Gen2 Group

Choose your broker well – don’t leave it to chance 

You may have heard that the insurance industry is entering a “hard market” period, but what does that actually mean? Insurance is cyclical and is very much impacted by supply and demand, just as any industry is. The market fluctuates, and with each insurance ‘cycle’ typically lastsing anywhere between two andto 10 years – but various factors influence the cause and effect of changing conditions.  

Unfortunately, as is common in our industry, the scaremongers make the most noise. If you have read any of the commentary, you’d be forgiven for thinking you should be braced for a business challenge like no other, — just what you need when you might be quite rightly focussed on Brexit impacts, Covid-19 impacts or just bog standard “worst of a generation” recession impacts! 

At Gen2, we don’t scaremonger. We try to provide relevant, informative content and practical steps / solutions to help you navigate the world of risk. We also aren’t scared to say the things that don’t usually get said by our peers – you’ll get the truth from us, regardless of what that means for us because it’s not about us, it’s about YOU.  

What is the difference between a hard and a soft market?  

In a soft market, you are likely to see:                                                             

  • Downward pressure on price, meaning lower premiums can be achieved 
  • Broad appetite and availability of cover from insurance companies 
  • Increased capacity, meaning insurance companies will –  
  • underwrite a high volume of policies 
  • be more accommodating of the type / standard of business they underwrite 
  • give higher cover limits on policies  
  • generally, underwrite higher levels of exposure 
  • be more flexible and competitive with the premium they expect for the risk 
  • the majority risks can be accommodated by a single carrier 
  • Lots of insurance companies competing for your business – including short term opportunistic insurers 
  • Brokers find life very easy as placing business is much more straight forward – even the least capable brokers can compete and provide solutions 

In a hard market, you are likely to see:                 

  • Upward pressure on price, meaning higher premiums can be expected 
  • Less appetite and availability of cover from insurance companies 
  • Reduced capacity, meaning insurance companies will –  
  • underwrite a lower volume of policies  
  • be more selective of the type / standard of business they underwrite 
  • give lower cover limits on policies  
  • generally, underwrite lower levels of exposure 
  • demand a greater amount of premium for the risks they do choose to write 
  • a larger number of risks will require multiple insurers to co-insure the exposure 
  • A much-reduced number of insurance companies competing for your business – longer term, stable and reliable insurers will trade through cycles  
  • Brokers will find getting solutions really challenging. A flight to quality will occur as only brokers with the best insurer relationships and the best technical brokers will provide the right solutions for clients. Gen2 is very well positioned for this.  

Why are insurance premiums rising? 
We mentioned above that in a hard market you typically see higher insurance premiums. Why? During a hard market, insurers place more stringent limits on the cover they can write, which automatically lowers their appetite. This in turn means they are writing less policies and deploying less capacity. 

As the insurers’ capacity is lower, it can be more in difficult to find insurance solutions and that leads to an increase in demand for cover, all of which drives the premium prices up. 

Why is the market hardening? 
It’s NOT because of COVID-19!! Well, not solely, anyway. Do not accept from anyone that it’s because of the pandemic because it’s not – a hard market was inevitable after 15 years of a soft market with depressed pricing. If your broker can’t articulate why it’s hardening, then they are unlikely to be tuned into the tactics in navigating it.  

The truth is there are a number of reasons why we’re heading towards a hardening market, and they combine to create the most unique perfect storm our industry has ever seen. We’ve listed the core issues below, so you can see for yourself how this pressure has arisen. 

Increased Solvency Regulations – As we’re still part of the EU, the Solvency II law continues to apply. This regulatory regime was introduced in 2016 to harmonise EU insurance regulation and to provide policyholders across the EU with more protection, regardless of where they purchase their insurance, and to reduce the amount of insurer failures which were prevalent in the 1980’s and 90’s. However, it has resulted in major investment requirements as insurers need to bolster their solvency margins. In turn, some insurers have had to leave the market, while others have reduced their capacity considerably as it costs them so much in terms of new capital they have to deploy as solvency margin. 

Ogden Discount Rate – The Ogden Discount Rate has changed; this is a government enforced calculation used to work out how much compensation insurers should award someone who has life-changing injuries to cover them for loss of earnings and any care costs. The rate changed from 2.5% to -0.75% in 2017 and then from -0.75% in 2017 to -0.25% in July 2019 in England and Wales, which has resulted in insurers paying out dramatically more on personal injury claims, so insurance prices need to rise as a result. 

