Metal Thefts

June 1, 2011

Rising prices increase metal theft frequency

The global demand for metal remains at an all time high despite recessionary pressure. Copper prices reached £6,200 per tonne in January 2011.  Compared to £1,900 per tonne in 2005, this shows just how much the price has increased.

It is not just copper that has seen meteoric price rises, rarer metals such as platinum, palladium and rhodium which are all found in the catalytic converters of vehicles, have seen price increases of around 600 per cent in the last few years. 

This has resulted in the soaring frequency of metal thefts. Since 2006 there has been a 150–200 per cent increase in UK metal thefts which cost £360 million in 2009-10.

Ongoing and day-to-day action

Organised gangs are responsible for many of the thefts and they will target raw materials, work-in-progress and finished goods.  A leading UK insurer revealed the following catalogue of metal theft claims: 

• Metalworkers / engineering companies are being targeted for copper, brass, bronze, aluminium, titanium and steel
• Electrical engineers are being targeted for copper wiring
• Builders merchants are seeing lead and copper wiring being stolen
• Churches have had numerous incidents of lead being stolen from roofing
• Unoccupied buildings are being stripped of copper wiring
• Man hole covers, drain grates and road signs have also been stolen
• Aluminium demountable flood barriers that were erected to protect a village against an anticipated flood were stolen

The Police are taking the matter seriously and raised the profile of the problem in July 2010 by having a day of action against metal theft. The campaign saw 21 Police Forces from across the UK led by British Transport Police, raid unlicensed scrap yards and target suspected metal thieves. Today, metal theft remains an ongoing and day-to-day focus for the Police.

What businesses can do to protect themselves

Most insurers are able provide information and advice on the protection of property and metal against theft.  Insurance Brokers can also help in this regard. A layered system of protection is often suggested incorporating some or all of the following: 

• A review of site and building perimeter security
• Installation of external security lighting
• Use of secure cages to store metals
• Installation of intruder alarms with dual path signalling
• Use of remotely monitored CCTV
• Use of smoke generating devices
• Forensic marking e.g. Smart Water
• Improved security to fork lift trucks, cranes and vehicles

For further information and advice, contact Taylor Patterson’s the Corporate Insurance team on 01772 555073 or email mail@taypat.co.uk

Prawns travel under cover

May 24, 2011

TAYLOR PATTERSON’s Corporate Insurance team has helped to ship thousands of tonnes of prawns hundreds of miles from Russia to India.

The insurance department at Taylor Patterson brokered the deal to ensure the $500,000 of seafood was delivered from the frozen Baltic port of St Petersburg in Russia to Chennai in India.

The policy covered the first shipment at the end of February 2011 and will now cover repeat sailings between the destinations.

Peter Millington, corporate insurance business development manager, said that the policy, brokered by its in-house maritime insurance expert, provides cover for events such as seafood containers being washed overboard to the prawns going off due to increased temperature.”

He said: “You could take the risk of being able to make such a journey, but the chances are that no supplier or buyer would be willing to go ahead with such a deal without insurance.”

Peter added that the policy also covered the supplier against the buyer being unable to pay for the prawns through a trade credit agreement.

For further information on trade credit, or import and export insurance, pleae contact Taylor Patterson’s Corporate Insurance department on 01772 555073 or email mail@taypat.co.uk.

Credit insurance provides vital protection in austere times

March 17, 2011

As the fragile economic recovery continues, Peter Millington, business development manager at Taylor Patterson Corporate Insurance suggests one way that businesses can help to mitigate the effect of bad debt is to purchase credit insurance.  This can safeguard the business in a number of ways:

• Improved cash flow
• Focused sales effort
• Securing trade finance
• Better supplier trading relationships

Click here to read more 

European Court of Justice outlaws the use of gender in underwriting

March 8, 2011

On March 1, 2011 The European Court of Justice outlawed the use of gender in underwriting, which is likely to lead to a fall in annuity rates for men and increased costs for all.

The court statement issued, “Taking the gender of the insured individual into account as a risk factor in insurance contracts constitutes discrimination”. This decision takes effect from December 21, 2012.

It is estimated that men stand to lose 4.73 per cent of their annuity income under the ruling whilst women whose annuity rates are generally lower than men’s due to greater mortality could see their income raised by 7.77 per cent.

For example, a 75 year old man with £25,000 pension fund could at present purchase an average yearly income of £2,182 p.a. Under unisex annuity rates, he would receive an average of £2,084 p.a. or £98 less.

If you would like further information please contact Taylor Patterson on 01772 555073.

The Bribery Act 2010 – Guidance for bribery prevention

February 23, 2011

Following the decision to delay implementation of the new Bribery Act, businesses unsure where they stand could refer to the draft procedure Guidance produced by the Ministry of Justice (MOJ) to help ensure they have appropriate anti-bribery procedures in place.

Peter Millington, Corporate Insurance specialist at Preston-based Taylor Patterson Group said, “The Government is very keen that Bribery is seen as a serious crime and as such the new Act reforms previous legislation whilst also providing maximum jail sentences for up to 10 years for individuals, and unlimited fines for businesses as well as up to 5 years debarring from public contract tenders.”

