Risk Management Service

Risk management is defined as the continuing process to identify, analyse, evaluate and treat loss exposures.  It’s essential to monitor risk control and financial resources to mitigate the potential adverse effects of loss. Loss can result from a number of factors such as the financial risk from liability judgements and claims, operational risks from strikes and fire, flood and damage as well as strategic risks of reputation loss and such like.

 

Bruce Stevenson is recognised as a leading provider of risk management services to industry and the insurance market.   Recent world events have highlighted the need for businesses to ensure they have adequate insurance and disaster recovery processes in place.  We have recently appointed Nick Morrall as our Risk Consultant who will work with clients to help them reduce any risk element within their business. Nick can provide expert advice on the following;

  • Health &Safety
  • Business Continuity
  • Risk Engineering
  • Insurance Market Surveys

The more predictable an event, the less risk is involved, therefore it’s imperative that all businesses, no matter what sector they operate in, undertake a full risk management review and put in place the necessary insurances to protect against the cost of risk.

For further information please contact [email protected] or call 07977 559504.

Event Insurance

With Festival season almost upon us, now is a good time to review your insurance policy. It is not something you enjoy thinking about when preparing for an event, but envisaging a worst case scenario is an essential part of event planning. Are you confident that your insurance policy will react if there is an incident?

With all the organisation involved in running festivals and events, risk and insurance can sometimes be overlooked. Unfortunately, things don’t always run like clockwork. It can pay to be diligent in checking your insurance documentation as part of the early planning and organisational process. Preparation is key. If something does go wrong, you can be confident that you have adequate insurance in place. Some important questions you should ask your insurance broker before staging a public event are:

  • Does our existing insurance programme cover us for staging, hosting and organising a public event(s) or exhibition(s)?
  • What happens if the event should be cancelled or abandoned due to circumstances beyond our control?
  • Who is responsible for insuring what?
  • Have you, as the entity holding the event, checked the limit of public liability insurance of any third party  who is supplying goods or services to the event.

There may be an occasion when you need more specific insurance in respect of an event you are organising and hosting. Your event could be affected by adverse weather and attendees can’t reach your venue in time or there has been a transport strike dramatically reducing the number of visitors. The insurer would pay the irrecoverable expenses to enable you to rearrange the event and your financial loss through reduced ticket sales if applicable. Remember that the insurance is not there to protect you against the commercial failure of the event. It is there to protect you in the event that you suffer a financial loss due to an unforeseen circumstance.

If you are staging events or exhibitions and have any questions regarding their insurance please contact [email protected] or call 07464 545648.

 

Spirit of Speyside

Bruce Stevenson Sponsorship Spirit of Speyside

This year the ‘Spirit of Speyside Whisky Festival’ took place – a  four day extravaganza celebrating the best whisky Scotland has to offer. As platinum sponsors, Bruce Stevenson had a team at the event to support our distillery clients and this key Scottish industry.

First launched in 1999, the Spirit of Speyside Whisky Festival’s annual celebration of Scotland’s national drink has developed into one of the largest events of its kind anywhere in the World. With a programme of over 500 whisky-inspired events, the Festival is a mecca for the curious beginner and the whisky connoisseur alike.

The whisky sector is a specialist area, one which requires tailored protection when it comes to properties such as Distilleries. With our expertise and local knowledge as well as enhanced cover and underwriting flexibility, we are well placed to support the many businesses operating in this sector.

Graeme Dempster, Account Executive for Bruce Stevenson, specialises in looking after Distilleries. Graeme commented,  “Scotch Whisky is vital to the entire Scottish and UK economies. According to the Scotch Whisky Association the industry generated £5 billion in revenue last year alone, supporting more than 40,000 jobs and exporting £4 billion of Scotch annually to almost 200 markets. Exports of Single malt Scotch whisky also topped £1bn worth for the first time in 2016.  Fourteen new Distilleries have opened since 2013 and a further eight are expected to start producing this year. In addition, there are forty distilleries at planning and development stage so the future for the industry remains strong.  It is a great time to be involved and supporting such a key industry in Scotland.”

For more information please contact Graeme Dempster on 07568 313886 or email [email protected]

Scotlands Food & Drink

We recently have become patrons for the Scottish Food and Drink Association. Scotland Food & Drink is the leadership organisation working to grow the value of the industry to £16.5bn by 2017 and build Scotland’s reputation as a Land of Food and Drink. We are delighted to be supporting them on this journey.

