Product category:
Laboratory and scientific consultancy services
News Release from: Howden Insurance Brokers | Subject: Labsure
Edited by the Laboratorytalk Editorial
Team on 02 October 2007
New way for Ukas labs to cover
commercial risks
Laboratories approved by the United Kingdom Accreditation Service (Ukas) can now buy a new liability insurance package, Labsure, providing them with unparalled levels of cover
Labsure provides Ukas-accredited laboratories with protection for all key business critical risks including professional indemnity, employers' liability, public and product liability, buildings and contents, and - depending on the needs of individual laboratories - directors' and officers' liability Labsure is available exclusively from Howden, the award-winning Lloyd's broker specialising in business critical risks and the pioneer of tailored indemnity cover for laboratories
This article was originally published on Laboratorytalk on 29 Nov 2007 at 8.00am (UK)
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Don't keep insurance brokers in the dark
The UK High Court recently handed down a judgement that has sent a clear warning to all professional laboratories that buy or are required by law to carry professional indemnity (PI) insurance
Fair professional indemnity cover for labs
Despite a good claims record, UK labs have experienced spiralling premiums - some by as much as 300% - putting them in the same bracket as some of the highest risk industries
Since 2003 Howden has provided insurance to every type of Ukas-accedited laboratory, arranging cover and actively helping them through every stage of the process when faced with a claim.
Jamie Eaton, business development manager at Howden, comments: "Testing laboratories are in a fast-growing industry sector.
"In today's society where we are quick to point the finger of blame and demand recompense if something goes wrong, every business and every industry wants an audit trail.
Further reading
Increased cover level of Ukas indemnity scheme
Broker announces increase in cover to £5 million for scheme specifically tailored to the needs of Ukas accredited testing laboratories
Getting a more competitive PI premium
Most labs have seen their professional indemnity insurance premium spiral ever upwards over the past couple of years, but more cost may not mean more service
"The demand for the services of testing laboratories is increasing - whether it is the testing of the water we drink, the safety of the toys we give our children, or whether an old building contains asbestos.
"While Ukas accredited laboratories undoubtedly have outstanding risk management procedures and have an excellent claims record as a result of these rigorous standards, the more business that comes in the door, the greater the exposure to a claim.
"With Labsure cover in place, these laboratories can be assured they are covered should the worst happen, with the backing of a major insurer and supported by a broker that has been working with their industry for the past four years".
Howden has teamed up with specialist insurer Hiscox to create Labsure.
Key features of the policy include bodily injury cover, cover for the dishonesty and fraud of employees, as well as legal representation costs associated with HSE and other similar disciplinary hearings.
Additional benefits include the specialist in-house claims team of Howden who have successfully negotiated a number of indemnity claims on behalf of Ukas-accredited laboratories over the past four years.
Jane Beaumont, Ukas director of accreditation, comments: "Howden pioneered the introduction of insurance cover that directly recognised the benefits of accreditation.
"We are very encouraged to see that Howden has attracted the support of a leading insurer not only to extend the range of covers tailored for Ukas-accredited organisations but also to acknowledge their outstanding claims history.".
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