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COVID-19: Insurance Disclosure and Risk Management Guidance

These are certainly unprecedented times. Following recent announcements, we appreciate that businesses have changed quite literally overnight. We have clients with empty buildings and no workers in attendance, while others have started to provide new products or services or deploy them in a different way. To this end, we wanted to drop you a note to remind you of things that you have to let insurers know, so insurers can better understand your changing risk profile and to avoid any issues with claims. 

Disclosure of Important and Material Information Your policy conditions and the Insurance Act 2015 (“the Act”) give a duty to make “a fair presentation of the risk”. This is something we remind you of each year at renewal and as required. To meet this duty you need to disclose all material information to (Re)insurers which are known to you (or which ought to be known to you). Information is material if it would influence the judgement of a prudent (Re)insurer in establishing the premium or determining whether to underwrite the risk and, if so, on what terms. Failure to provide accurate Material Information could result in claims not being paid or challenged by insurers. 

COVID-19 – Material Information

Listed below are examples (non-exhaustive) that the COVID-19 Virus might have affected and should be communicated to insurers. If there is anything that you are unsure of or something you would like to discuss, please contact a member of the Riskworks team who will be delighted to assist.

General

Any outbreaks of COVID-19 at your premises.

Any change in business activity or ways of working/processes

Property / Business Interruption

Have Premises become unoccupied or where there is a material reduction in the number of employees at any insured location

Changes in Occupancy

Additional assets disposed of or purchased

Changes in Security / Fire Detection Systems from those previously disclosed to insurers

Major fluctuations in stock Sums Insured or type of stock stored

Employers' Liability

A significant number of redundancies or new starters

Will any workers continue to work (other than at home) during the lockdown?  If so, has a risk assessment been carried out, relevant PPE provided, assistance in transportation to and from work?

Public / Products Liability

New products or services being undertaken

Changes in contractual arrangements

Cyber

Material changes in exposure – e.g. online trading and number of personally identified records

Professional Indemnity

Any change in your activities

Motor Fleet

Any significant fluctuations in fleet numbers

Any change in the use of vehicles

Engineering Combined / Inspection

Any decommissioned plant that no longer requires inspection

We will verify with your Insurers if there are any inspections due over the next few months and get back to you

Business Travel

Any material reduction in forecast travel pattern. Note – see the latest advice from the Government online at www.gov.uk/foreign-travel-advice

Contractors All Risks

COVID-19 outbreaks at a contract site

Contracts that will be delayed because of COVID-19

Please note that if the contract sites are left unoccupied then the Plant Security condition applies

Environmental Liability (Pollution)

Any incidents that may have the potential to give rise to a claim

Directors & Officers Liability

What contingency plans are currently in place with regard to Coronavirus? Or are these being currently developed? If so, have external advisors also been employed?

What impact do they foresee on their financial performance? Has any impact already been observed? Has the client relayed this impact to shareholders?

Any incidents that may have the potential to give rise to a claim

Any Changes in business Activities

Please don’t hesitate to contact the team on 01625 547754 

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Covid-19 Working from Home and Office Security

We are fully aware that recent events have led to unprecedented circumstances forcing most businesses and employees to relocate to working from home. Whilst, to some, this will not be completely unfamiliar, for the majority, the changed working environment could pose a couple of questions about your business security and insurances.

Leaving Behind an Unoccupied Office 

The circumstances of leaving an unoccupied office for days on end is not something an insurer would usually be too keen on. However, under the government advises this is now a necessity for many businesses. We would recommend that you ensure security has been considered, all access points fully locked down and if there is an alarm specification on your policy, to ensure that the alarm has been set. A further recommendation would be to make regular visits to ensure the building has not been compromised. Obviously, this recommendation is subject to the restrictions on the movement made by the government. 

Working from home – What are the threats and are you cyber secure? 

With a huge number of the population working from home at present, there is, unfortunately, even in these difficult times cyber threats and hackers on the lookout for quick wins in terms of malicious activity. 

