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silver jewellery

Plated, Polished and Potentially Underinsured: What Jewellery Market Changes Mean for High-Net-Worth Individuals
Plated, Polished and Potentially Underinsured: What Jewellery Market Changes Mean for High-Net-Worth Individuals 1000 667 James Hallam

When Pandora announced its shift away from sterling silver towards platinum-plated collections, the story made retail headlines. For high-net-worth individuals, the more pressing question is what that signals about the insurance value of what’s already in your jewellery box.

As materials change, prices shift and collections evolve, insurance arrangements that once provided adequate cover can quietly fall short, often without the policyholder realising it.

Replacement Value – Not Sentiment or Resale

For many clients, jewellery carries both financial and sentimental value. From an insurance perspective, however, the focus is on the cost of replacing an item like-for-like at today’s market rates.

The distinction between market value and replacement value is widely misunderstood.

Secondary market or auction values rarely align with current retail pricing. A piece that may have modest resale value can carry a significantly higher replacement cost – particularly when brand, craftsmanship or material changes are factored in.

Where manufacturers alter materials, as we are now seeing, the position becomes more nuanced. A piece originally specified in sterling silver may no longer exist in that form. Its modern equivalent, may be platinum-plated and may differ in both cost and availability. If schedules are not updated accordingly, this can create challenges at the point of claim.

Market Volatility and Its Impact on Jewellery Valuations

Precious metal markets have seen sustained volatility in recent years. Silver has been particularly affected, but movements in gold, platinum and palladium have also materially influenced jewellery valuations and replacement costs.

Valuations carried out even two or three years ago may materially understate current replacement costs. The conventional guidance of reviewing every three to five years remains a useful benchmark, but in periods of significant market movement – such as the gold and silver price surges of recent years – earlier reassessment is warranted and often on annually.

Accumulation Risk Within Jewellery Collections

One of the more understated risks we encounter is the gradual accumulation of jewellery. Individually, pieces may appear modest in value, however collectively they can represent a significant exposure.

Standard household policies typically impose low single article limits, requiring individual items above a certain value, for example £2,500, to be separately specified. Equally important, and often overlooked, is the overall position: the total value of a collection can quietly exceed policy assumptions without ever being formally declared.

For high-net-worth clients, specialist policies typically provide broader cover and greater flexibility. However, even within these arrangements, accurate overall valuations remain essential to ensure the integrity of cover.

Branded Jewellery and the Importance of Currency

Established brands such as Tiffany & Co., Cartier or Georg Jensen offer a clearer framework for valuation and replacement. Their documented designs and pricing structures provide insurers with a reliable reference point but this consistency can also create a false sense of security.

Collections evolve, pieces are discontinued, and pricing adjusts, often significantly over relatively short periods. A valuation that was entirely appropriate several years ago may now understate the true replacement cost. For bespoke items, the position is more complex still, particularly where gemstones or unique design elements are involved. In these cases, specialist valuation is critical.

When to Revisit Jewellery Valuations

No single trigger should prompt a valuation review but several circumstances make it particularly timely.

This is particularly relevant where:

  • Items have been acquired or gifted in recent years
  • Existing valuations are more than a few years old
  • Collections have grown gradually over time
  • Or where pieces are materially influenced by precious metal or gemstone pricing

Where any of these apply, the gap between recorded and actual replacement value is likely to be widest. Speaking to your adviser about commissioning an up-to-date valuation is a straightforward step that can prevent significant complications at the point of claim.

The Role of Specialist Valuation

Accurate jewellery insurance relies on more than a broad estimate of worth.

Professional valuations provide a detailed assessment of materials, craftsmanship, provenance and current market conditions. This is particularly important for:

  • High-value individual pieces
  • Branded collections subject to price changes or discontinuation
  • Bespoke or unique items
  • Jewellery incorporating coloured gemstones, where pricing can be especially variable

Without this level of detail, establishing an appropriate replacement value can be challenging — particularly at the point of claim.

Understanding Jewellery as a Dynamic Asset

Jewellery is often viewed primarily through a personal or sentimental lens. From a risk perspective, however, it is better understood as a dynamic asset class.

Values are influenced not only by ownership and acquisition, but by:

  • Commodity price movements
  • Brand positioning and retail strategy
  • Design changes and product availability
  • Broader market demand

Each of these factors can move independently, and their combined effect on replacement cost is not always immediately visible.

Final Thought

The changes underway in the jewellery market – shifting materials, evolving brand strategies and volatile precious metal prices – are a useful prompt to revisit cover, but they are not the whole story. Even without dramatic market events, well-documented collections gradually diverge from their recorded figures.

Maintaining accurate cover is less about reacting to headlines and more about recognising that jewellery, like any high-value asset, is a dynamic holding that requires the same periodic attention you would give to any other significant part of your financial affairs.

escape of water

Escape of Water Insurance: The Most Overlooked Risk in High-Value Homes
Escape of Water Insurance: The Most Overlooked Risk in High-Value Homes 800 533 James Hallam

Escape of water – leaks from internal plumbing, fittings, or heating systems – is the most common cause of insurance claims in the high‑net‑worth (HNW) property market. UK insurers pay out around £1.8 million every day for water damage, yet it remains one of the least appreciated risks.

