point of contact - enables you to generate more income and raise your business to new heights.

WHY MOVE TO ZURICH? • Zurich has a large regional presence across the UK, with access to decision-makers

• Zurich has specialist legal teams in-house • Specialist in-house claims handlers • We build business relationships that develop a mutual understanding of your business and your customers’ needs. looking at the complete picture to accommodate bespoke needs

Zurich is flexible, so can discuss any type of portfolio transfer, even those below £100K Just get in touch if you’d like to talk about all, or some, of the following:

• Specific insurer account transfer or transfer of an existing scheme or facility

• Account consolidation – transfer from agencies or consolidate your business across various insurers e.g. policies categorised by premium spend or class of business, for instance. This means we can offer two and three-year proposals resulting in cost savings through reduced re-broking.

• Flexible commission to reflect the size and quality of the book • Zurich can consider cover/wording enhancements or pricing flexibility to ensure TCF guidelines are met

NEXT: KEY CONTACTS

FINANCIAL LINES

KEY CONTACTS

KEY CONTACTS OUR LEADERSHIP TEAM

Paul O’Keefe

BRISTOL

LEEDS

CLAIMS MANAGEMENT

Gail Cook

National Development Manager - Professional & Financial Lines

Douglas Hunter

Richard Whyte

Martyn Alcock

Head of Financial Lines Insurance

Mobile: 07734 336223

Senior Market Underwriter

Senior Market Underwriter

Team Leader Global Corporate

Email: [email protected]

Email: paul.o’[email protected]

Telephone: 0117 917 1310

Telephone: 0113 202 1904

and Non Legal Professions

Email: [email protected]

Email: [email protected]

Telephone: 0207 648 3216

Steve Watson

Jenny Screech

Head of Professional Indemnity

Legal Professions Manager

Mobile: 07734 336266

Telephone: 0207 6483697

Email: [email protected]

Email: [email protected]

Alex Morgan Head of Financial Institutions and Management Liability

BRANCH KEY CONTACTS

Email: [email protected]

Matthew Greene

LONDON

Senior Market Underwriter

Jeremy Cottle

Telephone: 0117 917 1312 Email: [email protected] CROYDON

Senior D&O Underwriter Telephone: 0207 648 3811 Email: [email protected]

Clare Alder

Oliver Vale

Mobile: 07875 888045

BELFAST

Senior Market Underwriter

Senior PI Market Underwriter

Email: [email protected]

Darrel McCartan

Telephone: 0208 212 4191

Telephone: 0207 648 3024

Email: [email protected]

Email: [email protected]

GLASGOW

Noel Horner

Stephanie Watson

Underwriting Team Leader

Dominik Rogers Head of Regional Financial Lines North Mobile: 07875 886436 Email: [email protected]

Mark Brundell

Senior Market Underwriter Telephone: 0289 155 8840 Email: [email protected] BIRMINGHAM

Senior Market Underwriter

Paula Hinks

Telephone: 0141 204 7014

Head of Financial Lines South

Senior Market Underwriter

Mobile: 07875 885 334

Telephone: 0121 697 9134

Email: [email protected]

Email: [email protected]

Email: [email protected]

Telephone: 0207 648 3931 Email: [email protected] MANCHESTER

Robert Brett Financial Lines Manager Telephone: 0113 202 1976 Email: [email protected]

William Anderson Head of Financial Lines Claims UK Telephone: 0207 648 3206 Email: [email protected]

34

Zurich Insurance PLC A public limited company incorporated in Ireland Registration No. 13460 Registered Office: Zurich House, Ballsbridge Park, Dublin 4, Ireland. UK Branch registered in England and Wales Registration No. BR7985. UK Branch Head Office: The Zurich Centre, 3000 Parkway, Whiteley, Fareham, Hampshire PO15 7JZ Authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. These details can be checked on the FCA’s Financial Services Register via their website www.fca.org.uk or by contacting them on 0800 111 6768. Our FCA Firm Reference Number is 203093. Doc code: UKGI654