The devil is in the detail…

By Tim Weymouth, Associate Director, ACII, AIoL

How often do we hear the phrase devil is in the detail? But do we always take time to look into the detail. A non-golfing friend of mine remarked recently about how much of a sportsperson Gareth Bale is that having retired from football he has made such a strong start on his first PGA tour start as reported by the press. They were even thinking that they might look to take a very long shot on him winning The Open later this year.

I had to explain to my friend the details behind this event on the PGA tour where professional golfers will partner amateurs in team format which is run alongside the professional’s individual event. Which was won by one time coach to me, Justin Rose, due to insurance, which is a story for another time.

The situation is often the same with insurance policies. Prospects will say to me we already have cyber we are fully protected. But has the broker taken the time to explain what it covers and is it simple and just covering data breaches only? Does it extend to include business interruption because of a cyber event? Does it have an unsupported software exclusion which could render the whole policy worthless should you have legacy software or must delay a patch installation.

Or that a Directors & Officers policy will cover me for a transaction when I look to exit the business, I have no need for Warrantees and Indemnity protection. Again, a misconnection which could have significant impact on the business and individuals involved.

Our role is to give advice and guidance on what is most suited to their business, we don’t simply operate a tick box exercise where saying you have the cover is enough. At Aston Lark we look to allow our clients to make an informed choice about what level of cover this wish to purchase. Further we will review this at least annually or whenever your business requires it.

Gareth is a much better golfer than me, but I would be very surprised if he plays in The Open at Royal Liverpool this year. It’s the details behind the headlines on your insurance register which matters most and give you the comfort that your risk transfer is adequate, not it’s headlines.

If you’d like to find out more about how we could support your business insurance needs, contact us by calling 020 7543 2807.