This guide explains why high‑value homes face a heightened exposure to water damage and highlights the vulnerabilities that matter most, from underfloor heating and basements to swimming pools and smart home systems. It also outlines practical steps owners can take to reduce the likelihood and impact of a claim.

Why High-Value Homes Face a Greater Escape of Water Risk

A standard home with simple plumbing presents a contained risk. Large country houses, London townhouses with basements, and properties with pools or integrated technology have far more complex systems and far more potential failure points.

Multiple bathrooms, hydronic underfloor heating, leisure spaces, and sophisticated building management systems all increase the chance of a leak. In HNW homes, the cost of reinstatement is also higher due to specialist materials, bespoke finishes, and valuable contents.

Escape of water accounts for roughly 30% of UK home insurance claim costs. While the average claim is £5,000–£10,000, losses in high‑value homes can be significantly greater.

Key Vulnerabilities in High-Value Properties

Multiple Bathrooms, En Suites, and Wet Rooms

More bathrooms mean more pipework, seals, and joints. Silicone seals deteriorate over time, often unnoticed, and slow leaks behind tiles or beneath wet room floors can cause major structural damage. Locating leaks behind bespoke finishes can be complex, making comprehensive trace and access cover essential.

Underfloor Heating Systems

Hydronic underfloor heating uses extensive pipe networks hidden beneath flooring. A pinhole leak can spread widely before detection, and finding the source often requires lifting high‑value finishes such as stone or hardwood. Specialist trace and access cover is particularly important.

Basements and Lower Ground Floors

Basements used as kitchens, cinemas, gyms, or plant rooms are especially vulnerable. Water reaching a basement can render a property uninhabitable, with alternative accommodation and specialist reinstatement costs often exceeding the physical damage.

Swimming Pools, Hot Tubs, and Leisure Facilities

Pool plant rooms combine large volumes of water with pumps, heating systems, and chemical dosing equipment. Failures can release significant water into the building. Outdoor pools also face winter risks from frozen pipework.

Smart Home and Building Management Systems

Integrated systems controlling heating, lighting, and security can amplify the impact of a leak. Water affecting a central controller can disrupt multiple systems, requiring specialist contractors and extending repair times.

Second Homes and Holiday Properties

Unoccupied properties are at particular risk. A slow leak can go undetected for weeks, causing extensive damage to structure, finishes, and contents.

Reducing Escape of Water Risk: A Practical Checklist

  • Ensure everyone knows where the stopcock is and that it operates freely.
  • Have pipework inspected annually by an accredited plumber.
  • Lag exposed pipework in unheated areas.
  • Maintain minimum heating in unoccupied properties during cold weather.
  • Install smart leak detection systems for early alerts. Including automatic water shut off valves to prevent any further water from escaping the pipes and apparatus.
  • Inspect and replace silicone seals annually.
  • Prepare pools and spas properly for winter, draining exposed pipework.
  • Have underfloor heating systems checked annually for pressure drops or joint issues.

Taking proactive steps to understand and manage escape of water risk helps protect both the fabric of a home and the peace of mind of those who live in it.

Meet the Team – Paul Brayne, Ellie Blackwell and Jon Grimwood
Meet the Team – Paul Brayne, Ellie Blackwell and Jon Grimwood 1224 706 James Hallam

Paul Brayne – Senior Client Adviser

We are delighted to spotlight Paul Brayne, one of our highly experienced Senior Client Advisers within the Private Clients Team. Paul is known for his depth of industry knowledge, meticulous attention to detail, and commitment to delivering tailored solutions for clients with more complex insurance needs.

A bit about Paul

Outside of work, Paul enjoys staying active and social. He is a keen golfer and footballer, and also enjoys playing padel, walking, and spending quality time with family and friends. A fun claim to fame – Paul once appeared on Who Wants to Be a Football Millionaire, hosted by Chris Tarrant, as part of a Carling promotion!

What Paul does at James Hallam

Paul specialises in providing a bespoke service to clients, focusing on expert risk management and delivering true peace of mind. He works closely with clients who have more complex requirements, ensuring their insurance arrangements are carefully structured and fully aligned to their individual circumstances.

Experience & journey so far

Paul brings a wealth of experience to the team, having spent five years as an insurance underwriter with Eagle Star, Zurich, and Drake Insurance, followed by 25 years as a Private Clients insurance broker. This extensive background gives him a well-rounded perspective and the expertise to navigate even the most specialist areas of the market.

Since joining James Hallam just over a year ago, Paul has successfully placed cover for a number of highly unusual risks, further demonstrating his ability to find solutions in more challenging scenarios.

Making a difference

Paul’s experience and attention to detail enable him to approach each client’s needs with precision and care. His ability to understand complex risk profiles and translate them into effective insurance solutions makes him a trusted adviser to his clients.

A word from Paul

I see myself as a dedicated advisor who navigates the complexities of the specialist insurance market to create bespoke solutions that offer true peace of mind, not just a standard product.

