Towergate Wins Award for Best Management Team of the Year and Private Company of the Year
Hemel Hempstead based broker Towergate ghbc is part of the team from Towergate Partnership which has won the award for “Best Management Team of the Year” by The Sunday Times Fast Track for 2007.
Towergate has over 100 offices located across the UK. Launched in 1997, the business consists of a number of specialist underwriting agencies and regional brokers providing a range of specialist and general insurance products to local business and individual companies.
The Fast Track 100 ranks Britain's top private companies with the fastest growing sales over the last three years. During this time the management team at Towergate UK offices have been responsible for significant growth, providing cover for over 4 million people and businesses across the UK, and employing over 4.600 staff.
The award was judged on information obtained through telephone interviews with all companies featured in the Sunday Times Fast Track League, as well as in-depth case study visits.
Towergate Partnership has also been named as “2008 UK Private Company of the Year” by readers of ACQ Finance Magazine. This is the second year in succession that Towergate has won this award.
ACQ Finance Magazine boasts over 24,000 readers from the world of corporate finance and private equity. It is also read by many executive figures from leading acquisitive companies who rely on the magazine as a key source of market information.
Readers were invited to vote based on their overall perception of the editorial coverage made on private companies over the past year.
Towergate ghbc Managing Director Bob Moore said, “These awards are a huge recognition to the performance of our team in Hemel Hempstead. All of our 27 staff have worked really hard to provide our business and individuals clients an unbeatable product offering tailored to their needs which is backed by a first class service.”
Diamond prices are rocketing - are you fully insured?
Boodles, the luxury jeweller, have confirmed that the price of large diamonds continues to rise dramatically, due to a gap between supply and demand.
IDEX (The International Diamond Exchange) has reported that from January 07 to January 08:
And in April 2008, Boodles confirmed that the replacement cost of diamonds over 2 carats had increased 30% in recent weeks.
The luxury jewellers cite many cases of diamonds needing replacing but the insured value not being sufficient resulting in disappointed customers.
ACT NOW!
Arranging an up-to-date jewellery valuation now will avoid the need to accept a lesser quality item or make up any cost difference after a claim.
For more information contact our Private Clients Team on 01442 232326 or visit our Private Clients page.
(Source: Chubb Insurance Company of Europe S.A. May 2008)
CORPORATE MANSLAUGHTER AND YOUR PERSONAL POSITION
By Bob Moore ACII of TOWERGATE GHBC
The introduction of the new Corporate Manslaughter and Corporate Homicide Act 2007 raises some very important issues from an insurance perspective both for a company and it's individual Directors and Officers. Whilst Directors or Officers cannot be pursued personally under the provisions of the Corporate Manslaughter and Corporate Homicide Act 2007, they can be subject to Crown Court prosecution under the terms of the Health and Safety at Work Act 1974 leaving them exposed to an unlimited fine and a possible jail term. The 'limited liability' status they enjoy as a Director of a Limited Company does not protect them in the event that they are sued personally, at best their personal assets are immediately at risk, at worst they risk their liberty.
Prevention of an accident happening in the first place is obviously the ideal situation. We would always recommend that SME's consider the appointment of a professional third party Health and Safety Consultant, such as mhl support ltd, to assist with implementation of an appropriate Health and Safety regime and compliance with HSE legislative requirements.
Unfortunately it is inevitable however that accidents happen and that prosecutions are the result. There is a common misconception that Employer's and Public Liability insurance policies provide protection in such circumstances. Whilst these will ensure that an indemnity is available in the event that negligence is proven and a compensatory amount awarded to the injured party, these policies offer no recourse in the event of a prosecution under HSE legislation.
Directors' and Officers' Liability Insurance provides protection to individuals personally in respect of: -
At what will clearly be an extremely stressful time, having the support of a quality insurer and access to their specialist legal panel can be of enormous benefit. Many insurers offer specific Employment Law & Health and Safety advice teams to give experienced and qualified assistance. No policy excess usually applies.
Similar protection can be offered to the Company itself should it receive a notice of intended prosecution under the Health and Safety at Work Act 1974 and now also under the Corporate Manslaughter and Corporate Homicide Act 2007. In this respect it is important that when considering purchasing Director's and Officer's Liability insurance, specific enquiry is made as to whether the policy extends to provide this protection is respect of the entity.
For more information contact Bob Moore at Towergate ghbc on 01442 232326 or e-mail bobmoore@ghbc.co.uk.