Currently, the Motor Insurance Database (MID), categorises vehicles in either Category 1 (Private Motor Vehicles) or Category 2 (Fleet and Motor Trade). Current legislation stipulates that individuals, companies and insurers have a maximum period of 14 days to update the MID with details of any vehicle changes.

Whilst, with effect from the 1 January 2008, there are changes being made to the time insurers have to update the MID for Category 1 vehicles (reduction from 14 to 7 days), at this stage the governing body, Motor Insurance Information Centre (MIIC) have not mirrored these changes regarding Category 2 vehicles. However, the MIIC have stressed to the insurance sector that they will be increasing the target for meeting this timescale (14 days) with effect from the 1 January 2008. From this point, the MIIC will be looking to ensure that 95% of all vehicle changes are made aware to the MID within the 14 day period.

The MIIC's previous target for MID compliance was substantially lower than the new target of 95% and with this in mind, financial penalties issued by the MIIC have to date been sporadic. With the new target, financial penalties against non-compliance will be more regular.

Whilst we are sure that our Fleet and Motor Trade clients are already compliant with the 14 day time-frame, we do want to emphasise the MIIC's stronger position in respect to non-compliance and the financial consequences.

Increased legislation, both in the UK and worldwide, has escalated the possibility of legal action against directors, officers and trustees. Cases such as Enron in the USA, Parmalat in Europe, and closer to home, the 'NatWest Three' may have captured the headlines, but they also provided a poignant reminder to decision makers of the risks they face.

SME’s are just as vulnerable as big multinationals, but obviously the outcome can be much more catastrophic. Without a D&O policy in place, a director or senior manager is open to unlimited personal liability. Simply put, their personal wealth and assets could be at risk if they have to fund their own legal defence.

Whilst D&O insurance does not cover liability or damage arising from a breach of a professional duty of care, for which separate Professional Indemnity insurance is required, it does provide protection if someone alleges wrongdoing. As all stakeholders are potential sources of legal action, and with new laws being introduced, the possibility of becoming embroiled in an official investigation or litigation is heightened. Therefore, appropriate levels of D&O insurance are an essential element of an insurance portfolio in today's increasingly litigious society.

As a small businesses owner, responding to a disaster such as the recent floods, can be overwhelming. Not only are you focusing on your own home and family’s welfare, but you have to turn your attention to preserving your business, ensuring your employees are informed, as well as concentrating on resuming normal service. It’s a juggling act, which needs constant attention to keep the balance.

Whilst waiting for the floodwaters to subside so that you can gain access to your premises, can be frustrating, it shouldn’t be rushed. Although you may not have access to the building, your files or machinery, there is plenty of things which need to be addressed in the interim period.

Firstly, you should inform us of your situation. We can then provide you with advice and arrange for a loss adjuster to visit your business to assess the level of damage. Once we know the extent, we’ll be able to give you some idea of the timeframes that you are faced with. Review any changes in conditions on a daily basis. Work with the local authorities and, where relevant, the local Environmental Health department. Pass all relevant information on to your employees on a regular basis, as they need to be aware of the situation and any developments.

Secure the premises, and ensure that they are not causing any health and safety threats. If you are concerned about a health and safety issue arising, contact your local authority for advice.

If you think it may result in a claim, please contact us as well, so that we can provide assistance. Contact your suppliers, contractors and clients to inform them of your situation, and to find out how they have been affected by the floods.

Prioritise the order of your ‘To Do’ list, and identify any obstacles which may hinder your progress. For example, you may have to wait for your gas/electricity supplier to check your supply before you are able to turn the power back on. The sheer number of those affected by floods may result in a delay.