Underinsured firms in danger.

PositionNews Round-Up - Brief Article

Businesses are jeopardising their own survival by reducing their liability insurance cover, according to a report by insurance firm Marsh. Last year companies purchased almost 20 per cent less cover for their general and product liability insurance than they did in 2001. Although claims resulting from major accidents such as the Selby rail crash have exceeded

100 million [euro], most European firms purchase around 49 million [euro] worth of cover. This has widened the gap between their potential liability risk and their insurance protection, according to Guy Malyon, managing director of placement services at Marsh. The cost of defending claims has increased...

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