La Playa Newsletter Winter 2012

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p la ya L A P L AYA

news from the beach Winter 2012/13

Private Clients: Anchors aweigh! Insurance tips for boatowners Arts & Entertainment: Insurance pitfalls for a 21st century dance company

People like you like us. Passionate. Discerning. Independent.

Media & Production: All about 3D: protection for your production Science & Technology: Online & data perils exposed La Playa Financial Management: Auto-enrolment pensions: where to begin?

La Playa: Insurance with Intelligence® Authorised and regulated by the Financial Services Authority


News Photo: Tony Jedrej

Welcome

“When you get good service it’s worth shouting about”

Headline Numbers:

…in the words of one of our clients.

1 1 2 4 10 24

The greatest compliment you can pay us is to tell your colleagues and friends – and we’ll send you a Fortnum and Mason hamper when new private clients mention your recommendation…

New faces Mike Taylor-West, Head of Private Client & Marine, London Welcome to our winter newsletter! We hope 2012 has been an exhilarating year for you so far. We’ve been insuring all sorts of Jubilee and Cultural Olympiad events – including the beautiful Peace Camp by Artichoke. Fortunately even the sodden summer we’ve had didn’t manage to rain on anybody’s parade! And while we’ve been celebrating, our New York office has started to work with many orchestras through our League of American Orchestras Insurance Program, and has launched the North American Performing Arts Managers & Agents Association Insurance Program. Here in the UK, growth continues apace and we’re delighted to announce our new Marine Insurance offering for yachts and superboats. It’s also an exciting time for our Science and Technology practice, with the launch of Lab Portfolio™, our new policy for start-up, early stage and SME research and development businesses. A very warm welcome to our new starters at La Playa, and to new clients who have come on board since our last issue – welcome to “The Beach”!

Mark Boon, CEO @MarkBlaplaya

This newsletter and most policy information is available in large print – please let us know how we can make the information more accessible to you. laplayainsurance.com

Mike is a graduate of the Institute of Marine Studies, University of Plymouth, where he majored in Maritime Business and Marine Law. Formerly Director of Savills Insurance Services (Private Clients), and with underwriting experience at Chubb Masterpiece and Pantaenius Yacht Insurance, Mike brings 20 years of private client insurance experience, passion and enthusiasm in his field of expertise. Rarely happy unless within sight of water, Mike can usually be found on the Solent in his free time.

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giant water sculpture insured at the Olympic park Glee star insured La Playa weddings new faces at La Playa years’ service celebrated by Julie Brooklyn hours was all it took to find cover for “Lo Monstre” at Leeds festival illuminated tents of Peace Camp, produced by Artichoke

Congratulations!

Casey Grabowski, Corporate Account Executive Casey started at La Playa in September 2012 to join our team of Media and Production specialists. Previously based in New York, Casey focused on insuring film and music videos, photoshoots and advertising. With more than 8 years’ experience under her belt, Casey also holds a New York brokers licence. When Casey isn’t advising, you can find her rocking out at gigs, reading or travelling.

...to Elaine who took part in the National Lottery Olympic Park run in the spring!

Jessica Hiscock, Financial Services Administrator Jessica joins La Playa Financial Management having worked as a freelance paraplanner in Dorset before relocating to Cambridge. Certified in Financial Planning and Administration, she is dedicated to providing exceptional customer service. In her spare time she enjoys pottering in her garden, local history and weekly humiliation on the badminton court.

La Playa’s 60-Second Wisdoms Sign up at laplayainsurance.com and receive: • Risk management tips • Offers from the La Playa community

Patrick Gordon, IT Manager Patrick has worked with computers since they were loaded very slowly - from cassette tapes. Distracted for 2 years by the joys of performing with a Goth band around Europe, Patrick returned to computers and published the Guardian on CDROM, worked on crime fighting software and then moved to the internet, building websites including La Playa’s. Outside of work, Patrick can be found at woodwork classes making boxes and tables.

