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London Market Insurance Update H1 2024

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The Building Safety Act 2022 and the associated Building (Higher-Risk Buildings Procedures) (England) Regulations 2023 introduced significant information retention requirements through their ‘golden thread’ provisions. These apply to buildings defined as ‘higher risk’ in the legislation.

The golden thread comprises information to create a proper understanding of a building and consequently the steps needed to keep both the building and people safe. It is envisioned as a building’s ‘single source of truth’, and to avoid obsolescence and omission errors, it is not intended to be held across multiple sources or even duplicated (save back up).

The legislation stipulates that the golden thread information must be held digitally, and to protect both personal information and the security of the building, it must be held securely.

Golden thread: BSA requirements create additional cyber exposure

The Building Safety Act 2022 and the associated Building (Higher-Risk Buildings Procedures) (England) Regulations 2023 introduced significant information retention requirements through their ‘golden thread’ provisions. These apply to buildings defined as ‘high ...

Deepfake and the risk of vendor fraud: challenges and solutions for UK solicitors

Advances in artificial intelligence (AI) technology are increasing the threat to solicitors of deepfake-enabled vendor fraud, with conveyancing and property transactions a particular target. Where successful, these frauds can inflict significant financial and reputational harm, both on a firm and its clients.

To protect themselves, solicitors must adopt proactive measures to bolster their verification procedures and minimise their exposure.

Advances in artificial intelligence (AI) technology are increasing the threat to solicitors of deepfake-enabled vendor fraud, with conveyancing and property transactions a particular target. Where successful, these frauds can inflict significant financial and reputational harm, both on a firm and its clients.

To protect themselves, solicitors must adopt proactive measures to bolster their verification procedures and minimise their exposure.

Product recall: mitigating against labelling and packaging errors

Errors in the labelling and packaging process are one of the main drivers of product recalls in the global food and drink sector. Where such events occur, their impacts for businesses can be devastating – including consumer harm, financial loss, and reputational damage. As regulation tightens around labelling and packaging, and with a worsening economic climate driving potential errors, businesses must take steps to ensure their processes are robust.

Errors in the labelling and packaging process are one of the main drivers of product recalls in the global food and drink sector. Where such events occur, their impacts for businesses can be devastating – including consumer harm, financial loss, and reputational damage. As regulation tightens around labelling and packaging, and with a worsening economic climate driving potential errors, businesses must take steps to ensure their processes are robust.

Why insurance brokers need an insurance broker

Insurance brokers play a pivotal role in connecting clients with suitable coverage options. But when it comes to safeguarding their own interests, even brokers could stand to gain from placing their professional indemnity insurance (PII) elsewhere. We've summarised some of the key advantages

Insurance brokers play a pivotal role in connecting clients with suitable coverage options. But when it comes to safeguarding their own interests, even brokers could stand to gain from placing their professional indemnity insurance (PII) elsewhere. We've summarised some of the key advantages

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