Bribery Act Response Insurance provides integrated insurance/response solution to investigations under the 2010 UK Bribery Act
London, UK (8 July, 2013) – Specialist insurer 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 is increasing the number of businesses it investigates as it moves towards a zero tolerance policy.
Hiscox Bribery Act Response Insurance, supported by Control Risks and specialist law firms, provides:
- Insurance protection against the costs of conducting bribery investigations and the associated legal costs
- 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, designed to promote efficiency and prevent vendor investigation ‘creep’.
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 of the corporate entity and the Serious Fraud Office is increasingly adopting a zero tolerance approach. British businesses have a real exposure to bribery risk which is not currently met by any existing insurance/response product and this is why we have teamed up with Control Risks and a number of leading law firms to offer a market first.”
John Conyngham, Group General Counsel, Control Risks, added: “UK companies in every industry increasingly need to venture overseas to ensure growth. As they do so, they face the potential for greater risk in unfamiliar environments in addition to the need to employ local partners to conduct business on their behalf. It is this combination of factors that makes them especially vulnerable to the threat of bribery. At the same time, the UK authorities are intent on cracking down on incidences of bribery under the UK Bribery Act. It is therefore vital that businesses are prepared to respond effectively to bribery allegations as soon as they arise. Key to these preparations is the need to have in place a plan for managing the incident on a global basis, including pre-agreed protocols for engaging specialist investigations firms and advisors. Companies that respond rapidly and comprehensively to an incident are much better positioned to defend themselves from prosecution.”
Ends
For further information please contact:
| Lucy Hensher
| 0044 (0) 20 7448 6619 |
|
| Sebastian St John Clarke | 0044 (0) 7779 702191 |
|
Notes to editors
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.
For further information, visit www.hiscox.com.
About Control Risks
Control Risks is a global risk consultancy specialising in political, security and integrity risk. The company enables its clients to understand and manage the risks of operating in complex or hostile environments. Through a unique combination of services, wide geographical reach and by adopting a close partnership approach with clients, Control Risks helps organisations effectively solve their problems and realise new opportunities across the world.
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