Our specialist insurance services for Professionals risks

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1 Our specialist insurance services for Professionals risks

2 Price Forbes & Partners is an independent Lloyd s broker based in the heart of London s insurance sector. We trade with all of the major international insurance and reinsurance markets in London, Bermuda and Europe. We operate from one London office, with a satellite office in Bermuda. About Us Our reputation with our worldwide client base derives from our ability to apply our entrepreneurial approach and vision to provide innovative insurance solutions. Whilst Price Forbes & Partners can trace its roots back to 1893, the Price Forbes & Partners of today is the result of a 2004 merger of two highly professional wholesale brokers, Prentis Donegan & Partners and Price Forbes under the Marsh & McLennan Companies umbrella. A management buyout in September 2006 formed the current Price Forbes & Partners, a truly independent London based global broker, 100% owned by the management and staff. Price Forbes & Partners is in the top ten largest premium provider to Lloyd s. We have around 200 employees working in all aspects of broking, technical, claims and support. Price Forbes & Partners 3

3 Our Team Price Forbes & Partners Professional Risks works closely with clients and the London market to provide tailored insurance solutions to all companies and professional services firms, operating in the services sector. The team has the enthusiasm, professional commitment and relationships to structure and enhance the value of insurance products which they can negotiate with the London and international insurance underwriting markets. The services sector is made up of many varied and diverse professionals and we expect our clients to have very specific requirements for their insurance and risk management needs. At Price Forbes & Partners we propose innovative solutions for our clients (whether private, public, national or multinational) based on their specific industry requirements and codes of professional conduct. We provide a bespoke service rather than that which some of our competitors may routinely offer. Timely and accurate documentation as well as accounting is a priority for our team and we have integrated technical and processing staff in our London office. With over USD 1 billion of available worldwide capacity, we are uniquely positioned to get the very best terms and most competitive pricing for our clients. No risk or client s needs are identical and while we have some proven tactics and approaches, our service and the resulting product are bespoke and unique to each customer. Our specialist expertise in programme design, insurer selection, marketing and placement, combined with our inhouse claims service, allows us to provide comprehensive solutions to our clients. We access the Lloyd s, London, Europe and Bermuda markets directly, which allows us to negotiate the best deal on your behalf. Our five steps to service delivery include: 1. Risk assessment and strategy development 2. Tailored programme design 3. Risk placement 4. Policy delivery 5. Claim negotiation Our Service Claims negotiation and settlement is also handled from the same London office. This is essential to ensure that our professions clients claims, from first advice or notification to final collection, are handled in an informed and sensitive way, to achieve the optimum protection of professional reputation possible. By having all our broking and support resources in one location and not outsourcing, we ensure that our service to our clients runs as smoothly and as timely as possible. Unlike many of our competitors, we do not outsource or offshore our processing or back office work, thereby ensuring the first class service standards that our clients expect. We have an ethos of transparency and insurance knowledge sharing with our clients and international partners alike. To offer greater understanding of insurance for professions clients, our team develops specific risk management and training programmes on a regular basis. 4 Price Forbes & Partners Price Forbes & Partners 5

4 Professional Indemnity and Errors & Omissions Insurance Defending professional negligence accusations made by clients, as well as paying out for a claim can be financially crippling for firms of any size. Professional Indemnity or Errors & Omissions Insurance is a liability insurance specifically designed to cover professionals and professional firms for the financial consequences of negligent advice, or their errors and omissions. It covers claims made by dissatisfied clients, against an accusation of negligence in some or all of a company s advice or service. Professional Indemnity insurance is compulsory for many professional businesses under both regulatory and professional body requirements. Professional Indemnity covers both principals and employees of a firm. Coverage Costs of defence Public relations for reputational damage Damages and indemnity payments Types of claims Libel Malicious falsehood Professional negligence Breach of confidentiality Poor advice Slander Typical sources of claims Clients Any third party that has relied upon the advice and suffered a financial loss Typical clients Accountants 6 Price Forbes & Partners Price Forbes & Partners 7 Auditors Architects Surveyors Design & Construction companies (including single project or project specific Professional Indemnity) Property managers and professionals Real Estate Agents Valuers Engineers Trade associations Non profit associations Energy Industry consultants Banks Fund managers Insurance companies Insurance intermediaries Insurance brokers Insurance agents Private equity companies Venture capital companies Hospitals Healthcare companies Biotechnology companies (We can offer medical malpractice and hospital managed care) Financial planners Independent Financial advisors Lawyers Attorneys Solicitors Management consultants Project managers Marine engineers Advertising agencies Public relations consultants Marketing agencies Graphic designers Media companies Communications companies Technology companies Mining companies Geological professionals E-commerce firms Telecommunications companies Internet service providers