Ellie Blackwell – Client Adviser

We are delighted to spotlight Ellie Blackwell, one of our valued Client Advisers within the Private Clients Team. Ellie is known for her positive attitude, strong communication skills, and dedication to delivering a smooth and supportive experience for every client she works with.

A bit about Ellie

Outside of work, Ellie has a passion for singing and has successfully completed up to Grade 5 Singing examinations with Trinity College London. Her commitment and creativity outside the office reflect the same enthusiasm she brings to her role each day.

What Ellie does at James Hallam

Ellie’s role focuses on renewals and ongoing client management, ensuring policies remain accurate, up to date, and aligned with clients’ needs. She works closely with clients to provide clear guidance and support throughout the renewal process, helping to make what can often be a complex area feel straightforward and well-managed.

Experience & journey so far

Before joining James Hallam, Ellie gained valuable experience at MarkerStudy, where she worked in Broker Support. This background has given her a solid foundation in the insurance industry and a strong understanding of client service and operational processes.

What Ellie brings to the team

Ellie brings a consistently positive approach and excellent communication skills to the team. She is focused on building strong relationships with clients and colleagues alike, and takes pride in ensuring queries are handled efficiently and professionally.

A word from Ellie

I thrive on delivering client-focused solutions and take pride in resolving complex insurance queries with clarity and care.

Jon Grimwood – Senior Client Executive

We are delighted to spotlight Jon Grimwood, one of our experienced Senior Client Executives within the Private Clients Team. Jon is known for his personable approach, strong relationship-building skills, and decades of experience in the insurance industry.

A bit about Jon

Jon has a great sense of humour and a memorable claim to fame – while he hasn’t ticked off bucket-list adventures like bungee jumping or climbing Mount Everest, hehasbeen in Dame Judi Dench’s kitchen while she was wearing pyjamas! Outside of work, Jon enjoys keeping life balanced and values the connections he builds both professionally and personally.

What Jon does at James Hallam

Jon focuses on building and maintaining strong client relationships, while also maximising new business opportunities. His approachable style helps clients feel at ease, making conversations about insurance straightforward and stress-free.

Experience & journey so far

With 40 years of insurance broking experience (a milestone he describes as “scary!”), Jon brings an exceptional level of knowledge and insight to his role. His long-standing career has equipped him with the expertise to support a wide range of clients and situations with confidence.

Making a difference

Jon prides himself on being relaxed and approachable with clients, recognising that insurance isn’t always an easy topic to engage with. By creating a comfortable and friendly environment, he has built lasting relationships and trust over the years, which continues to benefit both his clients and colleagues.

What Jon brings to the team

Jon contributes charisma, stability, and a strong sense of responsibility to the team. His experience and personality make him a valued and dependable presence within the business.

A word from Jon

After many years in the industry, I’ve learned that being yourself, building genuine relationships, and delivering consistent service are what truly earn clients’ trust.

Meet more of our experienced high net worth team here.

Sanctions Challenges in Marine Insurance: The Impact on Insurers, Brokers, and Maritime Clients
Sanctions Challenges in Marine Insurance: The Impact on Insurers, Brokers, and Maritime Clients 1000 563 James Hallam

Sanctions have become one of the most significant compliance challenges confronting the marine insurance industry. As global political pressures intensify and maritime trade continues to connect jurisdictions with conflicting regulatory frameworks, insurers and their maritime clients must navigate an increasingly complex environment. The marine sector is uniquely exposed: vessels cross borders daily, ownership and management structures frequently span multiple countries, and the financial ecosystem underpinning global shipping relies heavily on international banking channels.

In this context, sanctions risk is no longer a peripheral compliance matter—it is a central operational concern for underwriters, brokers, and shipowners.

The Compliance Burden on Marine Insurers

Marine insurers face substantial risk when dealing with sanctions, as even an inadvertent breach can result in severe penalties and lasting reputational harm. The challenge is compounded by the rapid pace at which sanctions evolve. A vessel, cargo owner, or charterer considered compliant at policy inception may become prohibited overnight. In a market characterised by long-tail policies and multi‑party supply chains, insurers must continuously monitor changing lists, advisories, and regulatory interpretations to ensure both legal compliance and contractual validity.

Payment flows pose another significant pressure point. Marine claims often involve international settlements between insurers, reinsurers, brokers, shipping companies, banks, and ports. Even when all insured parties are compliant, payments may still be blocked if a correspondent bank in the chain is sanctioned or if the transaction involves US dollars, which triggers US jurisdiction. This does not merely slow operations—it can temporarily or permanently prevent claim settlement, eroding trust between insurers and maritime clients who rely on timely recovery to maintain liquidity in vessel operations.

Screening processes, while essential, frequently generate excessive false positives. Variations in transliterated ship names, common surnames, or similar vessel identifiers often trigger alerts requiring human review. Marine insurers—who routinely handle complex submissions involving fleets, multiple assureds, and layered reinsurance structures—face significant workflow disruption as underwriting and claims teams sift through irrelevant alerts.