Blogging from the Beach We love it when clients and professional contacts guest-write our blog, so if you have something you’d like to share, send it to [email protected]

La Playa: Insurance with Intelligence®

Private Clients

Arts & Entertainment

Media & Production

Science & Technology

Photo: Jonathan Bromley


Private Client Practice Group A personal and responsive service for private clients. We specialise in advice and cover for period, listed and modern homes, vehicles, yachts and motorboats, wine collections, antiques, jewellery and art on a worldwide basis.

Anchors aweigh! Insurance tips for boatowners Buying a boat is probably one of the biggest purchase decisions after your home – perhaps it’s the most important purchase made in a lifetime, but research suggests that people spend a fraction of the time they spend on home insurance on their boat cover. These useful tips will help protect your yacht, motorboat or superyacht: 1. Make sure cover is in force as soon as you or a lender has a financial interest.

4. Standing rigging should be serviced at regular intervals. Consider replacing it after 10 to 15 years - or earlier, depending on vessel type and usage. 5. Keeping your boat in a marina can reduce premium. 6. Chartering and racing are not standard covers and you should inform your insurer of any intentions in this area, as it may incur an additional premium and risk considerations. 7. If you’re crewing your craft, perhaps for the first time, you may need to consider crew liability and potentially accident and medical cover.

5 Tips on protecting your Art at home

Our claims promise: We’re on Your Side

1. Ms X put a £6,000 ring in a sock for safekeeping but accidently threw it away some months later when spring cleaning! The insurers paid the claim in full.

2. Seek an “agreed value policy”, to avoid being out of pocket when a claim settlement is based on a depreciating market value; and ensure that you include the financial value of any extras added or enhancements made. 3. If it’s a used vessel and you’re unsure of the condition or value, get a survey. Any vessels over 10 years of age or of nonstandard construction are likely to need a survey for insurance purposes.

Matthew Mullee Private Client Director @MattMLaPlaya

8. Personal effects, outboard engines for tenders and loose items should be stowed and locked away to deter the opportunist thief. If the engine is fixed, ensure that it has an outboard lock – most policies won’t pay claims without this. Whether you operate your own craft or employ a skipper and crew, prefer a portfolio or separate policies, we’d be delighted to talk to you. At your convenience, we’ll carry out a complimentary review of your current insurance arrangements, without obligation. Contact: Mike Taylor-West Dip CII Head of Private Client & Marine, London 020 7002 1544 [email protected] @MTWLaPlaya “Extremely helpful in all respects and I have recommended you to friends already!” John F

2. Mr Y put out a number of expensive suits in bin bags to be taken to cleaners. The house cleaner thought they were rubbish, and put them out for collection. The suits were never seen again. The claim was paid in full. 3. Mrs Z damaged a ring costing £4,000. During the claim, she mailed it for assessment. The envelope arrived empty! Although the ring should have remained at home the claim was still paid in full. We’re confident we can make your claims experience a good one. If you need to make a claim, please call us on 01223 200650.

1. Try to maintain a consistent temperature in your home, and introduce changes gradually. 2. Use professional fine art handlers and installers whenever possible. 3. At least two people should handle large works to manage size and weight safely. 4. Wash hands or wear gloves to prevent oil and dirt from damaging the surface. 5. Never install a painting near heating vents or frequently used fireplaces; in direct sunlight; or in high-humidity areas such as bathrooms, kitchens or outside doorways to these areas.

Photo: Jonathan Bromley


Arts & Entertainment Practice Group Our specialist practice for the performing arts and live events in the UK and USA. Providing expert advice and cover for artists and touring companies, agents and artist managers, festivals, venues and promoters, and dance schools.

