Potential minefield.
While D&O policies do not usually respond to employment disputes, with the recent flood of employment legislation, many insurers are now rushing to re-word their policies in order to prevent any problems. Simon Threadgold investigates.
Company directors have their work cut out to keep up with employmentlegislation. Two important changes took effect last June. The length of
service needed before an employee can claim unfair dismissal was reduced
from two years to one and the maximum limit for compensation awards went
up from £12,000 to £50,000.
The effect will be to widen the scope for workers to take their case to
employment tribunals. More claims will be made and the average award will
increase.
The only question is, by how much
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on E-Trading
Eaton Gate first MGA live on imarket
Managing general agent Eaton Gate has joined imarket and will be deploying its first product, tradespeople, through imarket to the Bravo Digital Trader platform in March.
Polaris eyeing up £500m GWP milestone for imarket in 2025, confirms Banga
“I don’t want to tempt fate, but on current trajectory, we should be getting close [to £500m GWP] by the end of 2025,” Polaris managing director Vivek Banga told Insurance Age.
Another double-digit jump for Polaris’s imarket takes premiums to £449m in 2024
Insurance premiums placed through digital trading platform imarket rose 15% to £449m in 2024 as Polaris built on surges in recent years.
SSP Broker adds 10 insurer schemes in 2024 with 10 more planned this year
Managing director Martyn Mathews has targeted adding 10 insurer schemes onto SSP Broker this year, matching the achievement last year.
Open GI continues investment in technology and AI
Simon Badley, CEO of Open GI, is looking for the business to become a “technology partner”, as it makes continued investment in technology and AI to give its brokers a competitive advantage.
Insly creates AI tool to speed up quotes for brokers
Insurtech Insly has created FormFlow, a tool to help manage submissions for managing general agents and insurers, which will lead to brokers getting quotes faster, according to CEO Risto Rossar
Polaris at 30 – Jackie Childs
In the concluding instalment of Polaris at 30, senior business analyst at the insurance industry-owned organisation Jackie Childs rounds up the progress on digital trading moving from monthly personal lines updates sent out on floppy discs to the new era of risk and rating dexterity that can only be supported electronically.
Polaris at 30 – Phil Bayles
In the final day of the Polaris at 30 Q&A series Ardonagh’s Phil Bayles assesses the development of digital trading from slow, cumbersome and inflexible systems to becoming mainstream.