Insurance Market Continues to Harden with Capacity Dropping
As the market continues to harden one of the responses of many insurers is to reduce their capacity limit available on risks. Some insurers reduce their capacity from $20M to $10M or from $10M to $5M. This can cause additional work for brokers as they need to seek excess insurers to provide additional limits. In addition to obtaining two or even four policies where previously only one was needed having four different claims managers involved in a matter adds an extra layer of complexity in the event of a claim.
At Berkley Insurance Australia we continue to offer Professional Indemnity and IT Liability limits of $20 million. The Public and Products Liability we continue to offer limits up to $50 million. In addition to these primary limits, we are happy to consider excess of loss capacity where the primary insurer has reduced their capacity from $20 million down to $10 million or even $5 million. In order to consider excess quotes we will need the submission sent to the primary insurer as well as the primary insurer’s quote or schedule plus the policy wording.
Contact your local underwriter for more information by clicking here
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Important Notice
Berkley Insurance Company (limited company incorporated in Delaware, USA) ABN 53 126 559 706 t/as Berkley Insurance Australia is an APRA authorised general insurer. Information provided is general only, intended for brokers and has been prepared without taking into account any person’s particular objectives, financial situation or needs. Insurance cover is subject to terms, conditions, limits, and exclusions. When making a decision to buy or continue to hold a financial product, you should review the relevant Policy Wording.
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