Be Aware- Electrical Installationshttps://jameshallam.co.uk/wp-content/uploads/2023/10/skye-studios-NDLLFxTELrU-unsplash.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/skye-studios-NDLLFxTELrU-unsplash.jpg
This month sees the publication of the 18th Edition IET Wiring Regulations. These regulations apply to the design, erection and verification of electrical installations; and additions and alterations to existing installations.
Also known as BS 7671:2018 Requirements for Electrical Installations, these changes were issued on 2nd July 2018 and will come into effect on 1st January 2019.
The period between publication and application gives a 6-month window for electrical contractors and others responsible for installing and maintaining electrical installations to become familiar with the new regulations.
Whilst there are many small changes from the previous 17th Edition, some of the significant updates in the new 18th Edition cover include:
Protection Against Electric Shock – changes to regulations relating to protective equipotential bonding and those relating to disconnection times.
Protection Against Thermal Effects – of particular relevance to fire, a new regulation has been introduced recommending the installation of arc fault detection devices (AFDDs) to mitigate the risk of fire in final circuits of a fixed installation due to the effects of arc fault currents.
Protection Against Voltage Disturbances – stipulating that transient over-voltage protection has to be installed when (amongst others) the consequences caused by over-voltage results in interruption of commercial or industrial activity.
Inspection and Testing – this has been revised to align Inspection and Testing requirements to other revisions within the 18th Edition.
Energy Efficiency – recommendations for the design and erection of electrical installations with local production and storage of energy to optimise the use of electricity. These are listed in a new appendix.
This doesn’t mean that existing electrical installations installed in accordance with earlier editions of the wiring regulations are now unsafe or require upgrading, but any new installations, alteration or additions made from 1st January 2019 onwards will need to comply with the new regulations.
It is always recommended to hire contractors who are members of a trade body such as NICEIC when choosing an electrical contractor to inspect and test electrical installations within your premises. Many commercial insurance contracts contain a fixed wiring electrical inspection condition and generally stipulate use of an NICIEC contractor.
Seventeen Group Results Year Ending 31st Decemberhttps://jameshallam.co.uk/wp-content/uploads/2023/10/seventeen-group-announcement-1.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/seventeen-group-announcement-1.jpg
Seventeen Group announce an increase in revenue from £12,556,884 in 2016 to £16,369,740 in 2017 and a growth in EBITA to from £1.59 million to £2.32 million for the corresponding period.
In terms of the revenue growth of £3.8M approximately £500K related to acquisitions whilst the balance was organic growth across each of the businesses.
Ongoing investment continued during the period which is expected to deliver further growth in 2018 and beyond.
Commenting on the results, Group CEO Paul Anscombe adds “2017 represented a very solid performance by the Group with all three subsidiaries achieving organic growth. The acquisitions made in 2016 and 2017 have integrated exceptionally well and feel very much ‘part of the family’. Seventeen Group is seeing an increasing number of opportunities to grow and we are in an excellent position to capitalise upon this as a long established and completely independent insurance business”.
In 2018 Seventeen Group has completed four further acquisitions:
Complete Insurance Solutions – acquired in February 2018 and based in Dalbeattie
Total Insurance Services – acquired in February 2018 and based in Dalbeattie
Rupert Burgoyne – acquired in February and based in Sussex
Everard Insurance Brokers – acquired July 2018 and based in Kent
In addition to the above acquisitions, James Hallam is launching a new Healthcare & Protection Division in September 2018 and Touchstone Underwriting are continuing their regional expansion in response to growing broker demand for their products.
Allianz report reveals top fears for SMEshttps://jameshallam.co.uk/wp-content/uploads/2023/10/SME-concerns.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/SME-concerns.jpg
Brexit, theft and data breaches are all concerns facing SMEs, but what do they fear the most?
An independent study, which was commissioned by Allianz Insurance, has revealed what SMEs fear the most.
Conducted by market research company OnePoll and released today, ’Supporting SMEs to Prosper,’ an independent survey of 500 SME business leaders found that data breaches were top of their list of fears.
Click here to read the rest of the article by Insurance Times
Seventeen Group Announces Specialist Broker Acquisition in Kenthttps://jameshallam.co.uk/wp-content/uploads/2023/10/marine-shipping-insurance.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/marine-shipping-insurance.jpg
Seventeen Group has announced that it has acquired Everard Insurance Brokers Limited (‘Everards’) on the 2nd July for an undisclosed sum.
Everards are based in West Malling Kent and was established in 1969. It is a specialist marine and marine trades broker as well as handling general clients. Everards controls gross written premium of £10 million.
The vendors Stephen Roper and Tim Gilbert plus all staff will be remaining with the business which will continue to operate out of the existing West Malling premises and operate as a specialist division within Seventeen Group’s broking subsidiary James Hallam Limited.
Stephen Roper, MD of Everards comments “We thought long and hard about the type of broker we would want our staff and clients to join and James Hallam within Seventeen Group felt like the right choice from the outset”. Fellow Everards Director Tim Gilbert adds “Having developed the business and its reputation over many years we are keen to see these foundations built upon. We can add enormously to James Hallam in terms of our specialist knowledge and will likewise gain from being part of a specialist dynamic Group”.
