Cyber Solutions

Thu 15th July 2021

GET YOUR BUSINESS PROTECTED – STAY CYBER SAFE!

 

Cybercriminals are plotting to breach your network right now… but what can you do to prevent it?

It’s a known fact that small businesses are more likely to be targeted by cybercriminals than any other business or organization.

While we only hear about major breaches on the news, we don’t get to hear the stories of the businesses that struggle with cyber breaches and cyber-attacks.

Why are small businesses targeted more?

Hackers love to go after small businesses for one very big reason: small businesses are less likely to invest in top-notch or even worthwhile cybersecurity protection or cyber insurance.

The reason comes down to many factors but the two in particular are: lack of resources and lack of knowledge. Of course, this is a wider subject of discussion, as hackers also look at a business’s customer base and the type of data the business shares online. Hackers go after targets they can profit from, whether they hold a business’s data hostage and demand a ransom or they launch a carefully plotted phishing attack.

Some businesses make it past the attack unscathed, but many don’t. Their data might be compromised in one way or another.

So, what can you do about this and how can you protect your business?

First and foremost, you have to realize YOUR business is a target, regardless if you’ve never been hacked before (it might just mean the hackers haven’t gotten to you just yet). Aside from a good business risk assessment, you have to look at getting cyber insurance protection in case an unfortunate situation arises.

To help you with this, Citynet Insurance Brokers provide fully tailored and comprehensive cyber insurance solutions. Our team of experienced professionals is working with a wide number of markets and can put together the right solution for your or your client’s business needs.

 

Commercial Insurance Solutions

Tue 20th April 2021

 

Security Guarding, Events, and Door Supervision industry

Thu 15th April 2021

A COMBINED LIABILITY PRODUCT

With the hospitality and events industry set to open once again, Citynet Insurance Brokers are offering a Combined Liability product for the Security Guarding, Events, and Door Supervision industry.

For more information about this product, please contact your account executive or account handler or use the contact details below:

 

020 7488 7950

[email protected]

Property and Liability Commercial Combined package

Tue 30th March 2021

COMMERCIAL COMBINED INSURANCE

in partnership with Convex Insurance.

Citynet Underwriting Services are proud to be launching a new property & liability Commercial Combined package in partnership with Convex Insurance – an international specialty insurer and reinsurer providing A rated capacity for UK commercial combined and standalone liability risks.

Here at Citynet, we have a dedicated underwriting team that allows us to quote, bind and issue documents in-house fast and efficient.

 

 

Construction Market Update

Thu 25th February 2021

 

Since 2018, the construction insurance market has undergone an acute change, transitioning firmly out of a very soft market. Entering 2020, contractors were prudent about their business prospects. But no one was prepared for the across-the-board disruption caused by the pandemic or the aftereffect that is likely to carry on well into a 2021 hardening market.

In the first quarter of 2020, we witnessed continued rate increases, requests for more information and risk management engagement, as well as increased deductibles, and some of the broad coverage of the past becoming much harder to obtain. This happened before COVID-19 really kicked in, at which point we all had to become accustomed to negotiating over the phone, or via various video conferencing platforms. It is fair to say that we have now entered a time in the insurance market that none of us has ever encountered before, nor want to see again, although we might need to get used to this for a while longer.

Like most other business sectors, the construction industry is looking with uncertainty at 2021 that will certainly continue to be affected by the ongoing pandemic as the virus mutates. Balancing opportunities with risks has always been the central challenge for contractors, Now, more than ever, the role of a broker is very important and construction companies need to partner with experienced brokers in order to ensure their story is pitched well to the insurance marketplace, pairing them with the right carriers, right-sizing coverage and tightly managing costs.

The economic shutdown delayed many projects that had been in the bidding or final stages. Significant material/supply chain disruptions jeopardized schedules and operations. Contractors also were hit when subcontractors couldn’t report to jobs, either because their people were exposed to the virus and subject to quarantines, or because they were unable to meet health guidelines.

Specific Areas of Concern

Residential Sector

As the market hardens, insurers are particularly cautious with any portfolio that has a poor claims experience or includes risks outside of their core underwriting appetite, resulting in increasing premium rates and restricting cover. Despite this, there is still a wide appetite to underwrite well risk-managed residential portfolios.

Water Damage

Water damage is a significant market concern. Insurers are keen to work with brokers to identify sites that perform poorly from a claims perspective. Many markets are encouraging clients to follow the advice in Managing Escape of Water Risk on Construction Sites, the guide issued by the Construction Insurance Risk Engineer Group.

Timber Frames and Cladding

It is fair to say that timber frame buildings continue to be a challenging area for the insurance market. The rates for timber frame buildings can be greater than those of a steel frame build, and policies can come with higher excesses. Following the Grenfell fire tragedy in June 2017, underwriters have been cautious about cladding. A greater understanding is sought of the full construction methods, with a focus on the composition and installation of cladding, particularly with projects that are more than 18 metres high.