Another critical challenge arises from the opaque ownership structures typical in shipping. Vessels are frequently held through single‑purpose vehicles, flags of convenience, or offshore corporate arrangements designed for commercial flexibility rather than transparency. These structures can obscure the true identity of the ultimate beneficial owner (UBO) or controlling party. As regulators increasingly scrutinise indirect ownership and control, insurers must undertake deeper due‑diligence assessments than ever before, often across several layers of corporate entities.

The Impact on Shipowners, Charterers, and Maritime Clients

For shipowners and charterers, the consequences of sanctions compliance are immediate and operational. Insurance cover may be withdrawn with little notice if a ship, management company, or trading route suddenly becomes subject to sanctions. Even when the assured has no involvement with a sanctioned party, their ability to enter or exit certain ports, carry particular cargoes, or work with specific charterers may be curtailed, leaving them exposed to uninsured operational risk.

Maritime clients also face significant exposure through their trading partners. A fully compliant shipowner may find themselves unable to complete a voyage if a consignee, bunker supplier, or cargo owner becomes sanctioned mid‑transit. As sanctions regimes increasingly target sectors such as energy, metals, and maritime logistics, indirect exposure has become a routine business risk in shipping.

Financial transactions represent another area of vulnerability. The dominance of the US dollar in global shipping means that sanctions administered by OFAC can affect vessel operators even when no US entity is directly involved. A single US‑based intermediary bank can block a freight payment, charter hire, premium, or claim purely due to perceived sanctions risk. Delays in receiving freight or hire have immediate operational consequences for vessel owners, many of whom rely on predictable cash flow for bunker purchases, crew wages, and port fees.

The administrative burden on maritime clients has grown sharply as well. Insurers, brokers, and banks now require detailed information about ownership, management, voyage patterns, counterparty relationships, and cargo interests. While these checks are intended to protect parties on all sides, they lengthen underwriting timelines and may increase premiums where perceived sanctions exposure elevates the insurer’s operational risk.

Conflicting International Sanctions and the Marine Context

Marine insurance is inherently international, and the conflicts between different sanctions regimes create significant ambiguity. A vessel may legally trade under UK or EU rules but become immediately problematic if it enters a US port or requires a USD‑denominated settlement. Charterers, cargo owners, and insurers may be subject to different regulatory regimes based on domicile, creating complex compliance considerations with no universal interpretation.

This mismatch places marine insurers in a challenging position. Policy wordings must accommodate multiple legal systems, reinsurers may operate under different regimes, and claims handlers must assess the legality of a payment from the perspective of several jurisdictions simultaneously. As sanctions become more targeted—often focusing on specific ship types, cargo categories, or regions—these conflicts are likely to intensify.

Strengthening Risk Mitigation in Marine Insurance

To navigate this environment, marine insurers and clients must adopt proactive and rigorous compliance frameworks. Continuous monitoring of vessels, cargo interests, and corporate structures is essential, supported by technology capable of screening ship registries, AIS data, ownership records, and counterparty information in near real time. Enhanced due diligence—particularly around UBO identification—should be a standard component of underwriting and broking workflows rather than an occasional exercise.

Contractual clarity is equally important. Marine policies must articulate what happens if sanctions become applicable during the policy period, including implications for claims, coverage continuity, and termination rights. Clear drafting protects both insurer and assured and reduces the risk of disputes arising from sanctions‑triggered exclusions or cancellations.

Ultimately, effective sanctions compliance requires strong leadership engagement. In the marine sector—where commercial pressures can conflict with regulatory obligations—insurers, brokers, and shipowners must ensure that compliance is embedded at a strategic level. This not only mitigates legal risk but reinforces trust across the insurance value chain and strengthens market resilience in an increasingly complex geopolitical landscape.

Everard Insurance Brokers is the specialist marine division of accredited Lloyd’s broker James Hallam Limited. We can help you navigate the challenges of sanctions to ensure you get the marine insurance you need for your maritime operation.

Learn more about our dedicated marine insurance services.

 

Navigating the Superyacht Insurance Market: What It Takes to Place These Exceptional Risks
Navigating the Superyacht Insurance Market: What It Takes to Place These Exceptional Risks 1000 563 James Hallam

At Everard Insurance Brokers, we understand that the world of superyachts is one of the most specialised and demanding areas of marine insurance. With vessels frequently exceeding 60 metres, multi‑million‑pound build values, and increasingly sophisticated operational profiles, placing superyachts in today’s market requires technical expertise, precision, and a forward‑thinking approach to risk.

In a landscape shaped by tightening capacity, regulatory developments, and rapid growth in the size and complexity of modern yachts, our role as an independent broker is more important than ever. We advocate for our clients, analyse the market thoroughly, and deliver tailored solutions that reflect how each vessel truly operates.

Understanding the Superyacht Risk Landscape

Superyachts are luxury assets, but their operations often resemble those of commercial vessels; bringing a unique set of risks that require detailed understanding.

High Hull Values

Today’s new builds can exceed £200 million, and annual refit programmes can rival the budgets of small businesses. Insurers expect comprehensive documentation, from build specifications and maintenance histories to shipyard risk assessments.

