Specialist insurer Hiscox has introduced Bribery Act Response Insurance, a new anti-bribery response, defence and expense insurance product to provide UK businesses a combined insurance/response solution to investigations under the 2010 UK Bribery Act.
The new insurance product will be supported by global risk consultancy Control Risks and a panel of law firms.
Hiscox Casualty Underwriter Marcus Breese said that bribery presented danger for UK businesses, particularly those with a multi-national presence and those that use a lot of third party vendors.
Control Risks Group General Counsel John Conyngham added that it was vital that businesses are prepared to respond effectively to bribery allegations as soon as they arise.
"Companies that respond rapidly and comprehensively to an incident are much better positioned to defend themselves from prosecution," Conyngham added.
Aim of the product is to help businesses with the costs and practical steps required to successfully investigate and defend an actual or suspected Section 7 Bribery Act offence.
‘Failure to prevent’ an act of bribery has been labelled as a new corporate offence for businesses under the 2010 UK Bribery Act and the Serious Fraud Office is increasingly adopting a zero tolerance approach.