The one where
insurable risks but no insurance to help

Advice has been provided to two housing associations in relation to pursuing negligence claims against insurance brokers who had failed to procure and place appropriate fidelity and cybercrime insurance policies for the housing associations.

The clients had suffered two forms of loss to fraud, one through mandate fraud (where bank account details for a supplier had been subject to a false change) and the other relating to fraud committed by an employee.

Advice was provided on the duty of care of the insurance brokers, specifically relating to understanding market place risks for these types of client and also in relation to checking whether the clients complied with the condition precedents in their insurance policies.  

The claims resulted in a resolution for the clients after letters of claim were sent.