5 Directors and Officers Liability Insurance Directors and Officers Liability Insurance covers the directors and officers of companies, for the decisions they make in relation to their management of the company, on behalf of stakeholders. Directors and officers of a corporation can be liable if they damage the corporation by breaching their duties and contracts, mix personal and business assets, or fail to disclose conflicts of interest. Typical clients Listed Companies Private Companies Charitable and not for profit entities Financial Institutions It covers damages and defence costs as a result of a lawsuit for alleged wrongful acts while acting in their capacity as directors and officers for the organisation. The coverage extends to defence costs arising out of criminal and regulatory investigations. Coverage Side A - Directors and Officers personal protection for matters not indemnifiable by the company. Side B - Company Reimbursement protection for the company where it is obligated to indemnify the director or officer. Side C - Entity coverage for the company in the event of securities class actions by shareholders or employment practices entity claims. Typical sources of claims Creditors Shareholders Regulatory bodies Competitors Employees Customers 8 Price Forbes & Partners Price Forbes & Partners 9

6 Employment Practices Liability Insurance Employment Practices Liability Insurance is designed to cover employers for claims from past, present and future employees in relation to their employment with the company. It covers a range of employment practice violations including: wrongful termination; sexual harassment or discrimination on grounds of race, age, sex, disability, belief, religion or sexual orientation. Unlike Directors and Officers Liability, which covers only specific individuals, Employment Practices Liability Insurance covers the whole company. Typical clients Private firms Government corporations Public or listed companies Non profit and charitable institutions Religious organisations International firms There has been a recent increase in cases being made against employers due to employment law rapidly changing. Employees are more prepared to take action against their employer, potentially creating high-profile or costly cases. These claims, even if they are established to be unfounded, can result in costly and time consuming defence for the company. Coverage Discrimination Wrongful termination Injury to reputation and brand image Employee class actions Sexual harassment Typical sources of claims Employees Non executive directors Temporary and voluntary staff Contractors 10 Price Forbes & Partners Price Forbes & Partners 11

7 Cyber / IT Liability and Data Asset Network Security Insurance Cyber / IT Liability and Data Asset Network Security Insurance is designed to cover companies with technology exposures to first and third party claims in their provision of technology services. Large fines may be issued by regulatory bodies as a consequence of lost data. Large fines, combined with sending mass mailings to any parties affected following a data breach, can have significant costs. We can arrange customised insurance solutions for a company s network security policies and procedures to counteract the possible damage which may occur if computer systems are compromised or their internet service provider is unavailable. Data protection and security of information are essential, especially when client sensitive information is being kept by companies. Coverage Media liability Cyber liability Technology errors & omissions Data protection / privacy Intellectual property Typical clients Telecoms Media organisations E commerce retailers Internet service providers Medical establishments Educational institutions Financial institutions Typical sources of claims Computer viruses Denial of service attacks Accidental or malicious loss of sensitive client information Breach of copyright, trademark or patent infringement or defamation Unauthorised access to or theft of data 12 Price Forbes & Partners Price Forbes & Partners 13

8 Claims For clients, the handling and service of claims have often been held to be key differentiators. In the current market environment, this has now become an issue of paramount importance and can truly be regarded as the shop window of insurance. Price Forbes & Partners maintains that an insurance broker s service stands or falls by the competence of its claims handling. We strongly believe in providing added value to our clients business through continuous provision of the highest possible standards of service throughout the claims process. This includes active claims negotiation, fast and effective step by step guidance, ultimately leading to an efficient settlement and collection process. You will receive the same level of commitment and expertise when the policy is called upon to respond as you did when we were first instructed to place it. Our claims team is made up of highly qualified and talented individuals, experienced in all classes of business in which we specialise. The team is actively involved in programme design, incorporating claims procedures and protocols to ensure that all parties are aware of the claims management process from day one. By putting specific emphasis on this area of our activities we are able to give our clients the confidence of knowing that all claims will be dealt with as quickly and effectively as possible. 14 Price Forbes & Partners

9 Price Forbes & Partners Ltd 2 Minster Court Mincing Lane London EC3R 7PD +44 (0) PFP /14 Authorised and regulated by the Financial Conduct Authority

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