Seventeen Group is a privately owned insurance Group which includes James Hallam insurance brokers, Touchstone Underwriting and 4Sight Risk Management.
Paul Anscombe, Chief Executive Officer of Seventeen Group comments “The acquisition of Everards is consistent with our strategy of growing and creating specialist lines of business. The team in West Malling are hugely knowledgeable in their field and are ambitious to grow the business. Everards have excellent relationships with their key insurers which we are keen to maintain and to expand the product range”.
Anscombe further adds “We were supported in this transaction by Paul Hambrook and the Clydesdale Bank insurance team and we will seek to work with Clydesdale on future opportunities going forwards. We are also grateful to Gary Medcraff of Darwin Smith for introducing Everards to us. Successful acquisitions require experienced business partners and there is no doubt that both Clydesdale bank and Darwin Smith were instrumental in helping both parties achieve our desired outcomes”.
Be awarehttps://jameshallam.co.uk/wp-content/uploads/2023/10/kitchen-fire-james-hallam.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/kitchen-fire-james-hallam.jpg
Insurers are becoming increasingly diligent when dealing with kitchen fire claims, particularly with regard to the scrutinising of extract duct cleaning reports.
The majority of insurers apply a policy condition stating that kitchen extract ducting should be deep cleaned at least every 6 months by a professional contractor (the industry standard for this type of work is known as TR19).
Key items to check when engaging a contractor;
Ensure the contractor complies with the TR19 industry standard
Obtain evidence that the contractor has valid ‘Public Liability’ insurance in place with a minimum £5,000,000 Limit of Liability
Ensure that the contractor provides a schematic of the duct system in their report, which should detail the complete run, including the canopy
Ask the contractor to provide before and after measurements of grease build-up in their report
Ask the contractor to provide before and after photos in their report
Ask the contractor to confirm in writing in their report that 100% of the ducting has been cleaned and passed clean
Ensure that the contractor is instructed to provide recommendations in their report
Finding the Key to Schemes Innovation. Graham Whyatt discusses with Insurance Timeshttps://jameshallam.co.uk/wp-content/uploads/2023/10/small-business-james-hallam.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/small-business-james-hallam.jpg
Graham Whyatt, our group head of affinity & SME here at James Hallam, recently talked with Insurance times, concerning ‘Finding the key to schemes innovation’. He was one of six scheme specialists looking at the core requirements.
Cyber Security and Fraud in Travelhttps://jameshallam.co.uk/wp-content/uploads/2023/10/Reduce-Data-Exposure-to-Cyber-Threats.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/Reduce-Data-Exposure-to-Cyber-Threats.jpg
James Hallam to support ABTA’s Cyber Security and Fraud in Travel Seminar – Key James Hallam partners and clients receive a discount to attend
Andy Bugby (Lead Underwriter – Financial Risks, RSA) will be speaking at ABTA’s Cyber Security and Fraud in Travel seminar on behalf of James Hallam Travel and Tour and Touchstone Underwriting Limited, which will take place on 20 June 2018.
Bank Of England Networking Breakfasthttps://jameshallam.co.uk/wp-content/uploads/2023/10/bank-of-england-networking-breakfast.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/bank-of-england-networking-breakfast.jpg
ames Hallam Watford Branch were proud to sponsor the Bank of England Networking Breakfast at Moor Park Mansion on 15th May 2018.
Alex Golledge from the Bank of England addressed a group of about 50 business owners and financial professionals. Alex gave an insight into the Bank’s current thinking, its approach to setting interest rates and some of the factors that have influenced recent decisions to leave this unchanged. He also provided some historical economic analysis and broad predictions for the UK economy. Anecdotally, it was interesting to see his graph with the base rate fluctuation over the last 350 years, as it didn’t move from 4% for about 200 of these!
It was a really well attended and enjoyable event, in very impressive surroundings, organised by the Watford Chamber of Commerce. The Chamber also used the event to introduce their new CEO, Chris Luff, who we are looking forward to working closely with in the future.
Our CEO spoke at the BIBA 2018 conference, on a panel session regarding how customers are at the heart of the broker business. The regulator spoke at a panel session on how customers are at the heart of the broker business at the BIBA conference. Adding to this, Paul Anscombe raised concerns around how consolidation was affecting customer service:-
How the Insurance Brokers’ Good Practice Guide is increasing standards for brokershttps://jameshallam.co.uk/wp-content/uploads/2023/10/james-hallam-financial-results.jpg19201280James HallamJames Hallamhttps://jameshallam.co.uk/wp-content/uploads/2023/10/james-hallam-financial-results.jpg
A valuable reference tool for brokers, the Insurance Brokers’ Good Practice Guide has a number of benefits
Whether you deal with a doctor, a solicitor or an accountant, knowing they adhere to a set of professional standards can provide considerable reassurance. To enable their customers to have the same confidence in the service they receive, insurance brokers are the latest profession to introduce professional standards.
