D&O exclusion

Legal experts are concerned that D&O cover has been hit following the US-led rise of a new policy exclusion.

According to several weekend reports, Robert Harrell, a partner in a US-based litigation practice is leading criticism of the "restatement exclusion".

The exclusion invalidates D&O cover if the director's company restates its published figures.

Self-drive launch
A provincial broker, Corporate Insurance Partners (CIP), has launched a product aimed at the self-drive hire and motor fleet markets. The company already claims to have won the accounts of several of the largest self-drive hire companies in the UK.

Euler rebrand
Credit insurer Euler Trade Indemnity has rebranded itself as Euler Hermes UK.

Allianz broker deal
Allianz Cornhill has introduced a service to help brokers considering moving from commission to fees establish the value of their time. National sales manager Colin Bates said the service, which involved an assessment by an accountant, was available for its top 250 brokers.

Premiums slow
Motor and home insurance premiums have risen at less than the rate of inflation during the last quarter, according to the AA's British Insurance Premium Index. The average cost of comprehensive motor insurance increased by 0.7% to £699 during the last quarter. Non-comprehensive cover rose by 0.8%, with the average premium up £7 to £821 in the same period.

Actuaries' PI rise
Actuaries are facing huge increases in the cost of their professional indemnity (PI) cover, according to Marsh.

Insurers are becoming increasingly alarmed by the disparity between premiums and the size of claims.

Concern over multi-billion-pound pension fund deficits has also increased insurers' fear that actuaries could face more litigation.