With economic growth in the UK still stuttering in search of steady recovery, businesses are doing the natural thing: expanding into overseas markets to develop new opportunities and revenues. UK firms are continuing to increase net investment overseas with levels reaching £68.2 billion in 2011, the highest level since 2008. It’s an effective strategy too: net international earnings by UK firms stood at over £101 billion in 2011 – the highest level since records began in 1958 – with strong performance in Chinese and Indian markets. However, doing business overseas can differ wildly from doing business at home. A range of issues - including the usual political, economic, supply chain, financial and legal factors - can affect the risk profile for your people, assets,interests and earnings. But depending on where you are developing new operations, that risk profile can also be...

Our first newsletter for 2013 follows on from an uninspiring budget with much less impact on the sector than April 2012. Whilst the UK and Eurozone struggle on, the International Aid budget has been protected and work is underway to make it easier for not-for-profit organisations to participate in central and local Government/public sector tenders. However, the jury still remains out on this and it is fair to say that the words 'Big Society' have passed into the history books. This edition of our Charity Insurance Newsletter features: Some advice on Auto Enrolment from our Oval Financial Services colleagues Newsflashes about changes to the Civil Justice System and information on Government Class Action proposals Advice on claims management to help you to minimise the impact on future insurance premiums Some tips and commentary on flood risk and risk...

Cybercrime is becoming an increasing area of concern within the Life Science industry. Cybercrime is different to other forms of traditional crime in that the use of the internet means that criminals do not have to be physically present at the scene, or even in the same country as the victim. This makes cybercrime much more difficult to detect and often this can be months after the initial attack. The perpetrators are often in different jurisdictions, where laws are lax and there are not the resources to investigate, or a willingness to prosecute. This perpetuates an environment that favours the criminal, they are entrepreneurial, resilient and stay one step ahead of the security measures companies invest in. Even when steps are taken to protect IT systems with anti-virus security software, viruses and hacking techniques are constantly evolving, making the software redundant almost...

With ever increasing media time devoted to cheap online or direct insurance, why should I use a broker for arranging my personal insurance? It seems that every time we turn on the TV we are inundated with so-called experts and advertisements telling us that the best way to insure our property is by opting for the cheapest possible deal available, but is this really always the best way of covering your most cherished possessions? We are told the best place for cheap car insurance is online or over the phone, but once logged on to the price comparison website or whilst speaking to the call centre operative you may find that your personal circumstances do not quite fit the company’s criteria, leaving you in the situation where the end premium is more than you expected, or unable to obtain a quote at all. Worse still, with little or no advice being offered, you may decide to take a...

The Insurance Times have reported that the government could use its Water Bill to bring in the  ABI’s Flood Re solution for the future of flood insurance.  The Water Bill is designed to reform the water industry to make it better for customers and increase its resilience to hazards such as drought and floods.  A government minister has confirmed that as yet, no deal has been reached but significant progress in discussions with the ABI has been made. Both parties are aiming to conclude negotiations as soon as possible.  Although other options are available, the minister believes that the Water Bill is the obvious vehicle to take any powers needed.   To allow more time to reach an agreement ABI members have agreed to continue to abide by the Statement of Principles until 31 July 2013. Greg Spiteri Head of Oval Property Investors ...

Metal theft is a crime that rarely makes the headlines. However it’s a growing problem with costs to business now estimated at up to £1 billion a year – and it accounts for one in six of all robberies at commercial properties. In the decade since 2002, scrap metal prices for copper, steel, brass and lead all rose dramatically: prices for insulated copper cable rose by 600% in that period reaching £1,433 per tonne by 2011. Overseas demand, coupled with criminal gangs, economic downturn and unscrupulous merchants makes metal theft and the damage it creates a very real threat to your commercial property and the insurances that protect it. Cabling, pipe work, roofing, boilers, guttering – even weathervanes and lightning conductors are at risk. If it’s made of metal, it’s a potential target. As a result, insurers have hardened their attitudes, often reducing the level of cover...

With the growth of the Free School programme and schools already opened, and some planning for commencement in 2013 and beyond, it is important to understand the insurance and risk management implications of such projects. To provide assistance and support Oval Insurance Broking is hosting an on-line webinar on Tuesday 4th June at 4pm. It is free to attend and there will be an overview of the insurance marketplace, typical problems to anticipate and how to avoid these, some case studies and an opportunity to ask questions from experienced individuals in the education insurance sector. To register please e-mail Philip Webster, Regional Education Director on philip.webster@theovalgroup.com or call him on 01924 234028 to discuss. ...

Oval Coventry has a close association with a local Coventry and Warwickshire charity, the Friendship Project for Children (Friendship Project). Involvement of Oval staff in fund raising events and activities is encouraged by Cheryll Rawbone, Managing Director of Oval Coventry, who is also a founding trustee of the charity. Oval provide hands on practical support with office space for meetings; printing of guidelines and information leaflets; and distribution of newsletters, so are a valuable resource for the Friendship Project. As well as Cheryll who is the current Vice Chairman, Valerie Wallace Burrows, Facilities Manager at Coventry is Honorary Secretary. In January, Valerie entered the Friendship Project into the Aviva Broker Community Fund Awards and we were delighted when we reached the final, competing against 214 other insurance brokers from around the UK. As part of the award,...