Professional Risks

Professional Indemnity (PI), sometimes known as errors and omissions cover, is a form of liability insurance that provides suitable protection for those individuals and entities that offer a service or advice to clients. The policy provides financial protection for the legal consequences of any breach of professional duty as a result of any errors or omissions that may inadvertently be made. In addition, it provides coverage for the associated legal costs and expenses in defending against such a claim.

The primary purpose of Directors & Officers (D&O) insurance is to cover the personal liability of directors, officers, and managers from claims which may arise from the decisions and actions taken within the scope of their duties. Having such coverage in place provides not only the necessary protection for the individuals concerned, but has the added benefit of allowing the directors 'room' to make the right decisions. D&O insurance supports good corporate governance by making the risks of these decisions both manageable and transparent.

A bespoke policy arranged to protect Directors, Officers and the Company against risk associated with an initial public offering and the representation made in the prospectus document. The policy is designed to ring fence these exposures and keep them separate from a company’s annual D&O policy.

This is perhaps the most rapidly developing area of risk faced by businesses around the world. A bespoke crime insurance policy will protect a business from employee fraud and dishonesty together with losses emanating from (but not limited to) social engineering, fake presidents fraud and supply chain fraud. These are criminal acts and therefore not covered by a cyber policy.

Traditional insurance policies do not properly cover the cyber-related risks we face in an increasingly connected world and as a result the UK insurance market has developed a number of specialist cyber insurance offerings. The UK Government 2017 IS Breach Survey found that 46% of all businesses surveyed had a security breach in the previous 12 months.

Employment practices liability insurance provides cover against claims made by employees alleging discrimination, unfair or constructive dismissal, harassment and other employment-related issues.

As well as the more traditional D&O policies, Rossborough can provide a combined policy of ‘Management Liability’ covers, which expands upon these policies and provides a number of additional covers.

Tax Indemnity Insurance is a specialist product designed to mitigate potential tax liabilities that become due following a business sale, restructure or at the end of life of funds and investment structures.

An insurance policy arranged by either the buying or selling party to a transaction to help get the deal across the line by covering the warranties laid out in the sale & purchase agreement.

The prevention of tax evasion has been brought into sharp focus in the United Kingdom by the recent introduction of the Criminal Finances Act 2017, which introduces new corporate criminal offences for failing to prevent facilitation of UK and foreign tax evasion.

Gallagher’s January 2018 Financial Institutions Risk Bulletin outlines professional cover options for services particularly vulnerable to prosecution.

The catastrophic losses seen last year from the likes of Hurricane Harvey and Irma have led to predictions that 2017 could be one of the most expensive on record for insurance companies.

Gallagher’s 2018 Financial Institutions Market Update outlines the potential influence last year’s events could have on financial premiums.

Gallagher’s Operational Risk Losses bulletin responds and provides industry comment on the insurability of major operational risk events that took place. This reports reflects on the five major risks during December 2017.

Gallagher’s latest Operational Risk Losses bulletin responds and provides industry comment on the insurability of five recent major operational risk events took place during March 2018.