Hiscox news

Hiscox offers new threat cover

Hiscox has created a new product to protect businesses against financial losses created by their premises being shut down by a security incident – the first product of its kind in the market. 

The new Hiscox Threat product offers non-physical-damage business interruption resulting from a threat or a hoax – cover not previously available on a standalone basis. It protects businesses if their premises are evacuated, locked down or cordoned off as a result of a threat.

Interest from companies in such a policy has risen as a result of a wave of attacks that have resulted in widespread disruption in major city centres, says Charles Rawlins, War, Terrorism and Political Violence Line Underwriter for Hiscox London Market.

“The cover we’re offering relies simply on the threat of a malicious act or malicious damage, rather than on an incident being declared a terrorist event,” says Rawlins.

“Examples of cases where this policy would have been triggered include the truck found in Times Square in New York in 2010, the manhunt for the Boston bombers in 2013 and the siege in the Lindt cafe in Sydney in 2014.”

The policy offers cover of up to $5 million for any single event with an annual aggregate of $20 million. 

For more information, contact:

Ben Wakeham: +44 (0)207 448 6235; ben.wakeham@hiscox.com
Charles Rawlins: +44 (0)20 7448 6837; charles.rawlins@hiscox.com

Online art market grows 68%

Increased confidence in buying art over the internet has caused the value of the online art market to jump by over two thirds between 2013 and 2014, to an estimated $2.64 billion from $1.57 billion, new research by Hiscox reveals.  

“The rise in online art buying is even greater than we anticipated. The speed and confidence with which new and established collectors are adapting signals a new era as buying art becomes an omni-channel experience,” says Robert Read, Head of Art and Private Client at Hiscox.

Paintings are the most popular art medium to buy online according to the Hiscox Online Art Trade Report 2015, with 62% of online buyers surveyed saying they had bought a painting in the past 12 months. Limited edition prints were the second most popular purchase, while sculpture, photography, and drawings all feature. The majority of art bought online was for relatively low amounts under £10,000, with 41% of those surveyed saying the average price they paid was less than £1,000.

The Hiscox report cited two reasons for the growth in the online art market. The emergence of online art market platforms is providing more options for buyers to engage with, and ultimately, buy art. Also, social media is having an increasing impact, with 24% of respondents saying posts by museums, galleries and artist studios had a direct influence on their art-buying decisions. 

“Physical gallery space and auction houses can no longer act in isolation; online channels and social media have an important part to play and, when combined, prove to be attractive. This is good news for sellers as well as collectors,” says Read.

Healthcare team celebrates 15 years

Hiscox London Market’s Healthcare team celebrates 15 years of writing US healthcare risks this year. Having cautiously decided in 2000 to go into a class of business that had acquired a reputation for high losses, it’s been a remarkably smooth journey since then. 

“We had been writing US professional liability in the late 90s,” says Ben Rowley, Hiscox London Market’s Head of Healthcare, “and an opportunity came up in 2000, following some legislative and coverage changes, to write US nursing homes. This book saw significant growth and since then we’ve diversified into the full spectrum of healthcare delivery, including world-renowned hospital systems. Our focus on long-term relationships has resulted in us writing a number of our core accounts for over 10 years.”

Working closely with Hiscox’s healthcare teams in the US and Bermuda there is, despite tougher market conditions, still plenty of reasons to be optimistic when it comes to US healthcare risks says Ben. “The US is a huge market which is seeing big changes in how healthcare is delivered, which, along with continued demand from an ageing population, gives us plenty of opportunity in the future.”

Hiscox recently asked Kris Kuehn at Warden Grier, to provide an update on arbitration provisions, their application, and enforceability in healthcare. Click here to view the article

For further information please contact:

Benjamin Rowley
Head of Healthcare
020 7448 6620
benjamin.rowley@hiscox.com

Stephanie Bristow
Underwriter, Healthcare
020 7448 6509
stephanie.bristow@hiscox.com

Hiscox also offers healthcare insurance solutions in:

Bermuda: ian.thompson@hiscox.com

USA: alicia.cardinale@hiscox.com

A new way to interact online with Hiscox London Market

Hiscox London Market has launched a new website designed to help brokers quickly and efficiently find the right Hiscox people, products and news.

The new site, hiscoxlondonmarket.com – part of a wider programme of service improvements to help brokers easily get the information they need – includes a Google-style search function, together with a people directory, regularly updated news and opinion, and an interactive Lloyd’s box plan

“We asked our brokers how we can help improve their interaction with us, and high on the list was better online access that not only provided useful product information, but also made it easier to find the appropriate Hiscox underwriting or claims contact,” says Sasa Brcerevic, Chief Operating Officer, Hiscox London Market. “As a complementary online presence to our quarterly online newsletter – Hiscox Global Insight – the website will also feature news and opinion from Hiscox London Market.”

New hire for Casualty Reinsurance team

Hiscox London Market has added to its Casualty Reinsurance team with the appointment of Ciaran Mulcahy as Deputy Line Underwriter. Mulcahy, who previously spent 10 years at Catlin, will work across all casualty reinsurance lines, reporting to Joe Sweeting, Head of Casualty Reinsurance.

Commenting on the new hire, Joe Sweeting said: “Ciaran brings with him a wealth of knowledge and we are excited that he has agreed to join us to help build upon the foundations that we have made since starting our casualty reinsurance business unit in late 2012.”