Liability Claims

With Liability Claims we are talking about a third party (or outsider) seeking financial compensation from you the Insured.

From here we ask what they are claiming for because it may or may not be covered by an Insurance Policy. It is so important that we as your Insurance Broker discuss all the liability risks you may face and how they can be handled.

They can be Professional Risks, Product Liability Risks, Management Risks, Directors Liability Risks, Workplace Risks and risks of injury. Not all of these will be covered by one policy alone.

Liability claims are an unfortunate but very real part of doing business. And they’re costly.

  1. First, there is the actual dollar cost to claims expenses.
  2. Second, principals spend hours defending a claim, leaving less time to service their clients.
  3. Third, and most serious, is the potential damage inflicted by a liability claim on a client relationship and the firm’s reputation.

 

With CPR Insurance Services, we provide our clients with the insurance protection they need, leaving them free to concentrate on their own clients.


 

Latest News

Illegal or unsuitable cladding now a big issue

Why we have laws, regulations and Australian standards? Because some people just do the wrong thing all for the sake of making money. The cladding issue is the subject of 4 Corners program on the ABC.

We are already seeing Insurance policies now placing exclusion endorsements into their policies excluding and claims relating to illegal cladding. We are seeing Governments demanding Audits of all existing buildings above a certain height. There are accusations of Builders taking other short cuts such as on Wiring, Pipes and sprinkler systems. 

The question is, who is to blame? Who will take responsibility?

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Small business in NSW

Right after the NSW Government have reimposed Fire Service Levies, they have at least made an effort for small business. The government has announced it will abolish stamp duty on a number of policies taken out by a small business. This is an important change.

What is a small business? In order to gain the exemptions, the business must be a small business for Capital Gains Tax Purposes for the income year in which the insurance is effected or renewed. A small business for CGT purposes is: “an individual, partnership, company or trust that is carrying on a business, and has an aggregated turnover of less than $2 million.”

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