From artisan producers to global manufacturers, our specialist brokers regularly place cover for clients in this sector including;
• Production interruption, recall and contamination
• Transit and storage including spoilage in transit and stock throughput on a worldwide basis
• Deterioration of stock
• Cold store and risks with composite panels
• Environmental liability and pollution
• Engineering and breakdown to production plant
• Risk Management and Business Continuity Planning
• Crisis containment to protect your brand and reputation
• Loss of Licence
• Exceptional claims service

As part of our agreement with Scotland Food & Drink, we have committed to giving 20% of our income to their supported charity, Fare Share, when a member appoints Bruce Stevenson as their insurance broker.

If you would like any further information please contact our team at [email protected]

Royal Northern Spring Show

The Royal Northern Spring Show held in Inverurie was the first event of the year for our Farm & Estates Team.

The annual event at Thainstone Mart, attracted a record 8,000 visitors.  The ‘Ladies Day’ was in honour of Ms Janelle Anderson – the society’s first lady President. Visitors included the Princess Royal, making her fifth visit to the show in her capacity as patron of the Royal Northern Agricultural Society.

HRH Princess Anne spent more than two hours touring the show talking to exhibitors and judges and was even introduced to our very own Account Executive Jean Arnott-Glennie – a great honour for them both!

If you would like any further information on our Farm & Estates insurance offering please contact [email protected] or call 07881 093485

B&B & Self-catering Holiday Home Insurance

Bruce Stevenson Insurance Brokers has a bespoke bed and breakfast/guest house policy which is specifically designed for small to medium sized businesses.

Due to the success of the B&B/Guesthouse scheme we are now in the process of developing a self-catering holiday home policy which will go live in July. Accidental damage cover and theft or attempted theft including theft by guests included as standard along with £500,000 loss of revenue over a 24 month period are just a couple of the key features of the cover. We are confident that this will be exceptional cover at a competitive price.

For further information please email  [email protected] or call 01896 209353

Fun Facts from Lloyd’s of London

Opened in 1686 by Edward Lloyd, Lloyd’s Coffee House quickly became a popular establishment for London’s sailors and merchants. Its clientele soon realised that this was the perfect place to begin transacting marine insurance, and in the immediate years that followed, became the birthplace of many insurance practices that we are familiar with today.

331 years later, Lloyd’s has grown to be one of the largest and most unique insurance markets in the world, with £30bn of gross premium written under its roof in 2016. Marine insurance now makes up just part of the Lloyd’s marketplace, with the institution being recognised as a place where the largest and most complex of risks can secure insurance.

Outside of the insurance industry though, Lloyds is famed for insuring the seemingly uninsurable, and such cases can often be found reported in mainstream media due to their bizarre nature*:-

  1. In the 1940s, executives at 20th Century Fox had the legs of actress Betty Grable insured for $1 million each.
  2. During the height of his career, Michael Flatley — star of Riverdance and Lord of the Dance — insured his legs for an unbelievable $47 million.
  3. Bruce Springsteen in the 1980s insured his famous gravelly voice for $6 million.
  4. Former Australian cricketer Merv Hughes insured his moustache, which seems to have a life of its own and could probably have signed the policy itself, for £200,000.
  5. And finally, amongst many others, Lloyd’s myth has it that  60,000 people have taken out policies just in case they’re turned into a vampire or a werewolf.

*With thanks to www.lloyds.com

 

Hospitality Industry Scotland Update

Arranging the insurances for many members of the Scottish Tourism Alliance as well as being trustees, sponsors and supporters of HIT Scotland (Hospitality Industry Trust) means we are Insurance Brokers to many people who are extremely passionate about hospitality and tourism in Scotland. Over the last couple of years I have met many industry figures who have talked a lot about the North Coast 500.

Described as ‘Scotland’s answer to Route 66’, the North Coast 500 stretches along Scotland’s northern coastline, taking in some of the most breathtaking views the country has to offer.

The 516 mile North Coast 500 route, which starts and finishes at Inverness Castle, was recently named the most spectacular drive in the UK.

*Pictured – Carol Ward, Account Executive, bottom right.

The evening before my trip, I was presenting an award with Royal Bank of Scotland to the Independent Hotel of the Year at the Catering in Scotland Awards.   It was a fitting start to my tour enjoying some of the best hospitality that Scotland has to offer.

The following day I took the train to Inverness then onto Plockton to catch up with my husband and our friends who had left the day before. The train journey gave me a chance to enjoy the stunning scenery on the way. I was welcomed off the train and immediately jumped on to the Harley to ride the Bealach Na Ba (Pass of the Cattle) to Applecross. This route is definitely not for the faint hearted!

The weather was a stunning 75 degrees and we enjoyed lunch in the sun in Applecross – a fantastic peninsula.   We spent our first night in Gairloch and the warm temperatures made it feel like we were abroad.