What are the threats? 

Use of personal devices and networks – a large number of workers will have no choice but to use personal devices linked to their home networks for day to day work tasks.  In most cases, these will not have the built-in rigorous software protection measures such as anti-virus, firewalls and back-up systems provided by a business network. 

Unsecured Wi-Fi networks – most individuals will be predominantly working from their home personal space where they can secure the Wi-Fi but some may require public access Wi-Fi outside of their homes which isn’t secure and leaves you wide open to hackers and malicious activity to intervene and gather your valuable data. 

Scams and phishing emails activity – there will be a definite increase in malicious campaigns targeting those working from home. Phishing emails with infected attachments containing fictitious safety measures are prevalent – homing in on those vulnerable in this situation. 

Stay secure whilst working from home 

Adopt quick low-cost wins – enable strong passwords and multi-factor authentication where possible to add another security layer to your hard and software access. You could also look into a password manager to help when sharing and saving information, there are some cost-effective options available for business. 

Make it private 

Use a VPN which sits on the PC, laptop or mobile device and creates an encrypted network connection. A VPN set up makes it safe for the employee to access IT resources within the business and elsewhere on the internet 

Review your home working policy 

Does your current policy include home working and are you set up for this mass transition to working at home rather than in the normal business unit? You need to assess remote access management, use of personal devices, data privacy considerations.  

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Coronavirus: Travel Insurance Update

The situation relating to the spread of a new Coronavirus strain from Wuhan in Hubei province in China continues to develop rapidly. Following the statement released on 31st January which highlighted Coronavirus as a known event from 22nd January 2020, the information below is intended to assist in responding to numerous questions clients may have. Riskworks will continue to assess all claims submitted in relation to Coronavirus in accordance with the policy terms, conditions and limitations and applicable law. What is covered? In relation to potential claims for Disruption (including but not limited to cancellation, curtailment and rearrangement), the Foreign & Commonwealth Office (FCO) advised against all but essential travel to mainland China (not including Hong Kong and Macao) on 28th January and on 4th February the FCO urged all British Nationals to leave China if they are able to do so. Riskworks will therefore assess claims for Disruption where an Insured Person booked to travel to Hubei province, China prior to 9.00 am GMT 22 January 2020. Also, Riskworks will assess claims for Disruption where an Insured Person booked to travel to the remainder of mainland China prior to 9:00 am GMT 28 January 2020 but who decided to cancel or re-arrange their trip because of guidance issued by the FCO. All claims will be dealt with on individual merits and depending on the circumstances, in line with the policy and the foreign office travel advice. Cancelling a trip to a destination where the FCO are not advising travel to would be viewed as disinclination to travel and no cover would apply.” Where an Insured Person booked to travel after these dates the Policy may not respond to a claim for Disruption due to the spread of Coronavirus being a known event. Please don't hesitate to contact us for any further clarification or information regarding travel insurance We would additionally suggest that travellers check the FCO website regularly for any changes before booking a trip https://www.gov.uk/foreign-travel-advice

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Most businesses continue to exist in the dark about cyber risks and protection

According to a recent survey carried out by Aon, eight out of 10 SMEs don’t see cyberattacks or data loss as a significant risk for their business and over half our still confused about the way GDPR rulings affects their business.

A Hiscox report in 2019 surveyed more than 5,400 small, medium and large businesses across seven countries, including UK, Germany, the US, Belgium, France, the Netherlands and Spain.  UK businesses have been identified as having the lowest cybersecurity budgets, despite the rising financial impact.

The big data breaches reported in the media do of course help to raise awareness but they can also have the opposite effect of causing data breach fatigue, whereby the belief of a small business is that the time, cost and high-end security needed to combat cyber-attacks are complicated and overwhelming.  Reporting of only the big data breaches also fuels the ‘it will never happen to us’ attitude toward cyber risks.

There seems to be a misunderstanding of risk and that it must be complicated.  When in fact, it’s not all about high-end security but having the basics in place to protect you from attacks. Employee knowledge and education play a huge role.