Global Navigational Ranges

Whether cruising the Mediterranean, Caribbean, or remote expedition regions, each area presents its own challenges:

  • piracy exposure
  • weather‑driven CAT risk
  • differing regulatory and compliance requirements

Complex Crew Structures

Large, rotating crews—including specialist roles such as engineers, chefs, medical staff, and helicopter pilots—introduce significant P&I and employer liability considerations.

High‑Value Third‑Party Risks

Charter operations, VIP guests, and large‑scale onboard events increase liability exposures. Reputational and privacy risks continue to grow as well.

The Superyacht Market: Capacity, Conditions, and Carrier Appetite

Superyachts sit within a niche and specialist segment of the marine market, with London remaining a central hub for underwriting. However, capacity is fluid and influenced by:

  • recent loss activity (particularly fire, machinery, and refit‑related claims)
  • changes in reinsurance cost and availability
  • geopolitical developments impacting global cruising patterns

Underwriters are now more selective, with appetite influenced by vessel age, build yard, ownership structure, management approach, and operational profile. At Everard, we continue to:

  • monitor market appetite across insurers
  • maintain trusted relationships with specialist underwriters
  • anticipate shifts in pricing and capacity to secure the best possible outcomes

Preparing a Robust Submission: The Everard Advantage

A strong submission is essential for competitive pricing and robust coverage. Our focus is on clarity, transparency, and presenting a compelling narrative for each superyacht.

A high‑quality submission includes:

  • key vessel specifications: build details, materials, flag, classification
  • operational profile: cruising patterns, chartering, annual movements
  • crew details: qualifications, experience, training, and retention
  • management & maintenance: ISM compliance, refit schedules, professional oversight
  • claims history: context, lessons learned, and mitigation steps taken

A thoroughly prepared submission reduces underwriting queries and strengthens our negotiating position, ensuring the client’s vessel is represented accurately and favourably.

Risk Mitigation: Demonstrating Proactive Management

Superyacht owners and managers are increasingly focused on risk control—and insurers respond positively when this is evidenced clearly. We work closely with clients to highlight measures that materially influence market appetite, such as:

  • advanced fire detection and suppression technologies
  • professional yacht management structures
  • robust onboard cybersecurity controls
  • weather routing and voyage planning systems
  • structured crew training and competency programmes

Highlighting these measures often leads to broader coverage and more competitive terms.

The Art of Negotiation: Balancing Expectations With Market Realities

Superyacht owners expect a tailored, responsive service. Balancing these expectations with a market that is often cautious requires experienced negotiation and clear communication. This can include navigating:

  • increased deductibles
  • stricter policy wordings
  • heightened scrutiny for older vessels
  • insurer requirements during refits or yard periods

At Everard, we act not only as brokers but as trusted advisors, ensuring that coverage aligns with the vessel’s operational requirements and the owner’s long‑term plans.

Emerging Trends Shaping the Superyacht Market

Several developments are shaping the future of superyacht insurance:

  • Sustainability: hybrid propulsion systems, alternative fuels, and eco‑focused design
  • Expedition yachts: increasing voyages to challenging and polar environments
  • Digitalisation: enhanced connectivity increasing cyber and systems exposures
  • Mega‑builds: rising numbers of yachts over 100m stretching capacity and underwriting comfort

Understanding these trends allows us to provide forward‑thinking guidance and prepare clients for how the market is evolving.

Expertise Makes the Difference

Placing superyachts in today’s marine insurance market demands technical capability, strong insurer relationships, and a clear understanding of how each vessel is operated. As yachts continue to grow in size, complexity, and sophistication, the broker’s role becomes even more critical.

At Everard Insurance Brokers, we combine specialist knowledge with independent, and a client focused service, ensuring that every vessel we place is protected with confidence, clarity, and care, wherever in the world it sails.

Get in touch with our team of experts to discuss your specific superyacht insurance requirements.

 

How To Prevent Employee Theft in Retail
How To Prevent Employee Theft in Retail 1000 667 James Hallam

We recently published a guide to preventing theft from shops. In that guide, we focused on addressing theft from shoplifters. In this post, we will take a closer look at employee theft – why it happens, and how to prevent it.

Understanding the Impact of Employee Theft in Retail

According to research by Retail Economics and Thruvision, employee theft accounts for around 40% of all thefts experienced by UK retailers, which could account for a loss of about £3.2 billion a year.

But employee theft will have some added costs beyond the financial losses. It can affect morale, and lead to a culture of mistrust and suspicion among staff. It can lead to disciplinary actions and legal procedures, which will disrupt your operations, while increasing staff turnover and recruitment costs.

Plus, if word gets out that your business is having a problem with employee theft, then it could damage your reputation. After all, if you cannot keep your own stock safe, then who knows what else you are overlooking? This could affect your ability to attract suppliers, and it may even make some customers reluctant to buy from you.

