5. REPORT OF THE MANAGING BOARD FOR THE YEAR 2003 5.4. RISK MANAGEMENT 5.4.7. Insurance policy The Group maintains a comprehensive insurance programme, which is intended to cover its commercial and operational risks. During 2003, it was decided to consolidate all the main insurance policies at Group level in order to ensure consistency of cover across the Group and to reduce premiums through economies of scale. Previously, most policies had been entered into locally. The Group's policies are split into three categories: Financial - Directors' and Officers' Liability; Professional Indemnity; Crime; General - Property; Theft, Material Damage; Business Interruption; Public and Product Liability; Local - e.g. Employers' Liability/Workers' Compensation; Travel; Motor, etc. The scope of the policies are set by reference to the activities of the Group and the limits by reference to total asset values and revenues. Advice on all insurance-related matters is taken from the Group's broker's and all underwriters are appropriately analysed from a credit rating perspective. The Financial policies were consolidated mid-2003 and the General policies from 1st January 2004, following the expiry of existing local policies. From 1st January 2004, Clearnet is no longer part of the Group insurance programme. Alongside the insurance policies there exist well-developed risk management procedures and business continuity plans. Operational risks are minimised by having back-up facilities and IT systems in place to deal with disaster recovery requirements.