Cyber risk – a growing concern

Following 2021 reinsurance treaty renewals all reinsurers have cyber cover exclusions, and as such there are a lot of processes that leave an open door to cyber risk. Many contractors buy policies where cyber is blended with their professional indemnity insurance. The protection offered by such policies might be limited versus a stand-alone cyber policy. Therefore, decoupling cyber for broader protections will also result in better terms and conditions. As cyberattacks are intensifying, especially during the Covid-19 crisis, the construction industry had not been spared. There’s been a notable uptick in cyber claims, and construction is particularly vulnerable to social engineering. This involves a cyber-criminal impersonating senior management or important vendors, using business email compromise tactics and effecting the release of large sums of money or information that can be monetized. To avoid the risk of a cyber-breach, firms should periodically undergo audits of their cybersecurity environments. An experienced broker can provide a great insight and guidance on cyber insurance policies making sure these are adequate for the business.

Contractors’ financial health under pressure

The industry is working with weakened balance sheets and compressed profit margins due to the pandemic’s impact. Many contractors had to cover unbudgeted labour costs as they tried to catch up on jobs delayed due to numerous virus-related reasons.

Contractors and subcontractors should count on their brokers to keep them on top of developments in the SDI and surety markets. Risk selection is another important factor in a hardening market as insurers tend to become choosier in whom they agree to insure. For subcontractors, it points out the need to self-market by sharing a good risk management track record with safety successes. For general contractors, it’s important (for any type of insurance) to demonstrate how quality, as much as safety, is managed on the job site. Quality has always been an important differentiator for contractors, and is now emerging as an important insurance underwriting (risk selection) factor as well.

Respecting the continuing risk of pandemic

As we’ve rolled into 2021, new virus mutations will constitute a continuing operational risk for the industry. The pandemic will continue to haunt supply chains as well, with knock-on effects impacting both budgets and schedules this year. Contractors are being reminded of the difference between an “efficient” supply chain and a “resilient” one.

The insurance industry will be hit hard by COVID-19 exposures, with the full extent of them not yet known by the industry.

Navigating the Market

In order to limit cost increases and improve risk profiles for their construction clients, retail brokers will need to look for the right wholesale broker that has ties with the Lloyd’s and London market and an excellent knowledge for the construction industry. Citynet Insurance Brokers has been established for over 20 years and their experience within the construction industry is an unparalleled one.

 

What can construction companies expect in 2021 

Whilst businesses and industries were impacted by COVID-19, some more than others, all had to adapt. Fortunately, construction was considered an essential business, so for the most part, the industry did well i­­­n 2020.

As the industry works to rebuild this year, insurance renewals are likely to be tough as underwriters consider stressed financials and other issues and trends that pose risks to the sector’s recovery, short and long-term.

Trying to forecast where rates will go this year is at best an educated guess. Every account is underwritten individually and ultimately pricing will be affected by risk control strategies and loss histories.

The challenges here will be heightened by a hardening insurance market, where rates trend higher as availability tightens. In this environment, contractors should expect their insurance brokers to be their partners and advisors in anticipating the risks ahead and shaping the strategies to manage them effectively.

 

Please download this article in a pdf format here.

 

Construction Insurance

Tue 23rd February 2021

 

Lloyd’s proposed transfer of certain EEA insurance business to Lloyd’s Brussels

Mon 6th July 2020

 

Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at  lloyds.com/brexittransfer

 

Should you have any queries please contact Mark Crisp at [email protected] or call 020 7488 6708

New Facility Available

Tue 12th May 2020

 

Here at Citynet, we understand the difficulties your clients are going through during these unprecedented times.

Behind the scenes, we have been working hard with our existing insurers to manage your clients’ insurance requirements, as well as continuing to explore new markets.

Citynet Insurance Brokers are pleased to confirm that we can now offer insurance solutions in partnership with Convex under our new facilities. Convex was launched to the market last year with $1.7bn of initial committed capital to underwrite insurance for complex specialty risks.

The company, set up by Stephen Catlin and Paul Brand, has an A.M. Best rating of A- (Excellent).

Citynet has long-standing relationships with the underwriters who have recently joined Convex, which allows our team of brokers to negotiate the best possible deals for your clients. Citynet and Convex can provide insurance solutions for your clients within the Construction, Entertainment/Leisure, Manufacturing, Engineering, and Transportation industries, amongst many more.

Here at Citynet, we more than fully understand your clients’ needs and provide you with the specialist knowledge and expertise you need, when you need it.

For more information about our New Facility, please contact our Broking Director – Matt Carlick by using the below contact details: 

07890 545 417
[email protected]

 

 

 

 

Motor fleet schemes update

Mon 23rd March 2020

MOTOR FLEET SCHEMES

ARE YOU HAVING PROBLEMS WITH PLACING YOUR CLIENTS’ MOTOR BUSINESS?

In these unprecedented times, we need to find a bit of normality whilst we adapt to these extreme circumstances.

