Is your liability insurance fit for purpose?
I’m sure that none of us would deny that the innocent victims of accidents should be properly and fairly compensated.
On the 1st March 2017 the Lord Chancellor announced plans to change personal injury compensation, for the first time since 2001. The announcement related to the Ogden Report, will offer the public better compensation payouts following an accident or incident.
On the old calculations someone aged 30, suffering an injury that requires life-time nursing, previously earning £25,000 after tax and taking into account future care costs would have been awarded £2,791,000, but with the new calculations they will be awarded £6,325,000.
The new ruling will have a direct impact on insurance and re-insurance companies, brokers and clients. The changes are not restricted to motor related products, they apply to any liability based policy with the NHS also likely to be effected as they are reportedly having to reserve an extra £1 billion for medical negligence claims – yes that is £1 BILLION!
Many small businesses hold only £1,000,000 public liability cover but we would seriously urge everyone to consider £5,000,000 as an absolute minimum.
Please call us for a no-obligation quotation.