Find the right liabilities insurance
In-depth knowledge in placing professional liabilities insurances!
Professional Liability Insurance
Corporations that provide professional advice and services to others are supposed to have expert knowledge and qualifications which are supposed to be more than that of an average person. As such, they owe their clients not only a duty of care but also a duty to exercise skills that are expected from a person of that profession.
We can assist in placing the insurance for the errors, omissions or negligence of a broad range of professional service providers, including:
- Accountants, auditors & book keepers
- Architects, engineers and contractors
- Business process outsourcing companies
- Consultants
- Health and Medicine
- Practitioners for their medical malpractice
- Insurance brokers
- Lawyers
- Surveyors, auctioneers, estate agents and valuers
Management/Directors Liability Insurance
Every organization whether public, private or not-for-profit has a liability at law for bodily injury or damage to third party property arising out of its activities, whether its general operations, the supply of its products or the provisions of its business.
Directors or managers have a duty of care to shareholders, employees and customers. They are required to carry out their duties properly and communicate on corporate affairs ethically, legally, and accurately and in the best interests of their stakeholders. When they fail or are perceived to have failed in these duties, they may become the target of lawsuits or class action claims, or regulatory or criminal investigations.
A range of insurance covers exists that protect organizations, corporate entities and their directors, officers, trustees, and other managers from such liability, including:
- Comprehensive General Liability including public, products, completed operations & pollution liability
- Directors’ & officers’ liability
- Employers’ liability
- Trustees’ liability
- Public Offering of Securities Insurance (POSI)
Our Services
- Starting with an Enterprise comprehensive and holistic approach in order to understand Your Company and assess its risks to organize the transfer of a sizeable part of its risks to insurance companies (as per the risk appetite of Your company) and to offer bespoke risk management solutions
- Assisting and advising You in filling all insurance proposal forms and preparing the submission file to the underwriters
- Doing the necessary insurance market exercise through benchmarking premiums, insurance offers and policy types etc. thanks to our market knowledge.
- Assisting, liaising with the appointed lawyers and advising the insured throughout the life of the claim from the initial notification of the claim and management of insurers’ experts while representing your interests. By working with all of the stakeholders, we develop a claims strategy that puts in place the fundamentals needed to deliver on the insurance policy.
- Assigning one Account Executive in charge of Your Company from A to Z who acts as a single point of contact
Our Advices
- To deliver on your duty of making a fair presentation of the risk to insurers containing all material circumstances which you know or ought to have known
- If you are in doubt as to whether information is material, it is best to disclose it since rarely disclosure will prejudice you, whereas non-disclosure certainly will.
- Disclosure to include:
– Loss history
– Standard contract conditions
– Information on main clients, their activities and profiles
– Any material fact
A material fact is one that is likely to influence the judgment of an insurer when determining whether to provide a business with cover and at what premium.
our tips!
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For construction, make sure to ask for the certificate of completion
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For determining the sum insured:
- Buildings, fixtures and fitting need to be on new replacement value (NRV) meaning the cost of rebuilding the building (estimated cost of rebuilding by square meter multiplied by the number of built square meters)
- Stocks and raw materials to be on cost basis except for certain raw materials which have a volatile price to be on replacement cost basis including delivery to site
- Machineries and Equipment to be on new replacement value or market value. If based on market value and if they need repair or replacement of spare parts, the average clause will apply unless similar 2nd hand damaged item/spare parts are available. In case of total loss, the indemnity will be based on market value.
AT THE TIME OF THE CLAIM IT IS TOO LATE! “TO GOVERN IS TO FORESEE…”
