The importance of having sufficient liability cover has never been greater for businesses. Even relatively small incidents can exceed standard limits and result in large claims that can have a catastrophic impact on a company's balance sheet and their reputation.
We have very broad appetite for Excess of Loss Casualty across a wide range of industry sectors and customer sizes, providing capacity up to £25m. Brokers can access our Excess of Loss cover either through our team of specialist underwriters across the UK or via our online Excess of Loss platform – CNA Online.
Capabilities include:
- Excess Public & Products Liability
- Excess Employers Liability
- Excess Non Negligence 6.5.1
- Excess Motor Third Party Liability
- Excess Multinational General Liability
- Single Project Construction Excess of Loss
- Shared & layered; lead and follow
Why buy higher limits of insurance?
Many insurers are reducing their primary limits, yet businesses are demanding greater protection against large liability claims that could impact their solvency and reputation. Some of the reasons for this demand are:
Personal injury claims are getting larger
- Advances in medical science, longer life expectancies and increasing care costs mean that claim payments can more frequently exceed £10m.
- Discount rate changes mean catastrophic injury claims have increased significantly.
Changing contractual demands
- Companies working for local authorities, property owners or contractors are often required to hold £10m+ indemnity limits prior to commencing work.
Multiple injuries occurring from a single event
- Companies with large number of employees or visitors within the same building face the potential for a single incident to cause multiple injuries that can quickly add up to claims that exceed traditional primary limits of indemnity.
Third party property values
- Many of the largest public liability claims are a result of fire caused by heat. Public liability indemnity limits should cover the damage to 3rd party property and any business interruption suffered as a result which can often exceed standard cover limits.
Critical products exposures
- It can be difficult to quantify the claims potential of a product, especially when that product is a component part. Brokers and their clients need to consider the end usage of their products, the potential for product failure to result in injury or damage and whether there are exports to North America where claim values can be much higher.