But establishing professional standards isn’t a simple task. The first formal work on broker standards started back in 2014 with the creation of the Insurance Brokers’ Standards Council.
We want brokers to have a guide that shows them what the acceptable standard isPaul Anscombe, chair of the Insurance Brokers’ Standards Committee (IBSC)
Two years later, following discussions with the British Insurance Brokers’ Association (BIBA), it was agreed that, as both were seeking to create a single voluntary code of conduct and guidance, the IBSC should continue as a BIBA committee.
As well as a range of broker members from large global firms through to smaller regional ones, the committee includes representation from the Chartered Insurance Institute (CII) and, to provide legal support and guidance, Weightmans solicitors. It also engages with the Financial Conduct Authority and the Association of British Insurers to ensure they are informed about the standards.
Paul Anscombe, chair of the Insurance Brokers’ Standards Committee (IBSC), says: “The committee brings together external sources of guidance and legislation together with broker input to create good practice standards. Our aim is to produce guidance that will support a broker: rather than have to go off and find all the reference guides themselves, it’s all contained within the standards.”
Good practice guide
Working together in this way enabled BIBA to launch a Good Practice Guide for brokers at its annual conference in May 2017. This contains nine chapters covering areas such as role and responsibilities, corporate governance, clients and employees (see box below).
Each of these chapters explores different aspects of that particular area in greater detail to act as a valuable reference tool. As an example, included in the chapter on role and responsibilities are the BIBA Code of Conduct, the Insurance Act, data protection and guidance in respect of conflicts of interest, transparency and disclosure in the commercial insurance market.
Forward-thinking: the standards have a number of benefitsCredit: Getty
Although comprehensive, Mr Anscombe is keen to stress the standards are designed to provide a benchmark rather than tell brokers how to run their business. “We want brokers to have a guide that shows them what the acceptable standard is,” he says. “There’s nothing stopping them doing better if they want.”
The guide is also designed to evolve over time. “It’s a living, breathing document,” explains Pam Quinn, head of communications at BIBA. “As new regulations come into force and market practices change, the guide will be updated to ensure it stays current.”
Sarah Mallaby, director of broker markets at Allianz UK, comments: “Being a broker is a challenging profession. You have to juggle the demands of running a business with meeting the rightly high expectations of customers, employees and insurer partners, as well as understanding and implementing significant amounts of regulation. Minimum standards that help lay out what is required are welcomed, as professional, well-run, advice-led brokers not only provide a valuable service to their clients, they enhance the reputation of the whole insurance industry.”
Standard benefits
As well as providing a valuable reference tool for brokers and helping to build public trust, the standards have a number of other benefits. Bavita Rai, partner at Weightmans, says they will help to create a level playing field. “There is such diversity in the broking market, with sole practitioners working alongside large global brokerages. This can create inconsistency in service,” she explains. “With everyone operating with the same reference point, the standards will help to ensure consistency. It’s good for the industry and it’s good for consumers.”
Setting standards, especially when the profession rather than the regulator is the driving force behind them, can also improve working practices. “When you set standards you always see people wanting to learn more and differentiate themselves,” says Steve Jenkins, development director at the CII. “As momentum grows, this will make an insurance brokerage an increasingly attractive place to work, helping brokers attract and retain talent. It’s a virtuous circle.”
To support this, he points to the growth in the number of insurance broker firms that have gained corporate chartered status. “Around 200 firms have now gained chartered status,” he adds. “Typically, these are medium-sized firms but we’re starting to see much more interest from smaller firms too.”
The standards will also make it easier for brokers to keep abreast of any legislative and regulatory changes. Mr Anscombe explains: “When a new piece of regulation is introduced there can be overload with training courses, seminars and information from all sorts of interested parties. As this can be overwhelming, especially for a smaller broker, they will be able to use the standards as a reference point.”
Emerging issues
The amount of new regulation set to hit insurance brokers’ corporate governance agendas in 2018 is a perfect example of the scenario Mr Anscombe describes.
As well as the extension of the FCA’s Senior Managers and Certification Regime, which is still under consultation, the Insurance Distribution Directive will be introduced in October. This regulates the way insurance products are sold. Brokers will need to ensure they have appropriate procedures in place around areas such as consumer information, remuneration disclosure, and training and competence.
Broader regulatory changes are also scheduled, with the General Data Protection Regulation (GDPR) coming into effect in May. Ms Rai explains: “Brokers, and their customers, will need to review their data protection processes to ensure compliance. If they’re not compliant, they risk a fine that could be up to €20m or 4pc of annual global turnover.”
The implications of Brexit is also on many brokers’ agenda this year. As well as potentially affecting their ability to carry out business across the EU, it could also affect their clients’ insurance requirements.
But, whatever’s thrown at the insurance broker market, having standards that can evolve and adapt to changes in regulation and sentiment will provide considerable confidence to brokers and their customers.
To read the story on The Telegraphs website, please follow the link: https://www.telegraph.co.uk/business/risk-insights/insurance-brokers-professional-standards/
