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Hiscox Launches First Anti-Bribery Insurance And Response Product

Hiscox Launches First Anti-Bribery Insurance And Response Product

Specialist insurer Hiscox has launched the first combined anti-bribery response, defence and expense insurance product for UK businesses. Provided in conjunction with global risk consultancy Control Risks and a panel of leading law firms, Bribery Act Response Insurance helps businesses with the costs and practical steps required to successfully investigate and defend an actual, or suspected, Section 7 Bribery Act offence.

The 2010 UK Bribery Act created a new corporate offence for businesses of ‘failure to prevent’ an act of bribery. Under the Act, the Serious Fraud Office is increasing the number of businesses it investigates as it moves towards a zero tolerance policy.

Marcus Breese, Casualty Underwriter at Hiscox, said: “Bribery is a growing and ever present danger for UK businesses, particularly those with a multi-national presence and those that use a lot of third party vendors. The UK Bribery Act made it very clear that a failure to prevent a bribe can lead to prosecution of the corporate entity and the Serious Fraud Office is increasingly adopting a zero tolerance approach. British businesses have a real exposure to bribery risk which is not currently met by any existing insurance/response product and this is why we have teamed up with Control Risks and a number of leading law firms to offer a market first.”

John Conyngham, Group General Counsel, Control Risks, added: “UK companies in every industry increasingly need to venture overseas to ensure growth. As they do so, they face the potential for greater risk in unfamiliar environments in addition to the need to employ local partners to conduct business on their behalf. It is this combination of factors that makes them especially vulnerable to the threat of bribery. At the same time, the UK authorities are intent on cracking down on incidences of bribery under the UK Bribery Act. It is therefore vital that businesses are prepared to respond effectively to bribery allegations as soon as they arise. Key to these preparations is the need to have in place a plan for managing the incident on a global basis, including pre-agreed protocols for engaging specialist investigations firms and advisors. Companies that respond rapidly and comprehensively to an incident are much better positioned to defend themselves from prosecution.”

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