Property Rating – After 15 years of downward pressure on property rates in particular, this key class of business was already in the grip of poor profitability. There was already a key need for rates to start increasing in 2020 and, in addition, it was really hoped that large claims activity would not arise …… 

UK Storms – Storms Ciara and Dennis waswere the worst possible start to 2020, as property insurers suffered a combined c£500m claims event just when they needed the weather gods to be kind.   

COVID-19 – Undeniably has compounded issues that were already there. John Neal, CEO of Lloyd’s of London, told the Financial Times back in April that the pandemic is “no doubt the largest insurance challenge the industry has ever faced”. Which is true at a very macro level, but the reality on the ground is that c95% of UK businesses had no cover for COVID-19, so we understand why it’s hard for business owners in the UK to join the dots here.  

But the facts are that in May, Lloyd’s forecast that 2020 insurance losses will cost the industry $203billion (£166billon) worldwide and has recently announced that Lloyd’s of London alone expects to pay out £5billion in Coronavirus-related claims. It is, therefore, likely that COVID-19 will extend the length of the hard market, as the insurance industry tries to recover from the impact of the crisis. 

Global Impacts – It’s been another poor year for the global insurance industry, which does have an impact on you and your business insurance. Climate change is contributing to a worsening natural disaster landscape, which cost the industry $83bn in 2020 according to reinsurer SwissRe. A worse than expected hurricane season, plus further devasting wildfires across the world, were big contributors in 2020 – all have to be paid for and therefore impact on capacity and pricing across the industry. 

Investment Markets – In a buoyant financial market, Insurers can utilise their enormous cashflow in investment markets for significant gains. In previous years (late 90’s, for example), investment returns were so lucrative that underwriting losses didn’t need correcting by premium rises as investment income would catapult the business into profit positions. There is no investment income to speak of now. Financial markets and interest rates are at low points, so underwriters have to write for profit – which is can only be done through careful underwriting decisions and pricing. 

What does this mean for me and my businesses? 
During a hard market cycle, it can be more difficult for businesses to find cover, and also to avoid substantial pricing increases. This cycle will be no different., Iin fact, it could  will be possibly be the most challenging on record.  

What it actually means is that your decision on who you choose to navigate you through these testing conditions has never been more crucial. Your “Trusted Partner”, your insurance broker, is a choice andthat deserves more of your attention than ever.  

What role does my broker doplay for me and my business? 

It’s the role of your insurance broker to guide you through the insurance landscape and achieve the best solutions for you.  

To do this, crucially, they need to fully understand your business and be able to present you in a way that demands attention from underwriters and makes them want to write your business. The more interest they can create the better the solution they will be able to deliver.  

They will be beholden to the variety, strength and quality of their relationships with insurance companies. Insurers have long memories – brokers who have deserted them in times when there is lots of choice will likely get short shrift when they come begging once things are tough. Likewise, when things are easy, some brokers under value the role of the insurer and treat them like suppliers, not partners – again, these things come home to roost when the market gets tough.  

Brokers should also be more than just somebody that provides you with an insurance policy and an invoice once a year. Bringing more to the relationship, like risk management support, claims support and wider consultative support to assist your business. 

Our commitment 

Whether you already work with us, or whether you are new to us, we will dedicate ourselves to you at all times and we strive to give you the very best support and solutions. To this end, here is what we can practically do; 

  • We take the time to understand your risks completely  
  • Our risk presentations are often commented on that they are the most thorough, detailed presentations underwriters receive  
  • We also have invested in our thermographic drones and virtual reality cameras to present your risk to an underwriter in an entirely unique way – there is no other broker combining these technologies and the feedback from underwriters is outstanding and absolutely enhances our ability to get solutions from them 
  • We are engaging with clients between 6 to 12 weeks before renewal – time is our friend and will allow us to get optimum solutions, we will agree between us the right strategy for you and then execute 
  • We have widespread strategic relationships with our underwriting partners. These relationships have been cultivated over decades and we are known to be high quality, respectful partners who underwriters want to support 
  • Our risk management forward approach will help us improve your risk exposure and demonstrate to an underwriter that you are proactive in how you think about and manage your risk – we will help with things like H&S culture and processes, Business Resilience (continuity) planning, Cyber risk management as well as general processes, procedures and reporting in the business.  
  • Understanding your claims experience is also key, if you have had claims. We will ensure that all claims have been proactively managed and we know what the latest position is. If there are trends to spot we will work with you early to ensure these trends are proactively managed and understood. Claims will negatively influence an underwriter if they are not understood and presented informatively. 
  • We are an innovative, forward thinking broker who does the hard yards to get the very best for our clients – always. No short cuts, no easy options, just the right things to get the right outcomes.  