Happy Feet

We

Dance

At La Playa we love dance, from ballroom to hip hop to ballet. Our team includes several practitioners, and we’re passionate about helping protect your dance company Dance companies have very specific risks and there are some standard insurance pitfalls: a standard business policy may not offer you the specialist wording that you need. For example, is your equipment covered if it’s left in an unattended vehicle? Do your Tour Managers carry per diems whilst on tour? There’s nothing worse than trying to make a claim, only to be told you’re not covered at the crucial moment. What if… …an audience member is injured at your performance? …borrowed costumes, props or equipment get damaged? …one of your dancers is injured on stage? …one of your international venues isn’t listed on your insurance policy? …you don’t get your visas and have to leave performers at home?

• Are you touring internationally? If so, you shouldn’t have to pay extra to cover this, or need to list the individual venues you’re performing in. • Are equipment and costumes covered whilst out of storage? Or if left in a vehicle? This is a common caveat in policies. • Do you work from home? Does your policy include all your equipment at home? • Are all of your permanent and freelance employees and dancers covered, worldwide?

Client Spotlight:

• Check your money is covered anywhere in the world, especially if you are touring most of the year. • Think through the impact of cancellation, for example, a delay at an airport could cause serious problems for your cast members. Do you need cancellation insurance? • Check you have the right level of travel insurance for medical assistance and personal belongings. • Are your trustees exposed? Make sure you have trustee liability. With more than 20 years’ experience and technical know-how, we can provide a practical and time-saving insurance solution. You can protect your income streams with La Playa’s modular policy, Performing Arts Portfolio; it offers exceptional protection under ONE policy, which saves you time and money. We also avoid using jargon, so you know exactly what is and isn’t covered. For a free insurance health-check or for more advice, contact: Paula Hawthorne, Head of Performing Arts 01223 200654 [email protected] @paulalaplaya

Here are some classic examples of where you might find ‘holes’ in standard policies: • Are all of your tours covered under one policy? By insuring them on an annual basis you can save cost, and admin!

Tracey McCreath, ACII, Director Media, Arts & Entertainment @TraceyatLaPlaya

Tip!

Cancellation Insurance for Christmas Events Buy your insurance for Christmas events now to secure better rates!

"La Playa has an excellent understanding of the business and operates as a business partner, not just an insurance service. I wouldn’t hesitate to recommend them, a great team.” Britten Sinfonia

Performing Arts Network & Development Agency (Panda) Discounted insurance for PANDA members PANDA was originally set up as a pilot project in 2002 to provide an essential network and development agency for performing arts practitioners in Greater Manchester. PANDA now has over 1300 members and supports performing arts practitioners working in: • Theatre & Dance • Street & Music Theatre • Live & Multi-disciplinary Arts • Writing (for stage) PANDA’s work includes projects ranging from one-off bespoke events to ongoing specialist support programmes. The Future Jobs Fund is an initiative to get young people into work. panda-arts.org.uk

Photo: Jonathon Bromley


Media & Production Practice Group Specialist insurance for creative businesses: media and mediatech, film and television production, post production, editing, broadcast technicians (camera/light/sound), graphic design, multi-media, photography, marketing & PR, studios and film promotion & distribution.

The 3D effect: why inadequate insurance could put your production on hold The Media Innovation Network & Awards La Playa is delighted to be working with the Media Innovation Network to provide specialist insurance solutions for their members, including a 10% discount on Media Portfolio. The Media Innovation Network is a joint initiative by the media, design and music clusters in South West England. It helps innovative companies and individuals working in digital media and the creative industries to share knowledge and collaborate, access market intelligence and sector information, and develop skills by connecting with research centres and knowledge hubs. It also helps promote excellence within the creative industries by hosting the Media Innovation Awards. mediainnovationawards.com mediainnovationnetwork.com