The new Act was expected to come into force in April 2011 but is now going to be put on hold while the Government rewrites guidance on how to comply with the 2010 law.

“The MOJ hasn’t announced when the new guidance will be published but has said that 3 months must pass between publication of the guidance and the implementation of the Bribery Act,” explained Peter, “This should give businesses some time to assess the guidance which is being provided and make any necessary changes.”

Bribery Act 2010 guidance – Six principles for bribery prevention

1. Risk Assessment: Identify the risks your business and industry may face.
2. Top Level Commitment: Directors/owners should foster a culture of integrity in which bribery is not tolerated.
3. Due Diligence: Know who to do business with and why funds are being released.
4. Clear, Practical and Accessible Policies and Procedures: Communication of anti-bribery policies must be clear and applied to all employees and business partners.
5. Effective Implementation: It is not enough to have policies and procedures in place. They must be embedded in all areas of business from recruitment to training.
6. Monitoring and Review: Keep policies and procedures under review to ensure compliance, and update policies when there are changes in the law or lessons learned from the business’ own experiences.

Detailed guidance notes available on the Ministry of Justice’s website http://www.justice.gov.uk/publications/bribery-bill.htm

For further information on the Bribery Act 2010 or how your business can assess the guidance for bribery prevention, contact Peter Millington on 01772 555073 or peter.millington@taypat.co.uk.

New appointments key to insurance division expansion

December 3, 2010

THE SPECIALIST corporate insurance division of Preston-based Taylor Patterson has expanded its team of experts with a pair of new appointments.

Mike Rooke has taken up the role as a senior corporate insurance administrator with Taylor Patterson Insurance Services after working at CNA and AIG Insurance as senior underwriter, with responsibilities for marine insurance in the North of England. Mike will work alongside director Robert Cholmondeley.

Jonie Gavaghan has joined the division as a claims handler to ensure claims are dealt with effectively. She joins Taylor Patterson from Royal and Sun Alliance’s Manchester office.

Previously Jonie worked at DWF Solicitors as a paralegal, dealing with recovery claims. Jonie, who lives in Preston, gained a law degree from Newcastle University before completing a legal practice course at the College of Law in Chester. She attended Arnold School in Blackpool.

Robert Cholmondeley, director of Taylor Patterson Insurance Services, said: “Both Mike and Jonie will be key to the expansion of the division, and ensuring we consistently offer clients the very best service.”

Stay cool and save money

November 8, 2010

A corporate insurance expert is warning that failure to have air conditioning units in commercial buildings inspected for energy efficiency by the New Year could result in a heavy fine.

Under the Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007, buildings require an assessment of the efficiency of air conditioning units and a review of their sizing. Alongside these assessments, advice is given on improvements, replacements and alternative solutions.

Previously, only larger units with cooling capacities of greater than 250kW needed to be inspected, but from January 4, 2011, the regulations will apply to much smaller units where the capacity is only 12kW.

Peter Millington, business development manager for Taylor Patterson Insurance Services, warned: “We have not seen the levels of any fines yet, but with green issues high on the new Government’s agenda, they could easily outweigh the cost of an inspection.

“It is not just about being compliant for compliance sake, there are real savings to be made and it can improve the green credentials of a business.

“For example, following a comprehensive energy assessment of a six-floor, 4,400 sq m office building in central London which included an assessment of air conditioning, the resulting recommendations helped the building’s owner to identify potential yearly energy savings of £30,000. What’s more, the changes would stop approximately 154 tonnes of CO₂ emissions.”

Deadline for social care businesses

October 6, 2010

The Care Quality Commission (CQC) has revealed hundreds of adult social care and independent health care businesses have still to register with the independent regulator of health and social care in England, despite the deadline of October 1, 2010.  And many companies have had their forms returned because they were incomplete or inaccurate.

The Health and Social Care Act 2008 (Regulated Activities) Regulations 2009 and the Care Quality Commission (Registration) Regulations 2009 demands that all health and adult social care providers offering regulated activities such as accommodation with nursing or personal care, maternity and midwifery services, diagnostic and screening procedures must have registered with the Care Quality Commission by October 1, 2010.

They must also demonstrate they are meeting the new essential standards of quality and safety across all of the services they provide.

Corporate insurance adviser, Alexa Johnson, from Preston-based Taylor Patterson Insurance Services Ltd, said: “The new regulatory regime for health and social care providers brings with it a philosophy that is focused on outcomes rather than systems and processes, and put emphasis on the views and experience of people using the services.

“Registration is not just about the initial application for registration. There will be a continued compliance monitoring and organisations can expect to receive unannounced inspections where the attention will be on care rather than meeting inspection requirements.

“New enforcement powers will also be used where there is a failure to meet standards.”

Restaurants and cafés in coffee machine warning

October 1, 2010

BUSINESSES that use steam café boilers are being urged to carry out regular professional inspections following a major explosion in a supermarket café.

