Stay up-to-date with the latest news, information and updates from Honan Insurance Group, including innovation in the insurance space, business highlights, community & partner profiles and company announcements.
National Cyber Office to oversee incident response | What Directors & Officers need to know
Following high-profile data breaches involving Optus and Medibank Private, the Australian Government is addressing major concerns about data security and malicious activity by announcing yesterday that it will open a national cyber office, which will be tasked with leading the emergency response to cyber incidents. Ben Robinson, Placement Manager, outlines what this announcement may mean for Directors & Officers as well as cyber insurance.
Severe weather events: How parametric insurance can help
Severe weather and natural disasters have caused over $12.3 billion in insurance claims in Australia since January 2020, prompting some individuals and businesses to turn to parametric insurance. Adam Richardson, National Client Manager, outlines what parametric insurance is and how it may help when extreme weather occurs.
In our latest edition of ‘Honan on the Move’, where we put the spotlight on the career progression of our team, we catch up with Stephanie Tennant, our in-house Senior Talent Adviser, who shares how she created an invaluable role for herself at Honan, her insights about a common career obstacle, and how her personal interests have helped her professionally.
Directors, take note: Continuous disclosure breach leads to record penalty
The handing down of the largest-ever penalty of $15 million by the Federal Court to a company for breaching continuous disclosure laws has put corporate Australia on notice, highlighting the need for companies to take their disclosure obligations seriously. Ben Robinson, Placement Manager – Professional and Executive Risks, shares more on what this decision could mean for directors and officers moving forward.
From the increase in maximum penalty for corporates with serious privacy breaches, to low levels of business transactions resulting in competitive pricing in the Directors and Officers (D&O) space, our comprehensive Financial Lines Q2 market update from Henry Clark, Head of Professional and Executive Risks, is now live. Covering these key takeaways as well as key considerations for Q3 and beyond, don’t miss this informative update.
Planning Ministers are developing a national standard plan on land use, stating that “the days of developing on floodplains needs to end”. In the Q2 Corporate Insurance market update, we share more on what these potential changes could mean for those seeking flood insurance coverage. You will also find updates on the business interruption class actions relating to the COVID-19 lockdowns and more developments to watch for the remainder of FY23.
New Duty of Care under Part 4 of the Design & Building Practitioners Act and your Professional Indemnity Insurance
Introduced in June 2020, the Design and Building Practitioners Act (NSW) established a statutory duty of care for persons carrying out construction work to exercise reasonable care to avoid economic loss caused by defects. Crucially, the Act specifies that this duty of care is owed to each owner, and subsequent owners of land and it applies to all residential building work.