Bespoke Media Liability Insurance for IMPRESS Member Publishers
As IMPRESS continues to attract members from all over the UK, the UK’s newest press regulator has partnered with media specialist insurers to provide an affordable and flexible insurance scheme specifically designed for its member publishers.
By joining IMPRESS, member publishers have access to a free of charge complaints handling service and a low-cost arbitration scheme which significantly reduce their exposure to expensive litigation and other legal risks. IMPRESS publishers now have the choice of protecting themselves further by taking out affordable insurance which provides comprehensive errors and admissions cover for events occurring both inside or outside the IMPRESS regulatory scheme. The scheme is provided independently of IMPRESS and there is no obligation for members to purchase it.
Ed Procter, IMPRESS’s Chief Operating Officer said: “We have worked in partnership with media insurance companies EC3 Brokers and Beazley to develop a policy which is specifically tailored to meet the needs of IMPRESS members of all sizes from hyperlocal, to national and international news publishers and to niche publishers who specialise in investigative journalism. The scheme provides comprehensive insurance cover for all costs associated with participating in the IMPRESS regulatory scheme, including arbitration costs, damages and regulatory fines. The scheme also covers IMPRESS members for the costs of defending legal actions which fall outside the IMPRESS regulatory scheme.”
Ansley Parker from EC3 Brokers said: “The policy, which is marketed and sold by EC3 Brokers independently of IMPRESS, can provide worldwide cover for digital and print media formats and for cyber-hacking. It provides IMPRESS publishers with a bespoke product and savings of up to 20% on their current policy. Annual cover starts at around £200 per annum and increases in stages depending on the risk profile of the publisher and the amount of cover they want, up to as much as £100 million and beyond if necessary. The reason we were able to negotiate such an effective package for IMPRESS members is because the requirement for publishers to settle their disputes through IMPRESS’s low-cost arbitration scheme reduces the risk to the insurance market of large legal claims.
“The insurance will provide cover for arbitration claims for reputational damages including libel, slander and misrepresentation and it will provide cover for any court action which may be brought outside the IMPRESS scheme. The endorsement section includes modifications and limits which are specific for IMPRESS members. The cover can be extended at preferential rates for IMPRESS members to include all their insurance needs.”
For more information go to:
To discuss your insurance needs or to request a quotation please contact:
Oliver.Oakley@EC3Brokers.com Tel: 0203 150 1996
Ansley.Parker@EC3Brokers.com Tel: 0203 150 1995