{"id":6447,"date":"2018-12-31T10:00:20","date_gmt":"2018-12-31T10:00:20","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=6447"},"modified":"2018-12-31T10:00:20","modified_gmt":"2018-12-31T10:00:20","slug":"brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/","title":{"rendered":"Brexit: Majority Of UK Company Directors Legally Exposed For Lack of Preparation"},"content":{"rendered":"<figure id=\"attachment_6448\" aria-describedby=\"caption-attachment-6448\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-6448\" src=\"https:\/\/www.openbusinesscouncil.org\/wp-content\/uploads\/2018\/12\/brexit.jpg\" alt=\"brexit\" width=\"800\" height=\"564\" srcset=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/12\/brexit.jpg 1440w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/12\/brexit-300x212.jpg 300w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/12\/brexit-768x542.jpg 768w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/12\/brexit-1024x722.jpg 1024w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/12\/brexit-580x408.jpg 580w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-6448\" class=\"wp-caption-text\">Brexit: Majority Of UK Company Directors Legally Exposed For Lack of Preparation<\/figcaption><\/figure>\n<p>The directors of virtually every listed UK company face major liability risks for failing to prepare adequately for Brexit, especially if there is <a href=\"https:\/\/www.openbusinesscouncil.org\/no-deal-no-truck-no-prosecco\/\" target=\"_blank\" rel=\"noopener\">a \u2018No Deal\u2019 outcome<\/a>, according to Mactavish, the leading expert on commercial insurance governance and disputes.<\/p>\n<p>Mactavish believes UK directors have massively overlooked these new liabilities, which could leave them personally exposed to legal actions because of traditional limitations applied to \u2018Directors and Officers\u2019 (D&amp;O) insurance cover.<\/p>\n<p>Even within the insurance sector, the Brexit focus has been diverted towards European passporting rights and the operational challenges facing insurers and brokers, Mactavish says.<\/p>\n<p>Critical new insurance risks highlighted by Mactavish as being created by Brexit include:<\/p>\n<ul>\n<li>Any company suffering a performance dip or interruption following Brexit \u2013 which will be virtually every company under \u2018No Deal\u2019 \u2013 will be liable to major scrutiny of whether their preparations were adequate<\/li>\n<li>If their preparations compare badly with those of peers, this will give rise to a glut of new D&amp;O actions against board members<\/li>\n<li>Longer term, the regulatory disruption caused by Brexit will leave large swathes of uncertainty for many years as to the details of new regimes applying on a sector by sector basis. This will exponentially increase the risk of unanticipated regulatory action or censure \u2013 a key area of D&amp;O insurance cover<\/li>\n<\/ul>\n<p>Bruce Hepburn, CEO, Mactavish said: <em>\u201cThere are many stories speculating about impending Brexit doom yet a key insurance challenge affecting almost every UK business has stayed under the radar.<\/em><\/p>\n<p><em>\u201cD&amp;O insurance policies are extremely complicated and cover is bound up in a labyrinth of inter-connected policy definitions, policy triggers and cost categories, so that most company directors are far from clear on what they are actually covered for.<\/em><\/p>\n<p><em>\u201cThis situation is becoming even harder for insurance buyers to manage in recent months because corporate D&amp;O is one of the first areas of the insurance market to show signs of higher premiums and less flexible terms. What this means in practice is that once claims come in, it is usually too late to make any changes to policies and directors may not be covered.\u201d<\/em><\/p>\n<p>Mactavish points out that unless a company\u2019s D&amp;O policy has been specifically reviewed and negotiated, it is unlikely to be reliable because there will likely be far too many exclusions to cover and \u2018outs\u2019 for insurers. Policyholders should expect claims to be scrutinised carefully and negotiated aggressively if they spike.<\/p>\n<p>Recent Mactavish research has suggested that as much as 45% of all large\/complex insurance claims are disputed.<\/p>\n<p>Mactavish is the UK\u2019s leading expert on insurance governance. It has been operating in the commercial insurance sector for over 15 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The directors of virtually every listed UK company face major liability risks for failing to prepare adequately for Brexit, especially if there is a \u2018No Deal\u2019 outcome, according to Mactavish, the leading expert on commercial insurance governance and disputes. Mactavish believes UK directors have massively overlooked these new liabilities, which could leave them personally exposed [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6448,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[1],"tags":[5058,3440],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brexit: Majority Of UK Company Directors Legally Exposed For Lack of Preparation - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"The directors of virtually all UK companies face major liability risks for failing to prepare adequately for Brexit, especially in a \u2018No Deal\u2019 scenario\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brexit: Majority Of UK Company Directors Legally Exposed For Lack of Preparation\" \/>\n<meta property=\"og:description\" content=\"The directors of virtually all UK companies face major liability risks for failing to prepare adequately for Brexit, especially in a \u2018No Deal\u2019 scenario\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-31T10:00:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/12\/brexit.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"1016\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"Brexit: Majority Of UK Company Directors Legally Exposed For Lack of Preparation\",\"datePublished\":\"2018-12-31T10:00:20+00:00\",\"dateModified\":\"2018-12-31T10:00:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/\"},\"wordCount\":478,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"brexit\",\"Research\"],\"articleSection\":[\"Open News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/\",\"url\":\"https:\/\/www.footballthink.com\/brexit-majority-of-uk-company-directors-legally-exposed-for-lack-of-preparation\/\",\"name\":\"Brexit: Majority Of UK Company Directors Legally Exposed For Lack of Preparation - 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