3D films are growing in popularity, with trend-setting Avatar raking in more than $700 million; but without the right insurance in place you could lose money (and the entire production) if problems occur on set. Filming with two cameras continuously is currently the only way to shoot 3D, and this means that the production is more vulnerable to disruption if something goes wrong. If one of your main cameras fails part-way through filming, how would that affect your bottom line? Top 5 Risk Management Tips 1) Make a contingency plan – do you know what to do if your main camera fails? Where would you source a replacement at short notice? How long would it take to reschedule the shoot? 2) Write and publish back-up plans. 3) Make sure your policy includes Negative/Faulty Stock as this will cover the costs of a re-shoot if it’s down to faulty equipment or damaged negative film. 4) Ensure Extra Expenses is included in your cover so you can recoup costs. Extra Expenses reimburses for the additional costs to complete filming arising from loss of/damage to

Coming soon… our first joint event with Women in Film and TV! We’ll be screening Where the Water Meets the Sky, produced by Camfed in November.

“...extremely professional and commercial and always manages to provide the right level of insurance package at a competitive price.” Finance Director, CSC Media Group

Tracey McCreath, ACII, Director Media, Arts & Entertainment @TraceyatLaPlaya

property, equipment and mechanical breakdown of cameras and props/sets/wardrobe. 5) Check the small print! If you’re hiring in equipment, find out who is contractually responsible for paying continuing hire changes for any damaged/faulty equipment. It’s most likely going to be you.

• Damage to negative, videotape, digital media. • Faulty stock provides cover for loss due to use of faulty cameras, sound equipment and developing. • Employers’ & Public Liabilities – a legal requirement • Hired audio liability • Motor insurance for hired in vehicles

3D First Aid Kit “Must-have covers” • Camera breakdown – this covers the cost of repair or replacement • Alternative hire which pays for costs incurred to temporarily replace damaged equipment • Damage to props, sets and wardrobe • Extra Expenses, incurred due to physical damage to facilities (e.g. locations, equipment, props, sets, wardrobe) • Non-appearance – losses arising from cast members being unable to perform due to accident or illness

With our Media Portfolio policy, we can ensure that you’re covered for any eventuality, and because our advisers are experienced in the field, they can advise you of what you do (and don’t) need.

For more information or a quick and easy quotation, contact: Rachel Holmes 01223 200656 @rachellaplaya [email protected]

The Actors’ Guild of Great Britain We’re delighted to be working with the Actors’ Guild of Great Britain, a not-forprofit networking organisation supporting professional actors in the United Kingdom. As well as offering a support network, forum and articles, members also enjoy exclusive discounts with leading industry service providers and access to a schedule

of workshops and seminars led by industry professionals. La Playa is pleased to offer all Actors’ Guild members a 10% discount on their new Performers Portfolio insurance policies. actorsguild.co.uk

Photo: Tony Jedrej


Science & Technology Practice Group Based in innovation hubs London, Cambridge and New York, our specialist team provides advice and cover for businesses in software & app development, social media, online gaming and multimedia publishing, ICT, Nanotechnology, Cleantech and other emerging technologies, and Life Science.

How would your business fare in a cyber attack? Data Security & Cyber Risks Checklist Malware, misplaced sensitive data, hacks, data theft by rogue staff, network take-downs and denial-ofservice attacks - just some of the perils that are becoming major, every-day threats to business. It’s not just the big boys of online retail who are at risk. Any firm holding data, having a website, using email, operating remote access systems - especially those using virtual or cloud-based services – must treat data and network security as an integral part of robust business operations. According to research by Symantec:

Take a good look at your business and use this checklist to make sure you have the right cover:

PData and Network Security insurance to get you up and running fast PCyber Liability PMedia & Content Liability – including cover for user-generated content PDefamation – in case you’re accused of libel, slander or disparagement PIntellectual Property Rights Infringement – protection against allegations

Cyber Crime: an IT director who was dismissed by his employer took revenge by deleting valuable data. The ex-employee was jailed for the hack but the company incurred hefty recompilation costs.

Data Breach: a local government agency lost an unencrypted memory stick with details of young people’s health records as well as their ethnicity, prompting a costly investigation.

