With over 7,700 cases of the coronavirus confirmed by Chinese health authorities at the end of January, quarantine areas being put in place, and borders being closed, the social and humanitarian implications of the outbreak are, rightfully, to the front of the world’s thinking. However, with the focus of the outbreak being one of the world’s largest manufacturing territories, there will certainly be secondary concerns relating to its impact on supply chains and the ability of businesses to meet their own performance obligations.  In this regard, increasing attention is being directed to the relevance and application of ‘force majeure’ clauses in business contracts.

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There is a buzz at NCI as we enter our 35^th year. Since 1985, we have grown to over 190 staff, operate in 4 countries and support more than 3,500 clients. Thank you so much for your support and partnership.

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A Welcomed Reprieve in Claim Numbers

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I am pleased to announce that during October, we opened our 10th office and 1st in Malaysia. With a very capable team we are looking forward to expanding our reach in the region. We are excited about this move and the developments it could bring in the future. If you have any subsidiaries or cover requirements in Malaysia, be sure to ask NCI for support in the region!

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The unexpected loss of a key person could seriously impact both short-term profits and long-term business survival. That’s why Keyperson insurance is essential protection for the value you’ve worked so hard to build.

We’ve all heard it said that a business’s most valuable assets walk out the door every night. But, while every employee makes a valuable contribution to your business, the reality is that most businesses rely on just a few high performers and key decision-makers to win new business and deliver the high-quality service your customers expect.

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As we approach the traditional gift giving season, where those of us that are starved of both time and imagination will often resort to buying gift cards for friends and family, it may be worth noting the impact of new legislation concerning gift cards.

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Economy Woes Keeps Index Score High

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Who would have thought a year ago Australia would win The Ashes and our political scene would be seemingly stable! Unfortunately, this is not the case for our friends over in the UK. NCI asked Andy Moylan, Managing Director of specialist credit insurance broker EFCIS and The Export Hub, for his thoughts on the current state Brexit and what this potentially means for the UK economy.

As Brexit negotiations reach a climax, how is Britain’s economy doing? Both Remainers and Leavers acknowledge that since the nation voted to leave the EU two years ago, the UK economy has been disappointing but not disastrous.  However, in the event of “no deal”, the UK is forced to trade on WTO terms and as a consequence economists are forecasting a significant increase in company insolvency in addition to a reduction in GDP, which, in turn could negatively impact upon employment, productivity and consumer confidence.

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We advised in February of the Government’s intention to increase the ATO tax debt reporting threshold from $10,000 to $100,000 if the debt owed to the ATO was overdue by 90 days or more and there were no on-going discussions regarding its payment.

Since then, a Bill has been introduced in Parliament to this effect, with the policy expected to net at least $30 million over the forward estimates through clawing back unpaid tax debts.

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A core part of our role at NCI is understanding the needs of our clients, negotiating cover which is right for them, negotiating claim payments and developing tools that helps fill any gaps.

In our recent NCI feedback survey, clients stated one of their largest concerns was not getting full cover on their existing and new customers. However, over the past two years we have been developing the product, NCI Top-Up.

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