Citynet Insurance Brokers are still open for business and would like to keep you updated on the latest developments within its Motor Fleet Schemes Division.

We tailor bespoke solutions for your clients’ Motor Fleet needs.

COURIER MOTOR BUSINESS

• Any Licensed Drivers
• No residency clause
• Extended cover for all in-vehicle technology
• Extended trailer cover
• Including “Tool of the Trade” cover
• Extended cover for vehicle Livery/Signwriting
• Automatic inclusion for drivers with convictions, subject to £250 excess and those with suspensions subject to £500 excess
• Built-in automatic bonus for good performance
• Long Term Agreements Available

 

ARE YOU HAVING TROUBLE PLACING ‘WORKING VEHICLES’ REQUIRING

‘TOOL OF THE TRADE’ COVER?

Citynet has got the solution for you and your clients. 
Click here!

 

MOTOR SCHEMES SPECIALIST KNOW-HOW!

If you have Motor Fleets with vehicles that are involved in Loading, Unloading, Shredding, Lifting, Mixing, Tipping from Cement Mixers, Cherry Pickers, Cranes to Tippers, etc. you guessed it…WE HAVE A SOLUTION!

Covers include but are not limited to:

• Any Licensed Drivers
• Extended cover for all in-vehicle technology
• Extended trailer cover which includes fitted machinery, plant and forklifts
• Including “Tool of the Trade” cover
• Including Third Party cover for Solidification, Contamination, Spillage and Pollution, subject to £1,000 excess
• Automatic inclusion for drivers with convictions, subject to £250 excess and those with suspensions subject to £500 excess
• Includes Tipping and Toppling incidents
• Extended cover for all in-vehicle technology
• Extended cover for vehicle Livery/Signwriting
• Includes full cover whilst the vehicle or trailer is being used as a “Tool of the Trade” and requires the keys in the ignition for operation
• Includes Goods in Transit cover for Cement Mixers and Batching units and extending to incorporate Solidification of load
• Built-in automatic bonus for good performance
• Long Term Agreements Available

 

Please send your enquiries to [email protected]

or call us direct on 07766 314 968

Additionally, if we can help you on a package basis, please feel free to show us all the other covers.

We look forward to helping you place your clients’ business.

Building broker business in the construction insurance sector

Mon 7th October 2019

In the midst of chaos, there is opportunity!

The famous quote from Sun Tzu in The Art of War may not have been intended for the insurance industry – but it is one that stands applicable especially now in relation to the construction sector where the building blocks appear to be crumbling. The July 2019 IHIS Markit construction purchasing managers’ index dropped to its lowest levels since April 2009.

“According to the latest survey of industry executives, the UK construction sector is suffering a loss of momentum, led by the sharpest reduction in new work since March 2009,” Matt Carlick, Broking Director at Citynet Insurance Brokers, told Insurance Business. “As the market tightens, some insurers are looking into decreasing the number of brokers they do business with.”

At the heart of the problem appears to be a shortage of skilled workers, leading to greater use of LOSC and BFSC contractors, according to Carlick.

“Greater use of lower-skilled or non-skilled workers who tend to be less experienced in a particular trade or are new to a company and therefore less aware of the H&S culture of an insured,” he said. “Due to a skilled worker shortage, there is a danger that the cost for these employees increases which can negatively affect profit margins and therefore the funds available for investment in H&S initiatives.”

Amid the clouds, however, there are plenty of silver linings – and savvy brokers have plenty of opportunities to be the cement that keeps businesses watertight amid the onset of economic bad weather.

“Despite the comments about retrenchment in the UK construction sector, underwriters would suggest that they are seeing small organic growth for London and South East based risks,” added Carlick. “This also means an increase in estimates for LOSC and BFSC payments which bring their own insurance issues with them.”

“Of course, there are concerns about the current business outlook and these are overwhelmingly attributed to domestic political uncertainty,” continued Carlick. “The construction sector hasn’t been left unaffected by this current climate. Rising risk aversion and tighter budget setting by contractors in response to Brexit uncertainty can hold back activity, especially in the commercial sub-sector.

“The key is to work with a specialist – and, as wholesale brokers, Citynet has a proven ability to build and maintain relationships with underwriters which is essential to ensuring that the best deal is on the table for our retail broker clients.”

Finding the best deal also means finding the right policy for clients. While each business will have different individual needs, Carlick believes there are certain important areas of a construction policy that every broker should look for.

“Important areas of a construction policy include cover for asbestos; attitude towards criminal defence costs; height and depth limits – ideally there should be none; cover for hazardous locations/activities; attitude towards rehabilitation; insurers’ flexibility to be able to deal with mid-term amendments which are hazardous and/or unusual,” he said.

Above all, however, it’s about finding a trusted partner, Carlick believes – one that has “its’ fingers on the pulse of this dynamic market” and “strong market relationships.”

 

Source: Insurance Business UK