• 25% of Internet users have been victims of cybercrime; that’s 14 victims worldwide every second • 40 new malicious programs are released onto the Internet every minute • Malware and cybercrime costs business $130bn a year Insurance for these risks has been available for the past several years yet recent surveys by Taylor Wessing and PwC show that the vast majority of companies remain uninsured, with many completely unaware of the risks.

Matthew Clark, ACII, Director Science & Technology @matthewclarkLP

IP Dispute:

PBusiness Interruption – for lost income as a result of viruses, hacking or cyber crime causing ‘down-time’ You also need to consider your exposures in jurisdictions where you’re unfamiliar with the law – for example, UK and US Defamation laws differ significantly; you need a policy that protects you wherever you’re sued.

an importer of computer chips that allowed people to play pirated video games infringed copyright and broke foreign laws forbidding the circumvention of copy-protection technology – resulting in a costly lawsuit.

Technology Failure: a bank’s mobile phone banking application contained a security flaw resulting in sensitive information being saved in a hidden file on users’ phones.

of content infringement, including copyright and trademarks

PBreach of Privacy PBreach Costs – including costs of IT forensics, notification of individuals,

Contact Elaine Redington for further information. 020 7002 1541 [email protected] @EREDINGTON

public relations, crisis management and credit monitoring

Online Health & Safety Solutions for R&D firms La Playa has partnered with Cardinus Risk Management to provide R&D clients with an online Health & Safety resource, including training, online risk assessments and access to risk management experts. We’re delighted to offer each of our Lab Portfolio™ (our new R&D insurance policy) clients up to £150 to spend at cardinus.com To find out more, contact Hanna Beaumont, Senior Account Executive

01223 200664 [email protected]

Retailer Neglect: an electronics retailer was hauled over the coals for allowing sensitive customer data to be dumped in a skip next to one of its stores.

“I would highly recommend La Playa to any technology business that is looking for expert but straightforward insurance advice.” Michael B, Venture Capitalist

Photo: Tony Jedrej


La Playa Financial Management Dovetailing your insurance, investments and retirement planning & protection to make your money work harder • Private Clients: life assurance and family protection, pensions, investments and tax advice • Business: Business Protection and Employee Benefits If you’re frustrated with the ongoing economic uncertainty, vagaries of the financial markets, banks losing credibility and wealth management companies exposed for mis-selling, you’re not alone! There has never been a more important time to review your existing financial arrangements and ensure that they continue to meet your long term goals.

Auto-enrolment – “To-Do” List New legislation effective 1 October 2012 means that ALL employers, both large and small, have to auto-enrol their employees into a qualifying pension scheme. If only it was that simple. How does the Pension Act 2008 affect your business? • Employers are for the first time required to automatically enrol eligible employees into a pension scheme. • Employers are now required to pay pension contributions for any employees who join and stay in the pension scheme. • The Pensions Regulator will police and enforce these new laws. • Even if you have an existing workplace pension scheme, you may have to make changes so that it complies with the new laws. Aside from the financial consequences of auto-enrolment, employers need to be prepared: • Identify your staging date, i.e. when you need to be ready. • Make an initial assessment of the workforce to understand who is or isn’t eligible.

Mike Palmer Financial Services Manager Dip PFS @MikeLaplayafm

Who’s the life and soul of your business? If you can name them, you probably need Key Person Insurance…

• Ensure pension scheme is in place for automatic enrolment (existing, new or NEST). • Get information ready for both regulators and employees. • Set up payroll and ensure it can meet the demands. • Get ready to manage opt-ins & optouts, joiners and leavers. • Arrange record-keeping, which must be robust. • Make a formal assessment of the workforce and finalise the data. Stay one step ahead of the game by being proactive and planning. Contact me to talk it through and arrange a complimentary review. 01223 200674 [email protected] @MikeLaplayafm

“I just want to say what a great service I have had from La Playa around my pension... Mike Palmer has been incredibly thorough and has had the patience of a saint. Thanks to Mike I feel a lot more confident about the years ahead!” Ann C, Private Client

• Does your business rely on certain individuals to generate income/profits?