Common Causes of Employee Theft

Why would an employee steal from their employer? For any number of reasons, including:

  • Financial Hardships – If an employee is struggling outside of work, they may be tempted to steal from the till, the shop floor, or the stockroom, to help make ends meet.
  • Resentment – If your employees are not happy in their jobs, or if there are poor relationships between staff and management, then employees may turn to theft as an act of protest.
  • Opportunism – Sometimes, the opportunity to steal might just be too great to resist. If an employee is handling a large amount of cash, and they notice that there is nobody around, then they might think: “Who’s going to miss the odd note or two?”
  • External Pressure – If you do not address employee theft in your shop, a negative workplace culture could take hold, and some employees may find themselves driven to theft as a result of peer pressure. Or worse, employees might get pressured by outside forces, such as criminals, to lift cash or stock from the premises.

How To Prevent Employee Theft in Your Shop

There are a number of actions you can take to help prevent theft in your shop including:

  • Employee Screening – Conduct thorough background checks on all of your new hires, particularly if their role will involve handling cash, or if it will give them access to high value stock.
  • Employee Training – During induction, make it clear to staff that you take a zero tolerance approach to theft, but be sure to explain why, highlighting how employee theft harms everyone.
  • Security Measures – All of the systems that can help prevent shoplifting can also help prevent employee theft: CCTV, thorough stock management procedures, mirrors to eliminate blindspots, security tagging, and so on. You should also implement strict controls on who can handle cash, with robust security procedures for doing so.
  • Anonymous Reporting – If a staff spots another employee stealing stock or money, they may be reluctant to report the incident, as they might be wary of reprisals. But if you allow for anonymous reporting systems, staff can report incidents in total peace of mind that they will not face any direct retaliation.
  • Staff Support – Finally, we mentioned above how unhappy or dissatisfied staff may turn to theft. With regular performance reviews, you can identify any possible sources of discontentment as early as possible, while also helping to build trust between managers and employees.

Get The Right Cover For Your Shop

A comprehensive retail insurance policy will not prevent employee theft. But it can give you the cover you need to bounce back from any major disruptions or significant losses.

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who care about protecting your shop. Whether you run an online store, a single high street shop, or a chain of shops, we can help you get the cover you need at a price you can afford.

Find out how we can help your shop today.

 

 

Hotel Fire Risk Assessment: What To Include
Hotel Fire Risk Assessment: What To Include 1000 667 James Hallam

We recently published a guide to some of the emerging risks that hotels must contend with in the coming years. Yet no matter what challenges the next few years bring, there is one risk that hotels will always have to contend with: Fire.

In this post we will explore the fundamentals of a hotel fire risk assessment plan, to help you understand and mitigate the fire hazards in your hotel.

Hotel Fire Risk Assessment: Understanding The Risks

When it comes to fire, hotels and B&Bs are considered high risk premises. This is because of the presence of temporary guests who will not be familiar with the building’s layout and fire safety procedures.

The building’s fire safety systems will need to be capable of alerting multiple people at the same time – many of whom may be asleep – while helping them to navigate an unfamiliar environment to safety.

The fire safety plan must also account for how some guests may have certain mobility impairments. Plus, some may not speak English, and some may be under the influence of alcohol.

Because of these unique risks, The Regulatory Reform (Fire Safety) Order 2005 specifies that any building where guests sleep for payment must have a written fire risk assessment in place, which must be reviewed regularly. This extends to hotels, guest houses, B&Bs, hostels, and serviced apartments.

What To Include In Your Hotel Fire Risk Assessment

  • Identify All Possible Fire Hazards – Depending on your facilities, this might include kitchens, laundry facilities, and electrical systems. You should also factor in accidental fires caused by guests (due to appliances they bring with them, and discarded cigarettes), along with the risk of arson.
  • Identify Who is At Risk – Beyond your guests, you will also have to account for the safety of your staff, to contractors and delivery drivers, and to members of the public who might be visiting the premises temporarily – such as those who eat at your restaurant without staying the night.
  • Outline Your Existing Fire Precautions – What have you currently got in place to alert staff and guests, to help them evacuate, and to contain or control a fire outbreak? This might include fire alarms, emergency signage and lighting, fire doors, and firefighting equipment.

How to Devise Your Action Plan

Once you understand your risks, and the measures that are currently in place to address them, you might identify some areas for improvement. This might include:

  • Ongoing staff training, to ensure they understand the risks, and the actions they are to take if an alarm is raised.
  • Routine inspections of your fire safety equipment, and replacement of any perishable items as often as necessary.
  • Specifying who is responsible for every action, with a target completion date for any changes or improvements you wish to make.
  • Reviewing your action plan at least once a year, or immediately following any fires or alarms (even if they are false alarms). You should also review your plan should you ever make any changes to your hotel building or operations.

Other Risks For Hotels

Beyond our guide to the emerging risks for hotels, you will find a number of guides on our site to help you understand and mitigate the various risks associated with running a hotel business:

Get the Tailored Hotel Insurance You Need

Specialist hotel insurance can cover your hotel against many of the risks you will face, including fire risks.

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance brokers. No matter if you are running a large or a small hotel, we can tailor a niche insurance package to ensure you are covered for all risks at the best possible price.

Find out how we can help you today.

