GSI Direct Blog

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Principles of Insurance

Insurance is ultimately about risk transfer. One party (the insurer) agrees to take on the risk of another (the policyholder) in return for some benefit (premium). Business insurance as we know it today began in Mr Edward Lloyd’s coffee house in London in the late 17th century.

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Understanding Employers Liability Insurance

Employers Liability insurance provides covers for:

the costs of settlement or damages in respect of claims for personal injury to employees;
which occurred in the course of their employment; and
not covered by the Accident Compensation Corporation (ACC).

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Professional Indemnity – Notifying a Claim

Working in the insurance industry it’s always surprising the number of clients that don’t notify to their insurance company when they have a dispute with a client or a threat of legal action that has been made against them in respect of the professional services they provide.

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Statutory Liability Insurance – Things You Need to Know

There are a wide range of offences under many different statutes that companies, directors, employees and other organisations can breach. A statutory liability policy covers you to defend an unintentional breaches as well as the fines that a legally indemnifiable and reparations under Health and Safety legislation.

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‘Claims Made’ Liability Insurance

Most liability insurance policies are ‘claims made’ policies, some of which include:

Professional indemnity
Directors and officers liability
Statutory liability
Employer liability
…………………… but what does claims made actually mean?

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