OnePoll conducted a survey of 1000 SMEs which revealed around one in four allow staff to use their own devices for work.  If devices are not properly encrypted and controlled they give a greater risk to a business for cybersecurity breaches. The ‘bring your own’ device scenario needs to be properly monitored.

SMEs are not realising just how horrendous the impact of a breach can be on their business, let alone what needs to be done if one should occur. A cyber breach brings required action from mandatory reporting to keeping affected clients and customers informed.  This communication can leave your client feeling uneasy and worried about your company possibly causing irredeemable reputational damage. A cyber breach is not just about paying a fine and replacing computers and laptops.

Am I not covered by my Commercial Insurance or Professional Indemnity?

Whilst many businesses have Professional Indemnity Insurance in place, there are significant costs to PI or other Commercial Insurances won’t cover.  It is worrying to hear that one in seven businesses believe the costs of a cyber-attack are covered by their PII and three in ten choose not to insure against cyber-attacks or fraud.

Isn’t it time you invested in cyber insurance?

A specialist insurance policy covers not only the costs of responding to a breach but also the costs of damages you’re likely to pay in the event of a breach or security failure, as well associated legal costs. It can seem daunting and you may be thinking that you don’t know where to start.  Riskworks will work with you to provide a cover and risk management advice to protect your business.  We will be happy to have a meeting with you to discuss your concerns about cyber liability and the impact severe financial, operational and reputational damage could have to your business.

Call 01625 547754 or email alexb@riskworksbusiness.com or visit www.riskworksbusiness.com/cyber

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Riskworks joins the East Cheshire Hospice 500 Club

Riskworks Business Services Ltd has joined the East Cheshire Hospice 500 Club. The 500 Club is a corporate commitment to raise £500 a year for three years.

East Cheshire Hospice is a warm and welcoming space for adults facing life-limiting illnesses. They are committed to providing care, comfort and compassionate support to our patients and their loved ones through our Sunflower Wellbeing Centre, In-Patient Unit and Hospice @Home service.

The hospice serves the communities of Macclesfield, Buxton, Congleton, High Legh, High Peak, Knutsford, Poynton, Wilmslow and the surrounding areas.

They rely on the generosity of the community and local businesses to pay for more than 87% of their costs, allowing them to support families who are facing the toughest challenges of their lives.

Find out more https://www.eastcheshirehospice.org.uk/support/fundraise-at-work/500-club/

Pictured above left to right Alex Bingle Account Manager at Riskworks, Kate Bowmar Corporate Fundraising at East Cheshire Hospice and Anna Ackerley Marketing Manager at Riskworks

Anna and Alex visited the hospice early February to meet with Kate for a guided tour of the fantastic facilities and to see first hand how joining the 500 club helps support services for patients and their families in East Cheshire.

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Cybercriminals continue to squeeze the life out of SMEs

Gone are the days of swag bags and face masks, your modern-day criminal is difficult to spot in most cases, impossible to even identify. No longer are they lurking outside your door as it would seem they are progressively switching the use of a crowbar to a laptop or smartphone - something just at the end of their fingertips to be used without having to leave the comfort of their own home.

SMEs are increasingly being targeted by fraudsters and hackers trying to withdraw money from the business. Gone are the days of the criminal leaning over the counter and removing money directly from the till as they employ skils and techniques akin to those in a Holywood movie, targetting businesses and finding their weaknesses, exploiting them for money wherever possible.

Research from Beaming has revealed that two-thirds of UK companies, employing between 10 - 49 people, fell victim to some kind of cybercrime last year. The costs for a small business can be huge and many will be unaware of the impact an attack can have. Damaged assets, financial penalties, business downtime/interruption, ransom-demands and IT forensics are just some of the costs of a serious cyber-attack and on average amount to anywhere in the region between £65,000 and £115,000 for small business.

