News & Views

O’Connors has collaborated with Baker Tilly on a three-part series of articles on the theme Managing Cyber Risk. First published by AIRMIC this article is part two which addresses cyber liability insurance policies.

According to research by challenger insurance broker hubb, UK businesses are demanding greater transparency from their insurance brokers in the placement of their insurance programs, not least in relation to fees charged, commissions received and potential conflicts of interest. By identifying the right insurance broker for your business and appointing them on the right contractual terms, you can ensure this transparency is achieved.

The recent COP26 in Glasgow had a much greater focus on private sector businesses than in previous summits, increasing the pressure on them to transition to net-zero carbon emissions.

The focus of most articles on Brexit and financial services has been on how Solvency II will impact the way insurers (and other financial institutions) do business now that the UK has left the EU and declined to remain in the single market. Important though this issue is, for many UK-based insurance brokers, the more pressing Brexit issue has been the loss of access to the EU single passport regime under the Insurance Distribution Directive.

Now that the so-called ‘Freedom Day’ has come and gone, we have been reflecting on the events of the last 18 months or so and the impact of the Financial Conduct Authority’s (FCA) business interruption insurance test case. The Supreme Court’s judgment in the test case was headline news in the insurance and national press for weeks, and the tremors it created still reverberate in the marketplace today.

The prospect of soon being able to embrace family and friends reminds me of the teenager who bought a book on eBay entitled ‘How to Hug’ and was galled to discover it was Volume 6 of Encyclopedia Britannica. That poor teenager could easily have been me. I once ordered The Wallis Family Global Directory via an advert in my dad’s Reader’s Digest magazine to find even my own family wasn’t in it.

In February 2009, the creator of Bitcoin, Satoshi Nakamoto, said that the main problem with conventional currency is that it relies on trust to make it work. Central banks, he said, must be trusted not to debase the currency, but the history of government-issued currencies is full of breaches of that trust.

The dental sector is heavily regulated, which can make the process of selling and buying a dental practice quite complex. Throw in an NHS contract and the process becomes more complex still.

Whatever your view of the EU Brexit trade deal (or the EU-UK Trade and Cooperation Agreement, to give it its proper title) it was bound to present future challenges for the UK and the EU. Few though would have predicted that the Covid-19 vaccine roll-out would be one of them. The AstraZeneca and EU dispute has highlighted just how careful you need to be when drafting clauses in business contracts relating to the supply of goods and services cross-border, and the value of checking the small print.

In this issue of Strictly Boardroom we look at some of the main things to consider when entering into a joint venture with another party – on a contractual basis as opposed to setting up a separate company or partnership vehicle.