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London Market Insurance Update H1 2024

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The Building Safety Act 2022 (BSA) introduced protection for qualifying leaseholders from liability for cladding- and non-cladding related remediation works. The costs of these works can be substantial and it is the responsibility of conveyancers to suitably advise their client. Failure to do so, or doing so mistakenly, may find conveyancers subject to claims by purchasers and lenders.

Building Safety Act: risks and insurance guidance for conveyancers

The Building Safety Act 2022 (BSA) introduced protection for qualifying leaseholders from liability for cladding and non-cladding related remediation works. The costs of these works can be substantial and it is the responsibility of conveyancers to suitably ad ...

AI risks: what directors and officers need to know

All new technologies carry risks when introduced on an enterprise level. Artificial intelligence (AI) is no exception, and directors and officers may find themselves in the crosshairs should negative repercussions arise from the use of such tools.

To be prepared for the potential regulatory scrutiny or claims activity that comes along with the introduction of a new technology, it is imperative that boards carefully consider the introduction of AI, and ensure sufficient risk mitigation measures are in place.

All new technologies carry risks when introduced on an enterprise level. Artificial intelligence (AI) is no exception, and directors and officers may find themselves in the crosshairs should negative repercussions arise from the use of such tools.

To be prepared for the potential regulatory scrutiny or claims activity that comes along with the introduction of a new technology, it is imperative that boards carefully consider the introduction of AI, and ensure sufficient risk mitigation measures are in place.

Lockton announces senior promotions in Crisis Management team

Lockton, the world’s largest independent insurance broker, is proud to announce two key senior promotions within its Crisis Management team. Helen Sandford has been appointed as Head of Special Crime and Freddie Schlesinger has been appointed as Head of Product Recall and Reputational Risk, effective 1st May 2024. They will both support the continued growth of the Crisis Management team, which includes War, Terrorism & Political Violence, Special Crime, and Product Recall & Reputational Risk under one roof. Helen and Freddie will report to Matt Humphries, Head of Crisis Management.

Lockton, the world’s largest independent insurance broker, is proud to announce two key senior promotions within its Crisis Management team. Helen Sandford has been appointed as Head of Special Crime and Freddie Schlesinger has been appointed as Head of Product Recall and Reputational Risk, effective 1st May 2024. They will both support the continued growth of the Crisis Management team, which includes War, Terrorism & Political Violence, Special Crime, and Product Recall & Reputational Risk under one roof. Helen and Freddie will report to Matt Humphries, Head of Crisis Management.

Law firms: limiting liability in engagement letters

Most firms very wisely seek to limit their liability to clients in their engagement letters. It makes sense to do this so the firm and the client both know how much financial compensation might be available if things go wrong.
But while limiting liability is good risk management practice, such clauses must be drafted carefully to be effective. Problems arise where the perceived losses are more than the limit of liability contained in the engagement letter. And if restrictions and exclusions are too onerous, they could be deemed unenforceable, leaving liability unrestricted.

Most firms very wisely seek to limit their liability to clients in their engagement letters. It makes sense to do this so the firm and the client both know how much financial compensation might be available if things go wrong.
But while limiting liability is good risk management practice, such clauses must be drafted carefully to be effective. Problems arise where the perceived losses are more than the limit of liability contained in the engagement letter. And if restrictions and exclusions are too onerous, they could be deemed unenforceable, leaving liability unrestricted.

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