The cost of cyber-crime to SME in the UK in the last year is estimated at £13.6bn, around 80% of the costs registered by businesses both large and small. In the national press, cyber-crime against small business is largely overlooked, with incidents to hit corporate and conglomerate businesses ever reported. This fuels the misconception that the chance of this happening to your business unlikely.

Larger businesses may fall victim at a faster rate due to increased risk exposures, such as the larger turnover of employees which increases the potential factors of vulnerability. However, they also implement multiple layers of protection to limit the spread of an attack and at the same time will have thorough disaster recovery programmes in place. Smaller businesses, on the other hand, will be targeted for technical weaknesses, in company networks, systems and employees.

So, what can SMEs do to protect themselves?

We urge smaller businesses to adopt a Prevent and Protect to covering off any exposure to cyber-risks and potential attacks. It is crucial that your systems are protected and monitored and if you have any concerns in what you currently have in place, we urge you to consult with your IT solution providers, should you have one.

Being proactive and tackling the risks head-on is essential but it cannot guarantee with a 100% certainty that an attack will be prevented. For that reason, you should consider ensuring that you have Cyber insurance in place. Insurance solutions can be provided for all kinds of scenarios but crucially the insurance will protect the longevity of your business and cover any potential outlay and costs of a cyber-attack.

It is important to maintain and obtain a balance between Prevention and Protection of your cyber risks. We recently conducted a webinar as part of our Cyber Loss Prevention Forum and this is available free to all here.

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Are you doing enough to protect your business from Cybersecurity threats?

As businesses and organisations widen their digital online reliance, critical services and aspects of our daily lives and routines are increasingly enabled by vulnerable systems and processes.

The threat to businesses is wide and varied with exposure to cyber-attacks such as commodity malware, ransomware, viruses, social engineering and numerous other threats that continue to antagonise many businesses.

Whatever the current state of your cybersecurity plan, there are ways in which you can set up stronger defences and protection to negate these attempts and mitigate any potential damage that may arise.

Regular Cyber Security Assessments

Regular cybersecurity assessments are important in any security systems or programme and by applying a risk-managed approach, you will highlight both weaknesses and strengths within your business.

Employee Training

Over half of cyber attacks are a result of human error.  Attackers exercise ways in finding a point of entry into your systems and network. Therefore you are only as strong as your least informed employee.  Ensure your employees know how cyber-criminals can attack and how to spot a suspicious email or phone call.

Company Software Updates and Access Privileges

Any software used by your business should be the latest version. Old Apps are susceptible to daily attacks to penetrate networks, steal information and cause severe damage.  Assess and attribute access to employees specific to the needs of their job, that way if an attack should occur they are limited to the levels in which they can infiltrate the system or network.

Incident Response Plan and Assessing Third Party Supplier Risk

As a business, you should never anticipate a 100% effectiveness on any protection or defence system you put in place. Good governance and effective leadership plan will ensure employees know what to do and when. Provide a directive on how to communicate to organisation leadership, external stakeholders and the general public where necessary.

Third-party suppliers have been the start of many large brand breaches due to vulnerabilities found in their systems. It is important to make sure your suppliers have good housekeeping in terms of their systems and how they use and protect data.

Physical Security and Hardware Theft

If your business uses mobile devices such as mobile phones and laptops ensure that they can manage your data remotely.  In the best case you should be able to track and locate stolen devices and in the worst case be able to shutdown login capabilities. Ensure encryption is utilised. A plethora of information can be accessed from one lost or stolen device so, make sure you plan accordingly.

Cyber Insurance

Whilst all the above are necessary steps to protect against actual cyber threats, you must consider the impact of an attack to wreak havoc in your business. Dealing with the aftermath of a cyber attack is not cheap and you must consider whether your business could afford the following potential consequences of an attack:

Cyber Forensic Report

PR costs following a data breaches

ICO penalties and fines

Damage to software and hardware

Ransom demands

Business interruption due to downtime

Loss of business and reputational damage

Invoice Fraud / Social Engineering

Discovering a hack and removing the hacker from your system may just be the tip of the iceberg in terms of cost. It is estimated that 60% of SMEs that have witnessed an uninsured cyber attack will go out of business within six months. There are insurance solutions to cover the above costs.

