Professional and Management Liability Insurance Claims: Common Pitfalls for Unwary Policyholders
UK professional and management liability insurance claim notifications have risen steadily over the last decade and remain four times higher than pre-financial crisis levels, according to Marsh’s Professional and Management Liability Insurance Claims: Common Pitfalls for Unwary Policyholders.
The report examines the principal causes of declined professional and management liability insurance claims and considers some of the common pitfalls for unwary policyholders.
Some of the findings and key messages from the report are as follows:
- The largest proportion of declined claims result from a failure to notify in accordance with policy requirements or timeframes, or at all.
- Insureds should engage their insurers early on in the event of a claim in order to ensure compliance with policy terms but also because insurers can provide valuable assistance in minimising the financial loss, as well as the reputational damage, that liability claims can bring.