What can you do to help yourself get the best solution? 

We will help you with these, but things to consider would be; –  

  • Risk requirements – if you’ve had a survey, you will most likely have had some risk requirements to undertake. Ensure they have been done promptly and to a high standard. 
  • Following that, sometimes a surveyor would also make improvement recommendations that they don’t insist on – in these circumstances taking a proactive role to these recommendations would be seen favourably 
  • Understand from your broker where an underwriter might perceive issues, and work with them on providing a positive narrative 
  • Have a strong risk management story to tell – a tick box culture isn’t enough;, how are you embedding risk management controls and culture into your business? 
  • Avoid the temptation to cut cover – there could be downstream impacts of this, so work with your broker to understand the implications first 
  • Give yourselves time – restricted insurers doesn’t just mean pricing pressure, it means they will be inundated with opportunities, so time and proper engagement are essential. Last minute desperation will lead to desperate results – avoid at all costs. 
  • You need to invest more time and attention than before. A good broker will help, but you will get out what you put in – they can’t do everything without you. You need to be the most insurable you can be, it’s crucial to create competition to write your business if you want anything like premium stability. 

In summary 

Yes, it will be tough. No, you shouldn’t have budgeted for level premium spend to last year, or, worse, less than last year – in most circumstances that probably won’t be possible. Yes, you will need to spend more time on your insurance discussions this year.  

You will have plenty of other external factors for you to be concerned about. Insurance shouldn’t necessarily be another – but without the support of a trusted partner, and, without some thought and attention, you run the risk of it being something that could really set you back. 

Trust Gen2 Group to navigate you through. We won’t let you down. 

With there currently being no agreement between the UK and the EU following the Brexit transition period, a Green Card will be required for vehicles being driven from the UK (including Northern Ireland) to the EU, Switzerland, Norway, Iceland or Liechtenstein, with effect from 1 January 2021 – unless the European Commission declares otherwise in the meantime.  

Some European countries may also require a separate Green Card as proof of insurance for any towed vehicle, be that a trailer or, say, a caravan, irrespective of registration requirements. Those travelling with a trailer or caravan are advised to obtain two Green Cards, one for the towing vehicle and one for the trailer or caravan.  

What is a Green Card? 

The Association of British Insurers (ABI) defines the Green Card as “an international certificate of insurance proving visiting motorists have the minimum compulsory motor insurance cover required by the law of the country visited.” Put simply, it means a driver can legally use their vehicle in the EU. 

There may be scenarios in which you may require multiple Green Cards. For example, you will need multiple green cards if:  

  • You have fleet insurance with multiple vehicles regularly running into Europe – you will need a green card for each individual vehicle.  
  • Your vehicle is towing a trailer or caravan – you will need one for the towing vehicle and one for the trailer/caravan.  
  • You have two policies covering the duration of your trip – for example, if your policy renews during the journey.  

How do I get a Green Card?  

If you’re planning to drive to an EEA country after 31st December, the simplest thing to do would be to please get in touch with us, so we can obtain a Green Card for you. The guidelines are to ideally do this a month before your journey.  

Remember, if you have multiple vehicles driving to an EEA country, then you will need a Green Card to cover each vehicle, as one card only covers the registration of a single vehicle. 

Although requirements could well change between now and the end of the year, many insurers are currently preparing in readiness for the issue of Green Cards to fleet clients. Many insurers are adopting different approaches to the issue of Green Cards and some have processes that may allow you to access these documents yourself.  

Common methods insurers are adopting include:  

  • Access via insurers online portal, where the policyholder is able to produce their own Green Cards in PDF/printable format.  
  • Completion of Green Card request form or template (hard copy or online version) with the Green Card being emailed to the policyholder for printing.  
  • Email requests to be submitted through an Insurer’s dedicated mailbox and Green Card either emailed or posted to Policyholder by insurer.  