The continual process of keeping your business safe from cyber threats requires understanding, awareness, diligence and effective IT strategies alongside cyber insurance and risk management.

To discuss your insurance and risk management strategies contact the Cy-Ins Works team - Jon Davies or Alex Bingle on 01625 547754 

or email them directly - jonathand@riskworksbusiness.com or alexb@riskworkbusiness.com

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Cyber Loss Prevention Forum Launched to Tackle Rising Costs to Business of Cyber Attacks and Fraud

Riskworks have teamed with security software and fraud prevention experts VaultConnect to help business leaders better understand their exposure and how to reduce the total cost of fraud and cyber attack.

According to the Cyber Security Breaches Survey 2018, almost half of UK businesses suffered a cyber-attack or security breach in the last financial year.

According to a survey by the Federation of Small Businesses, the UK’s 5.4 million small businesses are collectively attacked more than seven million times a year - this costs the UK economy a staggering £5.26bn.

Calling upon the network of professionals they work with to help their clients as well as their own expertise, Riskworks and VaultConnect will host a series of webinars and publish guides and advice.

The Forum’s aim is to deliver actionable insights and pragmatic, non-technical information to help businesses to reduce the total cost of cybersecurity and fraud prevention.

Jonathan Davies - Cyber Risk Specialist at Riskworks says ‘ There is a growing awareness of cyber threat, but a lot of businesses don’t realise just how much an incident can cost.  The impact of which can stretch far further than a cash loss or a system outage. This can lead to firms being overexposed and under protected’.

Richard Higginbotham - Product and Professional Services Director at VaultConnect, agrees there is a lack of understanding ‘ For many business owners and directors, cybersecurity is something dealt with by things like firewalls and anti-virus scans managed by their IT department or external provider.  The reality is that cybercriminals target weaknesses in process and procedure, meaning that staff and their day to day activities create the risk’.

CYBER LOSS PREVENTION FORUM WEBINARS

All events are online and free to attend.  The next event will be Thursday 28th March 2019 at 2pm ‘Your biggest threat wears shoes’.  Our keynote speaker will be Nick Holden from Nexus Media. Notifications and registration will be open shortly and shared online.

You can view and listen to recent webinars on the cyber liability website here

For more information please contact Jonathan Davies on 01625 547754 or email jonathand@riskworksbusiness.com 

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Cyber threats – How can companies brace for the storm?

November 2018

Governments and industries worldwide are engaged in a race without a finish line.  Adversaries will be continually adjusting their strategies and be identifying new targets and more destructive attacks.

While there are many technological advances that will form part of the solution, businesses need to be looking at the organisation as a whole identifying the risks that face them on a daily basis and put the necessary plans in place to mitigate the risk

Cybersecurity is not the role of I.T. alone

The most senior members of a company’s management team must engage and be at least conversant with this dynamic risk. In your organisation, can the CEO, the CFO or the GC answer the following three questions:

What are your company’s principal cyber vulnerabilities? What are your key strategies for mitigating those risks? Are adequate resources being devoted to the task at hand? Vulnerability assessments are essential.

Every company should conduct a vulnerability assessment. The best place to start is to benchmark your cyber protocols against an established standard.

What are your most critical cyber assets?

Does your organisation primarily rely upon proprietary data or industrial control systems?

Have you assessed the true financial consequences of a large-scale breach?

Cyber risk is now a board-level issue.

Supervisory boards will be putting far more focus and pressure on management teams in the coming year. Expect your board to ask questions about:

Patching of software vulnerabilities implementing multi-factor authentication for user access, and conducting risk assessments of third-party vendors and suppliers.

If it takes your organisation three times longer to identify a cyber intrusion as other companies, will that be satisfactory for your board?

What cyber insurance does the business have in place?