Six people were injured when an industrial coffee machine exploded at a Sainsbury’s supermarket in Hampshire recently. The explosion was the result of a suspected ruptured pipe in a steam café boiler.

The incident has prompted a leading commercial insurance expert to remind businesses that use such equipment, including cafes, restaurants and even offices, that they must carry out regular inspections as part of pressure system regulations.

Peter Millington, business development manager at Preston-based Taylor Patterson Insurance Services, said: “The type of boiler involved in the Sainsbury’s incident is found in almost every coffee shop in the UK and in many restaurants. They are also increasingly found in offices and staff canteens.

“They are classed as pressure vessels that fall within the remit of the Pressure Equipment Regulations 1999 and the Pressure Systems Safety Regulations 2000 which demand that employers carry out regular inspections along with a number of other legal requirements.

“This specific case highlights what can happen if equipment malfunctions. Should an incident happen where a company has not arranged for regular examination, they could be held liable for any personal injuries and prosecuted under health and safety legislation.”

Peter also says that most independent operators are unlikely to have in-house inspection resources to undertake this specialist function, so it is vital employers contact their insurance broker who can arrange for regular examinations to be carried out.

Further information can be found at the Heath and Safety Executive website at http://www.hse.gov.uk/pubns/indg261.pdf

Flood warning to businesses

July 9, 2010

AFTER the driest start to the year in almost a century the idea of preparing for a flood may seem unusual, however, businesses must be aware of the potential risk floods can pose, both physically and financially.

This was the key message to come from a recent seminar hosted by Taylor Patterson Insurance Services, the Preston based insurance advisers and brokers.

Peter Millington, business development manager at the Taylor Patterson division, revealed floods are no longer a ‘one-off’ event. Instead, serious floods are occurring relatively often – for instance, the 2004 Boscastle flood, 2005 Carlisle floods, the floods which affected many parts of the country in 2007, and the Cumbrian floods of 2009. Each had major impacts on the local business community.

Peter said: “The 2007 summer floods alone resulted in 165,000 claims and an insurance bill of £3 billion, making this a major political and environmental issue.

“Businesses cannot afford to ignore this risk, and must help themselves rather than simply relying on an insurance policy.

“Whilst we have experienced very dry weather so far this year, there is much that can be done to mitigate any future risk, and although it may not be possible to eliminate this risk entirely, there are practical steps that can be taken to reduce it and assist with recovery times.

“Managing risk involves assessing the likelihood of flooding, considering ways of protecting a property and taking action if the threat of flood is imminent.

“As floods become more regular, businesses cannot afford to overlook the importance of being prepared.”

Chartered status honour for Taylor Patterson

April 13, 2010

TAYLOR Patterson’s Corporate Insurance division has become the first broker in Preston to be awarded the top Chartered Insurance Brokers designation.

The title is the industry’s gold standard for insurance brokers, and confirms that Taylor Patterson has satisfied a set of rigorous qualification criteria set by the Chartered Insurance Institute (CII).

Taylor Patterson has shown the CII that it has a commitment to high quality staff, continuing professional development and adherence to an industry code of ethics.

The award is only made in exceptional circumstances. The CII has more than 93,000 members, and is the world’s largest professional body dedicated to the insurance, savings and financial services sector.

Robert Cholmondeley, director of Taylor Patterson Corporate Insurance, said: “When clients use a Chartered firm they know they are dealing with proven professionals, who believe in the highest levels of service.

“This status really is the benchmark of professional service and integrity, and it is thanks to the hard work of all the team at Taylor Patterson that we have achieved this.”

Employment law protection

February 19, 2010

An insurance expert is warning of the need to have adequate employment law insurance in place after an increase in the number of claims against businesses.

Peter Millington, business development manager at Taylor Patterson Corporate Insurance, part of the Preston based Taylor Patterson Group, points to the latest Employment Tribunals Service statistics, for April 2008 to March 2009.

These show there were 151,000 claims. Among these figures were increases in the number of cases dealing with unfair dismissal – up 20 per cent, breach of contract – up 31 per cent and redundancy pay – up 48 per cent.

Peter warns that failing to protect a business against such claims can be costly. The maximum award for unfair dismissal, for instance, was more than £84,000.

He also reports that a number of insurers have recently restricted the extent of their coverage by excluding any claims in relation to Transfer of Undertaking (Protection of Employment) Regulations (known as TUPE), in view of the number of claims.

Peter, who joined Taylor Patterson recently after almost 20 years working for global Insurance giants Aviva and Allianz said: “Statistics show most employers are more likely to have an employment claim than a property or third party general liability claim.

“Employment disputes are becoming more frequent and more costly providing one of the fastest growing areas of corporate liability.

“Many companies struggle to get to grips with the ever increasing employment legislation and, however good intentioned, a harmless interview, an employee’s request or just a bad day at the office can sometimes lead to a costly employment claim.

“Employment law protection can offer a solution, providing cover for employers and employees for the cost and expenses of defending any allegations or investigations and any awards made against a company.”