If you have the information and feel confident to go to your insurer directly then please feel free to do so at your convenience. But please do not hesitate to contact us if you are unsure or if you’d prefer us to arrange this for you – it’s what we are here for and are more than happy to help. 

Can I show a digital copy? 

You must carry a physical copy of your Green Card with you when driving in the EU post-Brexit, a digital version on a mobile phone, tablet or laptop will not be acceptable. 

The hard copy of the Green Card will need to be taken with them by the driver when travelling abroad with their UK registered vehicle or trailer. Importantly, the document no longer needs to be printed on green paper or card. A Green Card printed on white paper will be valid. 

What do I need to do if I’m travelling to the Republic of Ireland? 

The ABI has highlighted that 30,000 drivers who travel across the Republic of Ireland border may be caught out come 1st January 2021 if they don’t have a Green Card.  

The ABI said: “However, when the transition period ends then UK motorists will be required to carry Green Cards for driving in the Republic and other EU states, unless the European Commission agrees that the UK can remain in the Green Card scheme.” 

For motorists who drive across the border without a card, the ABI has warned: “This means that you will be failing to comply with the legal requirement in the Republic (or other EU country) to carry a Green Card, and will risk having your vehicle seized, and facing prosecution.”   

Other considerations:  

  • Allowing sufficient time to request a Green Card ahead of your trip – a minimum of 14 days prior to the trip is recommended by some Insurers.  
  • If you are requiring a bulk upload of Green Cards, you should again contact us at the earliest possible opportunity in order to receive the Green Cards in ample time ahead of the trip, particularly if the documents are to arrive via post;  
  • Check whether you/your driver requires an international driving permit (IDP) as this may also be a requirement of your trip. A full list of countries can be found via this Gov.uk link HERE 
  • GB stickers and number plates  
  • You should display a GB sticker on the rear of your vehicle and trailer, even if you currently have a number plate which includes the GB identifier.  
  • You will need a GB sticker even if you have a number plate with the Euro symbol and Great Britain national identifier.  
  • You are not required to display a GB sticker to drive in Ireland.  
  • Renewing your passport before it expires  
  • You need at least 6 months left on your passport to travel to certain countries. Check the entry requirements of the country you’re visiting to see how much time left you need on it.  
  • Travelling to the EU, EEA or Switzerland from 1 January 2021.  
  • From 1 January 2021, the amount of time you need on your passport to travel to the EU, Switzerland, Norway, Iceland or Liechtenstein will change. On the day of travel, you’ll need your passport to both have at least 6 months left on it and be issued less than nine years and six months ago.  

If you have any questions regarding the issue of green cards then please contact us as soon as possible to avoid any delays.  

Did you know? 

It is no longer a legal requirement for you to carry a disposable breathalyser kit in your vehicle when travelling to France? The French Government has decided to scrap the law. 

Well, that happened! A year that will live long in the memory for us all I’m sure. This time last year I remember delicately treading around the B-word, a topic that had dominated our lives, or so it felt. How could we have known that, 5,525 miles away, a deadly virus strain was cultivating that would have such an effect on so many?  

I’m sure we all have our reflections on 2020, but most of all I hope this message finds you and your loved ones healthy and still managing to remember all the things to be grateful for as we prepare for an increasingly unusual Christmas.

Reflections

From a personal perspective the year got off to an eventful start, as my wife Allison and I welcomed our first child into the world.  

Imogen Hope was born on the same day we exited Europe and whilst I wouldn’t recommend a new-born in a full national lockdown, she has been a huge source of happiness and balance to all of the craziness this year.  

We’re looking forward to our first Christmas together as a family, whatever we end up doing!

From a work perspective, there has been a number of highlights and a number of challenges.  

New family members – We’ve had 3 new members of the team settle in to Gen2 life, and all making fantastic contributions and demonstrating the virtues we work so hard on. Becky, Alex and Steve are great additions to the Gen2 family and, like me, are all progressing through their professional qualifications as we always strive to improve. 

Sale of OMIS – You may or may not have been aware that we took the very difficult decision to sell our Offshore & Marine business. This was our first acquisition as a group and, whilst it’s not in our make-up to sell any of our business, there were some very real reasons why this particular offer was one that we decided to accept. I’m very proud of how the Gen2 ownership turned around this business in 2 years and found a more suitable home for the staff and the clients to prosper.   