Internet and network exposures are usually excluded from traditional insurance policies.  Riskworks, however, works with leading cyber risk insurers to develop cyber risk insurance protection including:

Liability, privacy, and confidentiality Telephone and mobile hacking Copyright trademark and defamation Malicious code and viruses Business interruption and computer failure Attacks Unauthorised access Theft Website defacement and cyber extortion Technology errors and admissions Intellectual property infringement Consequential reputational harm Talk to Jon Davies and the team on 01625 547754 or visit www.cyberliability.uk.com

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Organisations can leverage GDPR compliance to strengthen overall cyber risk management.

May 2018

Complying with the GDPR by 25 May 2018 is a business-wide challenge that will take time, tools, processes, and expertise. It may also require significant changes in an organisation’s privacy and data management practices.

But focusing on the scramble to comply with GDPR, while important, misses the broader impact that compliance efforts are having. In many organisations, GDPR has become a flashpoint, focusing senior leadership attention not just on specific sets of data or privacy protections, but on a broader, more strategic view of cyber risk management.

After all, cybersecurity readiness is foundational to establishing that an organisation has, as the GDPR puts it, “appropriate technical and organisational measures” in place. The most prepared organisations use the explicit cybersecurity requirements of the new rules as a starting point — and adopt a broader set of cyber risk management best practices. There is still much work to be done, and room for improvement.

But what sets apart the organisations that have made the most progress?

First, they understand that cyber risk management is a shared responsibility that extends from the IT department to the executive suite. Regardless of size, many of these organisations have set up internal cross-functional task forces or steering committees led by senior executives — sometimes including or reporting to the CEO. These organisations are using the GDPR compliance process to look comprehensively at how they collect, retain, use, and manage data across the enterprise. They are exploring new tools, such as the use of cloud services; champion privacy rights; and have made significant investments to ensure that any information they possess is secure. More broadly, they are reexamining their privacy and data protection practices to make sure that their people, processes, and technology are properly aligned.

Second, they treat cyber events as inevitable. Instead of focusing only on preventing cyber-attacks, they respond to incidents more quickly and reduce the potential damages. They view GDPR’s data breach notification requirement as an opportunity to develop stronger incident management protocols — whether that means purchasing cyber insurance coverage with access to crisis management experts or encrypting their computer systems so that stolen data is rendered useless.

Finally, they take a quantitative and holistic approach. Because the GDPR compliance process requires organisations to implement measures that are appropriate to the potential threats they face, forward-looking organisations rigorously analyse their cyber risk exposures — both internal and external — and put a pound amount on potential losses. As a result, they are not only investing in appropriate cybersecurity defenses, but they are strengthening cyber incident response plans as well as other risk mitigation and resiliency measures.

In other words, these organisations recognise the GDPR compliance process as a game changing opportunity. In preparing for the new rules, they are strengthening their overall cyber risk management posture and turning what is often viewed as a constraint into a competitive advantage.

To discuss your processes and where cyber insurance can benefit you in more detail contact Jon Davies at Riskworks Business Services Ltd on 01625 547754 or email: jonathand@riskworksbusiness.com or visit: www.cyberliabilty.uk.com

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Business Continuity: Why it should be top of your business priorities for 2018.

Companies today face an unprecedented number of exposures. Disasters come in all manner of shapes and sizes, the question is have you got adequate plans in place to deal with all eventualities?

Taking steps now and producing a plan provides a better chance to reopen a business quickly. Without a business continuity plan, one in four businesses are forced to shut down.

The frequency and severity of weather-related events seem to be increasing and reliance on a complex network of technology and supply chains is ever expanding. Both trends leave businesses susceptible to a variety of existing and emerging risks.

It does not take a major catastrophe to shut down a business. In fact, seemingly minor disruptions compared to widespread natural disasters can often cause significant damage — power failures, broken water pipes, or loss of computer data.

Managing these risks by developing a business continuity strategy and insurance programme is key to the survival of any organisation in today’s environment.

Why Business Continuity?

