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Recent Court Settlements May Mean Your Liability Cover is Inadequate

Many activities undertaken by the Marine sector have the potential for substantial losses.

The escalating levels of recent personal injury compensation settlements should prompt prudent businesses to consider if their employers’ and public liability indemnity limits still remain sufficient.

Some Recent Court Settlements

In 2010 the Guernsey Court of Appeal awarded £14M to a cyclist who had been left severely brain damaged and needing 24 hour care.

An earlier case involved a payment of £11.15M arising from an accident involving a 22 year old male from Walsall who had sustained injuries in 2006. This settlement included a lump sum of £4.25M in addition to annual payments of £235,000 - part of this comprised the costs of building a suitable house for the claimant opposite his parents home to enable him to be cared for.

In 2009 a teenage girl was paralysed in a car crash in which her mother was killed and is to receive some £23M in compensation which is thought to be a new record for damages. The victim sustained spinal injuries at the very highest level of severity, which left her with no use of her legs and little function in her arms.

Do these Court Settlements Affect Me?

Whilst not directly linked to the Marine Sector, each of these examples involved injury to an individual which is an exposure faced by the Marine Industry as a result of the various activities undertaken. The potential exposure is obviously increased where there are groups of people involved, for example, a claim incident involving a number of employees will almost certainly exceed the standard Indemnity Limit provided by Insurers.

MPW Insurance Brokers Limited have always maintained that clients should select substantial indemnity limits. Should a claim exceed the limit under the policy, the business will have no cover for the balance but the assets of the company or its directors and owners will be under threat for the shortfall.

If you would a quotation please contact:-

kelley.boother@mpwbrokers.com

MPW Insurance Brokers Ltd, 7/8 Tolherst Court, Turkey Mill, Ashford Road, Maidstone, ME14 5SF

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