Lots of new clients – I’m pleased to say that we’ve managed to add plenty of new clients to our family. Finding new, like-minded clients is so important to us. As an ambitious, young business we have a great story to tell, and we take enormous pride in every new client that trusts us to look after them. If you would be happy to introduce us to any of your personal network of connections, then please drop me a line personally and I would be delighted to engage with them.    

Our existing clients – If finding new clients is important to us, then our existing clients are literally our oxygen! We don’t take anyone for granted and, whether you’ve been a client from day one or for one day, we still obsess over the same detail and follow the same processes to keep your programme fresh. We avoid slipping into comfortable ruts. Life changes and we keep a dynamic view on your programme at all times to ensure it’s current and relevant.  

Supreme Court – For 95% of UK businesses, their insurance policies did not cover anything COVID-19 related. But for 25 of our Sport clients, we had policies which became the centrepiece of class action litigation and action groups which then turned in to the “FCA Test Case” legal process, which ruled in the High Court and has now been appealed in the Supreme Court. We have been proactive in our involvement with the Action Group, with the FCA and with various legal organisations – all in support of our 25 clients. We have everything crossed for a positive ruling being handed down in January and then we can work through getting our clients the financial support they so desperately need and deserve. 

COVID-19 – Has clearly impacted on every UK business and family. Our investment in technology and an agile working culture from day one was sternly put to test and paid us back in spades as we seamlessly adapted to working from home during the pandemic. To not have to worry about our technology and process, like pretty much the rest of the industry did, was a godsend. That said, we have had incredible levels of calls and queries throughout the year to deal with. Whilst unfortunately, as mentioned, the cover wasn’t there for most people, I’m still immensely proud of the team and how we responded and did everything we could for our clients at all times. We exist for these moments of truth – especially the extreme ones — so this was a real test of what we are about, and it’s a real highlight how well we faced up to the challenge.   

Looking Forward 

We all have our hopes for next year. Normality, whatever that might mean, will be top of most people’s Christmas lists I’m sure.  

Whatever opportunities lie in wait for you in 2021, make sure we communicate and understand how we can dovetail our support for you. Insurance isn’t always front of mind, but the sooner you can engage with us the quicker and easier it will be to find the right solutions for you. Time is our friend in difficult times, and what we can achieve is significantly increased when we have the luxury of time.   

For us, after our first 3 years (yep, that flew by!), we are gearing up for an exciting phase of our development and you can expect some positive changes. We have no desire to be the biggest, but we do need to keep growing strategically so we can keep growing the team and our ability to go further for you. Clients and colleagues are the only groups of people we care about – every decision is made to add value to them and only them. A controlled scaling up will allow us to do just that. Exciting times, so watch this space. 

You might have heard the scare stories about a challenging insurance market, and without a doubt we have a harder environment to navigate in the medium term. But when the going gets tough…..! We are seasoned professionals, and we know what a “hard market” is and how to navigate it. We can’t escape it, and we all need to be braced for some challenges, but we will talk to you early and we will work together to find the very best outcome – it’s what we do. (Click HERE for a more detailed look at what this means) 

Gratitude 

Never has our world made us focus on what we are grateful for to such a degree, but I am grateful for the Gen2 family we have created. 

Our clients have been a source of inspiration all year – we have witnessed and been involved in so many stories of resilience, it is genuinely inspiring. We will be with you every step of the way going into 2021 and beyond, and we will not rest until we have done whatever we can do to help make you even more successful.    

Likewise, my colleagues are my daily reminder of why I created Gen2. In the struggle, we’ve been there for our clients and each other and are so much stronger for it. I appreciate everything you do and most importantly the way you do it.  

Thank you to everyone that has been part of the Gen2 family this year, I appreciate your commitment to our business and the trust you place in us.  

From our family to yours, I wish you all a very merry Christmas and a happy and healthy 2021. We’re in this together. 

Jon Nottingham 

FOUNDER & GROUP CHIEF EXECUTIVE OFFICER 

PS………

Open All Hours

At Gen2 we don’t really do “Christmas Opening Hours” – because we are quite literally ALWAYS here for you. 

