Public and Products Liability
Public and products liability insurance is generally written alongside the employers liability with the same insurer under the same policy. It is not a legal requirement to carry the cover, however, most companies require it to supply products or services to their customers.
What is covered? The legal liability of the company or organisation following property damage or bodily injury to a third party. It does not cover financial loss where there is no evidence of injury or damage.
When arranging cover for our clients, due consideration is given to:
- Liability limits
- These have increased in recent years as contractual requirements have increased to get on the tender list of major customers or local councils. It is not uncommon for limits in excess of £10,000,000 to be required for all but the smallest of jobs
- Territorial limits
- Standard policy wordings restrict cover to Great Britain unless amended. In many instances local laws prohibit insurance cover arranged outside their country and care needs to be taken when working aborad. USA and Canada exposures present the most problems to insurers given the high claims awards and punitive damages that are commonplace. We can guide you through the regulations and arrange cover to accommodate trade to most parts of the world, including USA and Canada
- Hazardous locations
- Most policy wordings contain a clause excluding work at power stations, nuclear installations or establishments, refineries bulk storage or production premises in the oil gas or chemical industries, offshore structures or work underground or underwater, computers or computer rooms, aircraft hovercraft aerospace systems or watercraft. We can arrange cover for work at these locations and will spend time with your contracts managers to ensure you are not left exposed
- Height and depth
- Restrictions to the levels of height and depth at which you can work are commonplace. Again, contract referral procedures need to be implemented or blanket cover arranged to protect the company
- Heat work
- Whenever heat is used away from you premises, a working procedure needs to be established and agreed with insurers for the policy to respond in the event of an incident. Through our auditing procedure we have seen not only policy conditions which cannot be complied with, but also differing conditions on the same policies
- Contractual liability
- A standard Liability wording provides cover for losses involving property damage and/or bodily injury. Contractual conditions exposing our clients to “financial Losses” are becoming commonplace. We are able to provide cover for this exposure
Castlemead Insurance Brokers have the knowledge, experience and market connections required to competitively place the required cover for your business.