Gym Risk Assessments: Hazards in a Gym to Mitigate
Gym Risk Assessments: Hazards in a Gym to Mitigate 1000 640 James Hallam

Gym risk assessments are essential for keeping your staff and your members safe from the many hazards present in health and fitness facilities. In this post we will outline the fundamentals of a gym risk assessment, including your legal duty to keep people safe.

You Have A Legal Duty To Manage Risk In Your Gym

Under the Health and safety at Work Act etc. 1974 and the Management of Health and Safety at Work Regulations 1999, if you own or operate a gym you have a legal duty to assess and manage all health and safety risks.

A gym risk assessment will help you understand all the potential hazards in your gym, and who is at risk. It will also help you identify your current capacity to manage these risks, along with any new measures you should introduce to help keep people safe.

Gym Risk Assessment Basics

How to Identify The Hazards in a Gym

The first step of any risk assessment is to identify all the potential hazards in your gym.

These might include:

  • Environmental Hazards – Such as slippery or uneven floors, poor lighting, trailing cables, blocked walkways and emergency exits, and issues with noise levels, temperature, and ventilation. You should also consider hygiene hazards from contaminated or poorly maintained equipment and facilities, and chemical hazards from improper use or storage of cleaning equipment.
  • Equipment Hazards – Staff and customers alike could injure themselves through inappropriately moving or using equipment. If any of your equipment is damaged or faulty, then it could cause injuries even if people do use it correctly.
  • Fire Hazards – Identify all possible sources of fires, paying particular attention to your electrical equipment. Also identify your current means of detecting and managing fire outbreaks, and your current means of alerting staff and customers, and helping them evacuate.

How to Identify Who Is At Risk

For every hazard you identify, you should specify exactly:

  • Who might be harmed
  • How they might be harmed
  • How likely it is that they will be harmed

Beyond your staff and your customers, think about other members of the public who may visit your premises, including contractors, delivery personnel, and emergency services staff.

Ways to Mitigate Risks in a Gym

Once you have determined the hazards in your gym, along with who is at risk, and the possible severity of the harm, it is time to determine the precautions you are going to take to mitigate these risks:

  • Ongoing staff training, to help them understand all the hazards, along with the procedures they will follow in the event of an incident.
  • Adequate staff-to-member ratios, so that your staff can identify and respond to any emerging situations as early as possible.
  • Thorough induction processes for all new members, along with routine refresher sessions for more experienced members.
  • Regular cleaning and maintenance schedules for all equipment, with a procedure for removing, repairing, or replacing any faulty or damaged equipment the moment you spot an issue.
  • A thorough cleaning schedule for the whole gym environment, so as to clear areas of trip hazards while addressing any potential health issues arising from poor hygiene practices.
  • Environmental controls, including ensuring there is adequate space between equipment to avoid collisions and overcrowding, while also addressing noise levels, temperature levels, and ventilation issues.
  • Emergency protocols, including the availability of first aid and defibrillator kits, and ensuring that your staff know how to use them. You should also have a fire response plan in place, and you might also consider drilling your staff on responding to aggressive members, or potentially violent situations.

Special Measures and Additional Risks For 24 Hour Gyms

If your gym is open round the clock, then you might have to consider some additional risks. For example, there will likely be times when your gym will be unsupervised. It is therefore vital that all members know how to take care of themselves when they are using the gym out of hours, including the procedures for responding to emergency situations.

You can read our full guide to risk management for 24 hour gyms.

Your Written Gym Risk Assessment

Ultimately, your gym risk assessment will need to be a written document which clearly outlines every hazard you have identified, and how you intend to manage them. It should also specify who is responsible for carrying out every action you have proposed, along with a target completion date for every improvement you wish to make.

You should aim to review your risk assessment at least once a year, or immediately following any incidents – even if these incidents were just “near misses”.

Keep Good Records And You Could Save On Your Insurance

As we mentioned above, you have a legal duty to assess and manage all health and safety risks in your gym. Good record keeping is essential. But beyond keeping your staff and members safe, your risk assessment process could ultimately benefit you in other ways too.

If you can evidence your gym’s risk management procedures, you may be able to make a saving on the cost of your gym insurance.

James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you understand the unique risks you face as a gym, and we can show you how to properly evidence your risk management procedures in order to access specialist at a competitive price.

Find out how we can help you today.

 

A Guide to Risk Management For Small Businesses
A Guide to Risk Management For Small Businesses 1000 667 James Hallam

As a small business owner, you have a legal duty to keep your employees safe, along with any customers, contractors, or other members of the public who may visit your premises. Risk management is an essential process for understanding the risks you are facing, along with the steps you can take to address them.

What Is Risk Management?

Risk management is a process that involves taking the time to identify and assess every risk that your SME may be facing. Some of these risks will be the sort that any business of any size will have to contend with, such as fire hazards and workplace accidents. Other risks may be specific to your industry – a warehouse is a more hazardous workplace than an office, for example.

But SMEs may have to contend with some risks that may not be so much of a problem for larger businesses. For example, cybercrime. One study found that cybercriminals are three times more likely to target SMEs over larger businesses. Another suggested that around 96% of all cyberattacks target SMEs.