But in the spirit it’s meant, by all means call the “office” on 0330 056 3665 during business hours and you will be warmly greeted by one of the Gen2 family. Failing that, or for anything out of hours, or of an emergency nature then please contact any of the Directors below – 

Jon Nottingham – 0754 551 4010 

Paul Masters – 0795 097 8421

Paul Dudley – 0788 772 6136

As you may have seen in the press, we have sold the Offshore & Marine Insurance Services (OMIS) business to Bennett Christmas Insurance Brokers, part of Ethos Broking, with effect from 1st June 2020.

Since we acquired the business in December 2017, the sole focus has been to invest in the OMIS business, and restore it as a profitable and growing business whilst maintaining all of the service values that the business was built on. I’m very proud about how we have achieved those things so quickly, and so successfully. 

It’s been a tremendously difficult decision, but after 900 days of being the custodian of this specialist business, we have made the business a very attractive proposition. It’s the right thing to do for all concerned to pass it on to a new owner who shares our values, and who has the infrastructure to take in onto another level. I would like to thank the many clients who supported the business during our ownership and who made the job so genuinely interesting.

As a business, we’re not even 3 years old yet, but in that time I have bought a business, grown another business from scratch, fixed a business, and now sold a book of business. Quite a whirlwind, but the learnings are endless and I’ve enjoyed every minute. 

So as this chapter ends, the sale now leaves us 100% focussed on the now-established Gen2 Group business, which is in great shape. We have a fantastic team, a shared purpose, a clear vision and a collective future that we are all very excited about. I’m desperately looking forward to the next chapter – I predict lots of hard work, energy, results and fun.

Now the handbrake is really off. Hang on to your hats.

Jon Nottingham
Founder & CEO

Coronavirus (COVID-19) – Insurance Guidance 

Due to an increasing number of enquiries, from both our business customers and our Private Clients, I thought it prudent to issue our thoughts and guidance from an insurance perspective for our clients. As always, we want to be practical and supportive to our clients and assist in any way we can to allow you (our clients) to focus on your day to day business.

We are very mindful not to add more noise to an ever increasing public dialogue. From an insurance perspective, there are clearly some situations which could develop, but as things stand, the likelihood of significant insurable events for our client base remains fairly low and we must keep that in context. 

Business Interruption –  One of the areas that cause concern is if for whatever reason your premises or place of work is either subject to an outbreak or is caught up in a community outbreak scenario. Fundamentally, this section of policy cover is typically to cover an interruption based on physical damage to your property or surrounding area, however it is not unreasonable to expect insurance cover in this “non-damage” scenario. Our discussions with various insurers has shown that there are different levels of cover that have been given and that not all policies will respond in the same way but to summarise the most common situations –

  • Insurers could cover a specific, listed number of known communicable diseases, e.g. Legionella. There has been a move to this over the last decade (prompted in part by the H1N1 swine flu pandemic in 2009) – which essentially leaves policyholders without cover for the current COVID-19 situation.
  • Insurers could still use a wide “Communicable Disease” wording which isn’t specific and therefore should trigger cover as this outbreak has this week been classified as a “Notifiable Disease” in the UK. 
  • Insurers might not give cover at all for Communicable or Notifiable Disease, or that it is an “optional” coverage that should have been specifically added to your policy.

Notwithstanding which of this scenarios applies to you, there are still further nuances that need to be understood – most notably, whether or not cover applies to a specific outbreak within your specific premise only, or whether it includes an outbreak in your immediate area which impacts on your premise. 

ADVICE – If you believe your business could be subject to a financial loss due to a scenario that revolves around an outbreak in or around your business premises, then please feel free to contact us. We would be happy to work through the scenario with you, and if we agree there is a legitimate insurable interest we can investigate your specific coverage and advise you accordingly.

Travel Insurance – The other key area of impact is clearly travel, and I’m pleased to say that there is a more consistent picture in respect of cover. Our key partner insurers on this class have yet to impose any cover restrictions specifically with regards to this outbreak. That said, it has been mooted that there could be some specific endorsements that might start to be applied to all new policies and any policy that falls due for renewal – we will react accordingly should that be the case.

