Proudly celebrating 5 years of business
Thanks to all the brokers who’ve supported London Australia Underwriting in 2010. We’re now approaching our fifth year in business and have demonstrated constant, profitable growth. LAUW aims to maintain our excellent levels of service throughout 2011 and beyond.
Management liability and D&O claims update
There was no overall increase in management liability and D&O claims in 2010, but LAUW has seen several trends emerging.
1. Employment practices liability (EPL): Due to the global financial crisis, there was an increase in EPL claims. The majority were contract disputes and unfair dismissals. The claims are often settled via arbitration, with defence costs making up a high proportion of the total claim costs.
2. Occupational health & safety defence costs: There were several claims due to workplace injuries where workers’ compensation authorities conducted inquiries and LAUW covered the costs. It is important to highlight that only an allegation of wrongdoing is required for a client to incur defence costs while defending an allegation.
In early 2011, LAUW will present to the market a new medical malpractice policy, targeting private entities, and an enhanced management liability policy, providing greater comfort for brokers and their clients. These products will be detailed in an e-newsletter early next year.
Professional indemnity claims guide
In 2009 we issued a guide to professional indemnity claims, with guidance for brokers on what to do when dealing with claims. During the last six months we have had increasing demand from brokers requesting the guide. Go to our website for more information at www.lauw.com.au.
News Alert December 2010