Over the last few months we have closely advised a new mutual insurance business, established as a friendly society, to provide unregulated insurance cover type products to various business sector members. Today ‘Mutuals’ are big business and are growing in popularity. Discretionary Insurance Mutuals, in particular, are often seen as a cost efficient alternative to traditional insurance companies, providing flexible cover for members.
We have provided advice on the various regulations in this area, the appropriate business structures and assisted develop a Claims Process. We have also prepared the detailed Membership Rules, Cover Terms and Policy Documents for use by the Mutual and its Members, in respect of risks including: Credit Risk; Key Person Protection; Cyber Risks; Media Liability Protection; Fraud Risks; Business Interruption; Terrorist Activity; and Supplier Failures.
If you are interested in Mutuals or how we might assist you in this area, please contact Andrew Iyer at: [email protected] or on: + 44 207 1773371.