The Management Liability (Directors & Officers Liability) market has recently been struck hard by a number of major developments with an increase in regulatory investigations, corporate insolvencies, employee crime losses, employment claims and claims against individual directors.
The consequence of these developments is that there has been a sharp increase in the frequency and severity of management liability claims which has already led to an increase in the cost of management liability products.
Unfortunately, these unparalleled market conditions have been aggravated further by the impact of COVID-19 both on society and the economy.
We have seen that further changes have become necessary to the Management Liability offerings of many Insurers, who are now re-evaluating their premiums and the cover that they can give.
We are seeing instances of premiums being increased by a minimum of 100%, minimum deductibles in excess of £20,000 being applied across all sections of cover, limits of indemnity being capped and Insurers not writing business for companies with any element of financial distress or irregularity.
In these unprecedented times, we would strongly recommend that Management Liability insurance requirements are reviewed to ensure the appropriate cover is in place.
The Management Liability (Directors & Officers Liability) market has recently been struck hard by a number of major developments with an increase in regulatory investigations, corporate insolvencies, employee crime losses, employment claims and claims against individual directors.Read More
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Your standard insurance policy is unlikely to cover you for loss of income or revenue due to coronavirus.
It is possible that some policies may have a Notifiable or Communicable Disease extension which might extend your Business Interruption cover so that, if you have to shut your business or there is an occurrence of coronavirus at your premises, you may be covered for loss of revenue. However, some policies may include a geographic limit of where the disease occurs or may be subject to time and indemnity limits constraints.Read More