Risk Assessments For Small Businesses

Risk management starts with a thorough risk assessment. There are a few steps to go through here:

  • Identify every risk that could lead to accidents, injuries, or other damages to your business.
  • Determine who each risk may affect, along with the likelihood and severity of every risk you identify.
  • Outline the steps you can take to manage, mitigate, or eliminate these risks.
  • Establish who is responsible for carrying out each action you identify, along with a process for reviewing your risk assessment.

Essential Aspects of Risk Management For SMEs

Your risk assessment will help you identify the risks your SME is facing, along with the actions you might take to manage them. This might include:

  • Staff Training – Every new member of staff should go through a thorough induction process to help them understand the various workplace risks, and how to manage them. You should also brief them on how to respond to emergency situations. Existing staff should receive refresher training at least once a year.
  • Fire Safety – You should have a fire safety system in place, including alarms, sprinkler systems, fire fighting equipment, and emergency lighting and signage. You should also outline your fire response procedure. In the event of a fire, what steps should employees take? How should they evacuate the building, and who should they report to once they are safe?
  • Onsite Security – As well as addressing the risks of fire, you should also address the risk of theft, vandalism, and other crimes. This can involve security features such as CCTV, roller shutters, and alarm systems, and anti-theft policies such as thorough stock-taking and anonymous reporting procedures.
  • Employee Health and Safety – At least one member of staff should have first aid training, and every member of staff should know the process for reporting and recording incidents at work.

Cyber Risk Management For SMEs

As we mentioned above, SMEs may be at greater risk of cybercrime than larger businesses. Increasingly, IT and cybersecurity are becoming essential aspects of risk management for small businesses.

Cyber risk management starts with staff training. Every member of staff should be aware of the risks, along with the steps they should take if they ever encounter any suspicious activity. You should also take steps to secure your systems, paying particular attention to any employees who work remotely.

Read our full guide to cyber security for SMEs.

Get Tailored Insurance For Your SME

James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you understand the unique risks your business is facing, and we can show you how to effectively manage these risks. We can then help you access the dedicated business insurance you need, at the best price.

Get in touch for a free quote today.

 

Do I Need a Boat Safety Certificate?
Do I Need a Boat Safety Certificate? 1000 667 James Hallam

If you own a boat, then you have a responsibility to ensure it meets certain safety standards. A boat safety certificate can provide confirmation that your vessel is compliant with all relevant safety regulations.

What is a Boat Safety Certificate?

If your vessel has a boat safety certificate, it means that a qualified surveyor has inspected your boat to confirm that it meets various safety standards. Think of it as a boat equivalent of an MOT: It means your boat is safe for you, your passengers, and other waterway users.

To get your boat safety certificate, you will have to satisfy certain regulations concerning your boat’s:

  • Electrical systems, including wiring and batteries
  • Fuel systems, including gas systems
  • Fire extinguishers, alarms, and other fire safety equipment
  • Bilge pumps and drainage systems
  • Navigation lights, signals, and other emergency features

Who Needs a Boat Safety Certificate?

You will likely need a boat safety certificate if you want to take your boat on most UK canals, rivers, or waterways. And even if boat safety certificates are not required on your waterway, you may need to get a short-term visitor licence if you want to visit waterways where certificates are a prerequisite.

However, some boats are exempt from these requirements.

Boat Safety Certificate Exemptions

For example, you may not need a boat safety certificate if your boat does not have any gas, electrical, heating, or fuel systems.

Plus, a brand new boat may already comply with all relevant safety standards, and you may even receive a certificate when you purchase the boat.

However, if your boat is fully fitted, you will need to get a safety certificate after four years.

And if it is sail away, and you plan to fit it out yourself, then you will need to get a safety certificate after one year, even if you are still in the process of fitting out your boat.

How Much is a Boat Safety Certificate?

The amount you pay for a boat safety certificate will depend on the size and type of your boat, along with its condition. Different surveyors will charge different amounts, too.

You should expect to pay around £150 to £300 for the inspection and the certificate. But if the inspection reveals that your boat needs some additional work to meet the relevant safety standards, then the process will end up costing you some more.

How To Get a Boat Safety Certificate

To get a boat safety certificate, you will need to find a qualified examiner to survey your boat, and issue it a certificate.

It is important to choose a reputable examiner. Check the list of examiners registered to the official Boat Safety Scheme (BSS) to find a surveyor you can trust.

The BSS also lists the full requirements for your boat to get certified, along with the details of the examination and certification process.

Will a Boat Safety Certificate Affect My Insurance?

Some insurers may specify that you need a boat safety certificate as a condition of cover. If you are caught using a regulated waterway without a valid certificate, then it may invalidate your insurance.

As we mentioned above, a boat safety certificate acts as confirmation that your boat meets all relevant safety regulations. Certification proves that you take safety on the waterways seriously. So in some cases, a boat safety certificate could help you save money on the cost of cover, as it will demonstrate your commitment to safe boating.

Everard Insurance Brokers are the specialist marine trading division of accredited Lloyd’s brokers James Hallam Limited. We can help you ensure your boat meets all relevant safety standards, and we can help you access the specialist cover you need at a competitive price.

Find out more about our dedicated marine insurance services.

 

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