There are plenty of reasons for businesses to plan for the unexpected. We highlight and explain a few of the key areas in the sections below:

Avoid Market Share Loss

With a business continuity plan, your business will have a better chance of remaining competitive and minimising the loss of revenue and clients. A solid and tested plan boosts customer confidence. When your clients know you have plans in place to provide continuity in the delivery of your goods and services during a crisis, they are less likely to jump to a competitor if a disaster threatens your area of business.

Brand Protection

Having a plan allows you to demonstrate that your business is committed and prepared to protect your employees, clients and their assets at all times. This demonstrates a proactive attitude and can enhance both employee morale and public opinion about your business.

Communications

Business continuity plans will improve communication within your organisation and with clients, suppliers, vendors, and key stakeholders. This is a helpful way to improve daily operations, not only in the event of disaster.

There are many misconceptions placed on business continuity planning by companies:

Employees will instinctively know what to do in an emergency

Wrong: Even the best employees cannot be expected to know what to do when disaster happens. Leaving people to their own devices can sometimes even add to the confusion. Having a well-documented business continuity plan in advance, training your employees to follow it should ensure everyone on the same page which will result in an organised, safe and timely recovery.

We have insurance to cover our losses

Insurance alone is NOT a business continuity strategy. The righr coverage is a significant and important part of the plan. But it may not fully cover some of the peripheral damages from an event, like loss of customers, market share, or setbacks in development or release of a new product. Consult with the Riskworks team to understand what is and is not covered under your current policy.

We do not have the time to develop a business continuity plan

Time spent developing and maintaining a business continuity plan is an investment in your company as a whole. Your fixed costs will continue after an event, whether or not you are open for business. The quicker you can return your operations to normal, the more likely you will recover from the event successfully. With so much at stake, your company really cannot afford NOT to have a plan and if you don’t have one in place now would be a good time to start.

Business continuity and disaster recovery planning are the same

Business continuity is a proactive plan to avoid and mitigate risks associated with a disruption of operations. It outlines steps to be taken pre, during and post event to maintain the financial viability of a company.

Disaster recovery is a reactive plan for responding after an event. It deals with the safety and restoration of critical personnel, locations, and operational procedures after a disaster, and is a part of business continuity planning.

Business Continuity, managing the risks and having the relevant insurance cover in place

Managing these risks by developing a business continuity strategy and insurance programme is key to the survival of any organisation.

Talk to the team at Riskworks on how we can work towards a strong continuity plan for you in 2018 and beyond on 01625 547754 or email info@riskworksbusiness.com

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Home Insurance – Your Guide to Managing Trees and Subsidence

The ever changing weather conditions and the increase in hot dry summers and comparatively dry winters in recent years has seen an increase in subsidence in buildings and properties.

Subsidence is the downward movement of the ground supporting the building. Damage occurs because the movement is often uneven, causing cracks in walls, floors and ceilings. The main cause of subsidence in the UK is the shrinkage in dry weather of clay soils which expand and contract with changes in their moisture content. The escape of water from leaking or damaged drains below the ground can also cause subsidence.

Subsidence damage to buildings is generally distinctive in appearance, cracks in walls usually having the following features:

Noticeable from both inside and outside the property Tapered Reaching below the damp proof course, this is often results in doors and windows sticking, reflecting the distortion of the building. Much less common but causing damage of a similar nature are:

“Heave” is the upward movement of the ground supporting the building. “Landslip” which is the movement of a mass of ground down an incline or slope trying to find a natural level. Buildings and properties can suffer minor cracking as a result of a number of causes:

Consolidation settlement of soil due to the weight of the building. This normally occurs early in the life of a building Temperature changes of the building superstructure causing expansion and contraction Drying and shrinkage of building materials: cracks arising are generally uniform in width and narrow (hairline to 3mm) and can be dealt with cosmetically by decoration or minor maintenance work. Common Causes – Tree Types

Research indicates that the majority of subsidence issues in buildings and properties involve trees to some degree. Trees that have fine root structures longer than other species, such as poplars, willows, elms and oaks are the most likely to cause problems.

