There has been a great deal of media coverage concerning the cost of construction materials increasing to their highest levels for many years. This in turn is driving up construction costs, which means it is vital that homeowners check that their buildings insurance sum insured is sufficient to cover rebuild costs should their properties be damaged or destroyed.
It is of vital importance that you are clear on whether your subcontractors are labour only or bona fide. Getting it wrong could have serious repercussions in an insurance sense, which could potentially lead to fines or penalties, void cover, or rejected claims.
The cost of defending a directors and officers (D&O) claim has the potential to run into six figures, and on top of this there are government penalties and reputational damage to factor in. For this reason, it is vital that businesses take steps to understand the risks faced, and ensure they are covered in the event of a claim.
The Whiplash Injury Regulations 2021 were implemented on 31 May, changing how people who have suffered minor injuries following a road traffic accident can make a claim for compensation, and also the amount they can claim.