PPayment for the (often substantial)

• Would income fall, even for a short period, if those individuals were unable to work?

PIf absence is due to critical illness,

• Would you need to employ either a temporary or permanent replacement? If you answered YES to any of the above, you may have a business protection need. You insure the business itself, but without certain employees the business may not be able to continue in the same way. What is Key Person Insurance? It can include…

PLoss of profits suffered until a replacement is found, is in place and is fully effective.

La Playa Financial Management LLP is an appointed representative of PB Financial Planning Ltd which is authorised and regulated by the Financial Services Authority.

costs of recruitment and training of a replacement.

and if a return to work is likely, payment of income to the “absent” person, as well as funding the cost of a temporary replacement. Already have protection in place? Great, but when was this last reviewed..? Both your business and the economic situation have probably changed significantly in the past couple of years, meaning that the protection you put in place may now not reflect your business going forward.


BEACH LIFE Recipe: Aromatic Pork with Potatoes

Comedy Corner The following are genuine statements made on insurance claim forms...

From Mike Cullen, Gardening expert and chef extraordinaire, Private Client Team Ingredients • • • • • • • • • • • • •

s at this and it wa rn tu to d l and an "I starte ed a came c ti o his n I t poin e verge. T ered at th th te se t n lo a h to elep me n caused ." distractio it a bollard h d n a n o ti a tr n conce

900g (2lb) pork, cubed 1 – 2 garlic cloves, crushed 20ml (4 tsps) ground coriander 20ml (4 tsps) ground cumin Seeds from 14 cardamom pods, crushed Grated rind and juice of 2 large limes or small lemons 60ml (4tbsps) olive oil 1 onion chopped 25g (1oz) plain flour 700ml (1¼ lbs) new or waxy potatoes, peeled and halve or quartered if large Watercress leaves 45ml (3tbsps) soured cream, or cream Salt and pepper

Instructions: 1.

Mix the pork with the lime or lemon juice, garlic, spices, salt and pepper. Cover and marinate in the refrigerator for 24 hours, stirring occasionally.

"I had been driving for forty years when I fell asleep at the wheel and had an accident."

3.

Stir in the flour for 1 – 2 minutes. Over a low heat, stir in the stock, lime or lemon rind and marinade, and bring to the boil stirring. Return the pork to the casserole, cover and cook gently for 30 minutes. Add the potatoes and cook for about 40 minutes until the meat and potatoes are tender. Stir the watercress and cream into the cooking juices and heat through.

"I was sure the old fellow would never make it to the other side of the road when I struck him."

pt to kill a "In an attem to a fly, I drove in le.” po telephone

2. Heat the oil in a heavy flameproof casserole. Lift the pork from the marinade and brown lightly in batches in the oil. Remove. Stir the onion into the casserole and cook until softened and lightly coloured.

"I kne w posse the dog was s s ive car b ut I w about th e o uld n asked ot ha h e r ve t if I ha o d tho drive it u g ht was a ny ris there k."

“I didn't th ink the limit applied speed after midnight.”

"I was thrown from the car as it left the road. I was later found in a ditch by some stray cows."

“Windscreen broken. Cause unknown. Probably Voodoo.”

Preparation time: 25 minutes. Cooking time: 2½ hours

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La Playa: Insurance with Intelligence®

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60 Cannon Street London EC4N 6NP T: +44 (0)20 7002 1007

La Playa, 475 Park Ave South, 17th Floor New York NY 10016 T: +1 212 702 3352

La Playa, The Stables, Manor Farm, Milton Road Impington, Cambridge CB24 9NG T: +44 (0)1223 200650

Registered in England, no 3605982 Authorised and regulated by the Financial Services Authority. Disclaimer: While every effort is made to ensure the accuracy of information contained within this newsletter, La Playa accepts no responsibility for any errors or omissions. Printed on FSC certified paper using vegetable inks and alcohol free processes.