As an accountancy firm, you may have been worried about the many stories in the press recently of lawsuits involving accountants, auditors and other financial businesses. The recession and subsequent collapse of many major banks seems to have opened the door to a multitude of legal disputes and claims for compensation, and it doesn’t look …
Professional Indemnity, Liability and Small Business Insurance Articles
T in the Park organisers forced to take out larger event insurance policy
The organisers of the T in the Park festival have put in a request to the local authorities to increase the capacity of their popular summer event from 25,000 to 30,000. Perth and Kinross Council are now considering the proposal, although they have said that approval will depend on the organiser’s event insurance policy. T …
First Google Books lawsuit set to drag on for months
As expected, search engine company Google have been sued over their controversial new Google Books service. The first lawsuit comes from Chinese author Mian Mian, who filed a copyright infringement lawsuit over the reproduction of her provocative novel Acid Lover on Google Books. Mian Mian is demanding 60,000 yuan from Google’s already-beleaguered team, as well …
The high price of employer liability claims
According to the Health and Safety Executive (HSE), all businesses employing staff must have a basic level of employer liability cover in place. This is in case of legal action over personal injury, bullying and harassment, excessive workload or any other issues experienced by employees whilst at work. Whilst a basic level of professional insurance …
Music producer Timbaland settles copyright infringement lawsuit
The successful music producer Timbaland has reportedly agreed a settlement with composer David Cortopassi over a copyright infringement disagreement. Cortopassi alleges that the producer illegally sampled his song ‘Spazz’ – originally recorded in the 1960s by The Elastik Band – on his 2007 controversial chart hit ‘Throw it On Me’ taken from his Shock Value …
Californian AIDS charity accused of misappropriating funds
In the latest high-profile case in the US, a charity in California is facing a lawsuit and possible closure over allegations that they misappropriated nearly $3 million of funds meant for charitable projects in the community. The lawsuit against Monterey County AIDS Project (MCAP) has been filed by Attorney General Jerry Brown, who aims to …
New York bank sued for overworked employee
The London branch of Bank of New York Mellon is currently embroiled in a lawsuit filed by a high-level employee, who claims he was overworked by the company. James Lazarus, the former head of the BNY Mellon Corporations’ London executive office, alleges a number of serious complaints against the company. These include excessive workload, bullying …
Hospitality industries – what professional insurance cover is available?
The hospitality industry can be one of the most demanding and problematic to work in, especially if you hold full responsibility for the business as the owner or manager. Juggling day-to-day operations as well as dealing with your finances leaves you with little time to prepare for unexpected setbacks, but it can actually be as …
Hedge Fund managers increasingly fear legal action
Following a high-profile campaign by the Financial Services Authority (FSA)– an independent regulator of UK finance – to clean up the industry, hedge fund managers are becoming increasingly anxious that even the smallest mistakes and irregularities could cause hefty fines to be issued and legal complaints filed against them. Although hedge fund manager’s professional indemnity …
Professional indemnity aggregate or any one claim basis
When arranging your Professional Indemnity Insurance it is important to understand that there are two fundamental ways in which the cover can be arranged. This can be crucial when you are faced with a large or multiple claims. The two ways of arranging the cover are; Aggregate basis and Any One Claim basis. As you …