The next day, we travelled from Gairloch to Ullapool, stopping in at the Corrieshalloch Gorge – absolutely breathtaking. The beautiful views and unspoilt beaches were a sight to behold.

That night we stayed in the Bettyhill Hotel – beautiful rooms, lovely hospitality and facing the most gorgeous bay.

The following morning, after a sumptuous breakfast, (and waiting for the rain to pass!) we headed off to our next stop – the golfers favourite of Dornoch. The scenery changed as we left the west coast from the dramatic hills and beaches to the romantic seaside villages of the east coast. Stopping at John O’Groats for lunch and then Helmsdale for a walk, we enjoyed the breath-taking coastline. That evening we arrived in Dornoch and enjoyed a lovely night out in the Dornoch Castle whisky bar sampling the best of Scotland’s national drink.

Heading home, the journey to Glencoe was nothing short of spectacular and having enjoyed ourselves so much we all decided to stay away for another night.

Scotland is truly a beautiful country and coupled with the outstanding hospitality we enjoyed, it made for an unforgettable journey which I would highly recommend adding to your Bucket List.

For more information regarding our hospitality sector please contact [email protected] or call 07469 850120

Property Update June 2017

Tenants Contents Insurance

Our Property team have recently secured a specialist scheme with a major insurer for Tenants Contents insurance; providing a comprehensive solution to ensure that tenants contents and personal possessions are adequately covered throughout the tenancy period.

The policy can be extended to cover optional additional items such as mobile phones, laptops and bicycles. It also includes cover as standard for the tenants’ liability towards the accidental damage of their landlord’s contents and property.

Edinburgh Festival Lets / HMO Lets

With the Edinburgh Festival and holiday season fast approaching, now is the time to ensure that your let property investment is adequately insured during your Edinburgh Festival let. Many insurance providers will simply not provide the level of cover required for this type of let and may leave you out of pocket following a loss.

Bruce Stevenson can arrange a specialist Landlord Insurance policy providing comprehensive cover to ensure your investment is protected throughout the duration of your festival let. We can also provide cover for properties let via a HMO type tenancy.

Trust Scheme

Most people would say that their principle asset is their property, and in a bid to safeguard their homes growing numbers are choosing to place their properties into trust. However, an often overlooked (and potentially very costly) issue is that most conventional insurers are unwilling to insure properties which have been placed into trust.

We have subsequently partnered with Liverpool Victoria to create a bespoke Buildings product for properties in trust.

The policy is able to cater for owner-occupied, tenanted and unoccupied properties, all of which benefit from a market-leading degree of protection at a competitive rate.

For further information please contact George Easdon on 0131 553 9994 or email [email protected]

Letting Agent Regulation

The regulation of the letting agency sector in Scotland is one of many changes set to have an impact on the Scottish private rented sector and our growing number of letting agent clients.

Regulation will include;

  • Compulsory letting agent registration
  • A statutory Code of Practice
  • Effective enforcement/tribunal service

These measures will give landlords and tenants confidence in the standard of service they should expect from an agent. The Code of Practice is anticipated to take effect in January 2018.

One of the key requirements for all letting agents is they must ensure suitable Professional Indemnity and Client Money Protection insurance is in place by the time regulation takes effect.

Landlords – Electrical Safety

As a reminder to our large number of landlord customers, all private landlords in Scotland are required by law to ensure that their properties are electrically safe, including;

  • Any installations in the property for the supply of electricity
  • Electrical fixtures and fittings
  • Any appliances provided by the landlord under the tenancy.

Landlords must be able to prove that the above are in a reasonable state of repair and in proper working order.

As a minimum, an electrical safety inspection must be carried out;

  • Before a tenancy starts
  • During the tenancy – at intervals of no more than five years from the date of the previous inspection.

Scottish Private Residential Tenancy (SPRT)

The Private Housing (Tenancies) (Scotland) Act 2016, expected to take effect from December 2017, will introduce a new type of tenancy and replace the existing assured and short assured tenancy agreements. The new tenancy will be known as a ‘private residential tenancy’ (SPRT) and is intended to improve security for the tenant and provide safeguards for landlords, lenders and investors.

The tenancy will be open-ended and will last until the tenant wishes to vacate the property or the landlord uses one (or more) of 18 grounds for eviction.For more information on the new tenancy regime including the improvements for landlords and tenants, please visit – https://beta.gov.scot/publications/private-residential-tenancies-landlords-guide/

For more information please contact Jamie McKenzie on 0131 561 2408 or email [email protected]