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

D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

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75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

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