For example: A safe distance for an Oak tree is 30m from the building.

What actions can you take to help?

If you should reside in a clay soil area there are a number of simple actions you can do to protect your property and alleviate long-term problems:

Do not plant trees or large shrubs close to the house, garage or outbuildings. Trees which are older than the structure but within the safe distance can be managed by a programme of pollarding or crown thinning carried out to control the amount of foliage produced, which will in turn reduce the amount of water it requires. Trees which are older than the structure should not be removed as this could cause uplift of the ground and heave Never remove or in any way alter a tree on which there is a preservation order, without the appropriate consent. If in doubt obtain specialist advice from a tree surgeon or similar professional. (Initially the cost involved will normally have to be borne by the policyholder and will only be reimbursed by the insurer if a claim is met.) The tree may be within a neighbouring garden or in the street. If you are worried about the potential subsidence problems that a neighbour’s tree could cause, discuss it amicably and try to persuade him or her to take an appropriate action. Only if your neighbour is uncooperative, or the tree is the property of the local authority, write a letter expressing your concern and keep a copy for future reference. For more information contact Emma Patrick, Private Clients Manager on 01625 547754 or emmap@riskworksbusiness.com

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What are the best jewellery investments to make your money bling?

August 2017

Jewellery is more than just a luxury accessory. It is a fashion statement which can be held as an investment piece.

Enjoy the sparkle of a gemstones investment

While jewellery fans and collectors should admire key pieces of jewellery for their individual beauty, a key part of their attraction comes from the value of stones set within them and in particular coloured gemstones.  At present they are the biggest growth in the jewellery trade with over a 500% increase in the last 10 years and prices are still rising year on year.

The gemstones of note to invest in are namely rubies, sapphires and emeralds but there are other gems that you may not even of heard of that can add value to your jewellery ie: tanzanite found at the foothills of Mount Kilimanjaro can sell for £1000 a carat. Other gemstones of note include alexandrite, jadeite and muscovite, with each stone selling for more than £10,000 a carat.

Gemstones are important when pricing jewellery but it is often the skill and artistry used to place them in the jewellery that are paramount. You can also have amazing jewellery that uses relatively modest priced semi-precious gemstones such as amethyst, aquamarine and topaz.

FACT: The most valuable gemstone in the world is the 24.78 carat ‘Graff Pink’ diamond that sold for £29 million in 2010. This works out a more than £1 million per carat!

Examples of gemstone investments

Sapphire: Not just Kashmir sapphires on the rise. In 2004, a 30-carat Sri Lankan sapphire sold at Bonham’s London for £11,950. A decade later, a similar Sri Lankan stone, also weighing 30 carats, sold for a staggering £326,500. An increase of 2,800%

Ruby: Recently a very impressive ruby 10.08 carats of Burma origin and pigeon blood colour, sold for £8 Million! The prices are still increasing every year at a high level making it the number one gemstone to invest in.

Factors which impact on a gemstones investment

There are five key factors to take into consideration when considering making an investment in gemstones:

Colour; hue, tone and saturation properties. Colour statement stones set within jewellery can have a major impact on the overall value of pieces

Clarity Origin Carat and treatment of gemstones. Regarding treatment there are various ones applied to improve the quality of a gemstone from:

Colour irradiation, heat, diffusion and dyeing. Transparency – heat and fracture filling Strengthen and stability – impregnation with organic filler ie: Oil Keeping your jewellery and valuables safe and insured

Jewellery will be covered by your home insurance but high value items should be individually listed.  It is important to have your pieces regularly valued at least every 5 years with some items requiring annual valuations.

It may be a hassle to do this and be without your jewellery but in the unfortunate instance of a claim some insurers will reimburse full cost within a 24 hour period with an up to date valuation in place.

Call Emma Patrick – Private Clients Manager to discuss ways to protect and insure your precious portfolio in more detail on 01625 547754 or email: emmap@riskworksbusiness.com