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 insurers quote or schedule plus the policy wording.
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Berkley Insurance Australia is a registered business name of the Australian branch of Berkley Insurance Company (ABN 53 126 559 706). Berkley Insurance Company is authorised by the Australian Prudential Regulation Authority as a general insurer to conduct new or renewal business.
The information and opinions contained in this document are general in nature. You should consider what insurance is appropriate for you or seek independent insurance advice.