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Latest from Lockton

Demand for grid stability, improving battery technology, and significantly decreasing prices, has facilitated rapid growth in the battery energy storage system (BESS) market across the world. Derisking BESS projects

Derisking BESS projects

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Read moreDerisking BESS projects

Latent Defects Insurance capacity finally enters market

The NSW Government has plans to make latent defects insurance compulsory by 2028, so now is the time for developers, owners and contractors to prepare. As one of the brokers with exclusive access to this much-needed LDI capacity, Lockton is pleased to help bring a critical insurance option to the market at a pivotal time for the industry. However, LDI must be purchased prior to the commencement of construction. Once works begin, it’s too late to secure cover.The NSW Government has plans to make latent defects insurance compulsory by 2028, so now is the time for developers, owners and contractors to prepare. As one of the brokers with exclusive access to this much-needed LDI capacity, Lockton is pleased to help bring a critical insurance option to the market at a pivotal time for the industry. However, LDI must be purchased prior to the commencement of construction. Once works begin, it’s too late to secure cover.

AI risks: what directors and officers need to know

All new technologies carry risks when introduced on an enterprise level. Artificial intelligence (AI) is no exception, and directors and officers may find themselves in the crosshairs should negative repercussions arise from the use of such tools. To be prepared for the potential regulatory scrutiny or claims activity that comes along with the introduction of a new technology, it is imperative that boards carefully consider the introduction of AI, and ensure sufficient risk mitigation measures are in place. All new technologies carry risks when introduced on an enterprise level. Artificial intelligence (AI) is no exception, and directors and officers may find themselves in the crosshairs should negative repercussions arise from the use of such tools. To be prepared for the potential regulatory scrutiny or claims activity that comes along with the introduction of a new technology, it is imperative that boards carefully consider the introduction of AI, and ensure sufficient risk mitigation measures are in place.

What insurance buyers need to know about Consequential Loss explained in three minutes

The purpose of Professional Indemnity (PI) insurance is to provide indemnity to an insured for legal liability to a third party who suffers loss as a result of the provision of the defined and declared professional service. Under the insurance policy, the insured normally also receives indemnity for the costs of investigation and defence of claims. Importantly, PI insurance can be tailored to the professional group covered. Typically, PI insurance may include optional extensions of cover for a range of matters, including indemnity for consequential loss for an additional premium. The purpose of Professional Indemnity (PI) insurance is to provide indemnity to an insured for legal liability to a third party who suffers loss as a result of the provision of the defined and declared professional service. Under the insurance policy, the insured normally also receives indemnity for the costs of investigation and defence of claims. Importantly, PI insurance can be tailored to the professional group covered. Typically, PI insurance may include optional extensions of cover for a range of matters, including indemnity for consequential loss for an additional premium.
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