Insurance really is a global industry and has many times been described as the oxygen in the lungs of the economy. With any insurance policy on commercial risks written out of the United Kingdom (UK) or the European Union there is a sanctions clause. In fact this appears in most if not all commercial contracts. The Financial Conduct Authority (FCA) in the UK issued the […]
One of the causalities of the invasion of Ukraine will effect some insurance claims
The tragedy that is happening in Ukraine cannot be overstated for those living through it. We feel it close to home as one of our team is from that beautiful country and to watch what is happening to the population is heart-breaking. One of the casualties of the conflict has been the destruction of the Antonov AN-225 Mrira heavy lift cargo plane. Many of us […]
Insureds should not rely on bank valuations to set their building sums insured
Through out my 50+ years in claims I have seen countless claims where the Insured has relied on a bank valuation to set the sum insured on their commercial building. The valuation that is prepared for a bank is typically conservative to protect the valuation company from a having to explain why their value was lower than what the bank sold it for during a […]
Giving important books a good home
As many of you would know, LMI have a significant library of texts about insurance. Much of which has been kindly donated to us by organisations and individuals who, for a variety of reasons, no longer have the space for them but appreciate that the books have value to the industry. A good example of this is the “old insurance tariffs”. The term “tariff” can […]