We are aware of some clients (not ours) who are potentially trying to make claims which are not reasonable – one insurer cited a Directors holiday plan for 6 months’ time, to an currently unaffected part of the world. Clearly in that situation it is unreasonable to expect insurance cover for a pre-meditated cancellation. Likewise, the point of booking becomes quite relevant. If a business (or leisure trip) was booked in good faith, prior to any knowledge of any issue, then cover for cancellation is more than reasonable if this destination is now subject to the FCO (Foreign and Commonwealth Office) advice not to travel. If this same trip was booked now, in the full knowledge of the FCO advice, then clearly that is not reasonable and cover wouldn’t be given. 

ADVICE – If you have travel plans that you believe are affected (please refer to the FCO advice first), then please call us to discuss the specific situation and we will clarify your cover situation. Likewise if you have a business or leisure travel requirement then please discuss that with us BEFORE you book so that you can do so with the full knowledge of how your insurance policy will respond should the situation develop and affect your trip.

RESOURCE – FCO / Gov.uk – Travel Advice – https://www.gov.uk/guidance/travel-advice-novel-coronavirus#foreign–commonwealth-office-fco-travel-advice

Summary

We do not want to cause any over-reaction to this situation, that is not in anyone’s best interest. We always want to provide hands on, practical support for our clients, so on reading this communication should you want to discuss anything with us then please do not hesitate. It’s absolutely what we are here for. 

Regardless of the situation, the likelihood, or the cover that you have or don’t have – the underlying discussion that we continue to promote, and that this situation only highlights is one of BUSINESS RESILIENCE. A fundamental practice when dealing with risk and ensuring your business is resilient against the host of known and unknown threats, is the practice of planning. Yes we place the physical insurance policies which protect you, but we feel our duty and expertise is to help you with this planning and understanding. So, if you don’t feel like you have the right plans in place to deal with any aspect of disruption (insured or not) then I’d urge you to get in touch with me, or your normal point of contact to arrange a specific discussion on Business Resilience planning.

Be diligent, but continue to be successful and let us help wherever we can.

Jon Nottingham Founder & Group CEO

Call us today on 0330 056 3665

Managing Uncertainty

As insurance and risk advisors, we have spent our entire careers looking at, understanding and managing uncertainty. It’s what we do. But somehow 2019 felt different – unprecedented levels of uncertainty were felt by our nation and, if you look even further, by large parts of the world.  

I’ll leave the commentary of that to those professionals who can articulate it better than me, and for those people who are not yet overdosed on its consumption. I mention it because my overarching memory of the year is not the uncertainty itself, but in the inspirational stories of so many people who I’ve met over this year.

I always feel so fortunate in what I do, what we do as a business. I get to meet businesses of all different sizes and shapes in a wide variety of industries every day, and have to get to know them intimately to be able to help them. I’ve witnessed first-hand so many examples of professionalism, dedication, hard work, creativity, business intellect and, above all else, resilience.  

Our purpose is to serve our clients and be there for them at all times. We’ve been able to play our small part in their stories this year. We helped them with everything from large scale cyber-attacks, to the tragic loss of life, and everything in between. We’ve also helped plenty of businesses do more proactive things to help avoid risk, and we’ve helped businesses plan to be more resilient in the potential event of something material happening which could impact their success.

It makes you very proud of the UK business community to see so many of them dealing with the uncertainty in the manner in which they are. Wherever that leads them to on the survive / thrive scale, I always find inspiration in how they have gone about things and how, generally speaking, it is always their people that they fight so hard for.

Maybe I’m lucky that we have tremendous clients who we get to serve every day, but I can’t help but feel extremely optimistic about the next 12 months. With at least some semblance of political stability starting to form, we are hopefully moving into a more stable period in some aspects. For all other potential uncertainty – you can trust us to dedicate ourselves to helping you with it. It’s what we do.  

We are 2 years old as a business this festive period, and we have made some transformational leaps forward this year and we have much to be proud of. Our team has grown again as we strive to find the very best human-beings who care about our clients as much as we do, and enjoy the unique environment we are creating.

We’ve had virtually all of our existing friends continue to place their trust in us, and we’ve managed to find plenty of new friends to join the community too by placing their trust in us for the first time. Whether new or old relationships, we never take that trust for granted and we do everything we can to nurture it and build it year on year.  

Thank you to everyone that has contributed to making 2019 a year to remember, for lots of reasons – I like to think we all got through it together, and with a smile on our faces!  

Myself and all of the team at Gen2 Group wish you and your loved ones a very merry Christmas and a happy and healthy 2020.

Jon Nottingham 

Founder & Group CEO