Bribery Act Response Insurance provides integrated insurance/response solution to investigations under the 2010 UK Bribery Act
Hiscox has launched the first combined anti-bribery response, defence and expense insurance product for UK businesses. Provided in conjunction with global risk consultancy Control Risks and a panel of leading law firms, Bribery Act Response Insurance helps businesses with the costs and practical steps required to successfully investigate and defend an actual, or suspected, Section 7 Bribery Act offence.
The 2010 UK Bribery Act created a new corporate offence for businesses of ‘failure to prevent’ an act of bribery. Under the Act, the Serious Fraud Office are increasing the number of businesses it investigates as it moves towards a zero tolerance policy.
Hiscox Bribery Act Response Insurance provides:
- Insurance protection against the costs of conducting bribery investigations and the associated legal costs
- Flexibility of defence and investigation team – an insured can have access to an integrated and coordinated response team (agreed at policy inception) or choose their own team
- Pre incident crisis planning – includes, at the commencement of the policy, the identification of key stakeholders and data in the event of a claim
- Optional claims handling roadmap – predefined ‘ways of working’ document between Control Risks and law firms.
Marcus Breese, Casualty Underwriter at Hiscox, said: “Bribery is a growing and ever present danger for UK businesses, particularly those with a multi-national presence and those that use a lot of third party vendors. The UK Bribery Act made it very clear that a failure to prevent a bribe can lead to prosecution and the Serious Fraud Office is increasingly adopting a zero tolerance approach to bribery. British businesses have a real exposure to bribery risk which is not currently met by any existing insurance/response product. That is why we have teamed up with Control Risks and a number of leading law firms to offer a market first.”
To find out more about Hiscox Bribery Act Response Insurance, email Marcus Breese [email protected] or call +44 (0)20 7448 6265.
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