Brooklyn understands that the primary reason for the existence of specialist underwriting agencies is to add value. Value for our brokers and their clients in everything we do.
We are not just “another insurer”. We know, we must do more. We must make a difference and we must provide our clients with access to the best people, products and technology available in order to ensure every engagement with Brooklyn is meaningful. We’re here to assist to help your business and your clients.
This mandate we call
MAKING YOU THE EXPERT
Robust management liability coverage will enable your business-owning clients to sleep soundly at night. But how many of them are still operating with D&O coverage without realising they are still wide open to claims? Or worse still, how many haven’t considered the importance of such a policy?
It’s not just big businesses that face the prospect of long, drawn-out court battles over everything from unfair dismissal and regulatory discrepancies to OH&S concerns. SME’s are being drawn increasingly into the quagmire of litigation and business interruption – and the quickly escalating associated costs.
“As soon as businesses start employing staff, have a director or shareholders, or handle money on behalf of third parties, they should look into taking out management liability (ML) insurance,” says David Porteous, General Manager for Brooklyn Underwriting. Porteous says ML has moved on from the traditional D&O liability insurance since federal and state legislations and regulations became increasingly more complex, leaving not just ‘bosses’ at risk of exposure, but employees as well.
“We are seeing the largest number of claims in the management and employment practices areas,” says Porteous. “Employment practices liability insurance can be taken out as part of a package for ML, and can cover things such as unfair dismissal, lack of advancement or even sexual or workplace discrimination. “Anyone who operates a business is exposed to hundreds of pieces of legislation, and businesses are becoming more aware of the sheer breadth of exposures they face in the daily operations of running their business. These days, a ML policy can even extend to cover such things as crisis management, theft and fidelity and pollution defence.”
The demand for ML insurance continues to grow due to increased demands from regulatory bodies and recent changes made to work health and safety harmonisation legislation, coupled with highprofile cases reported by the media. These include investigations of high-profile employment practices claims, such as the David Jones sexual harassment case, employee theft in the form of the $20 million employee fraud at Clive Peeters and OH&S actions across a number of states. According to a recent industry survey conducted by Cameron Research, only 17% of business owners have chosen to protect their owners and directors with the appropriate level of cover. An increasingly litigious business climate is placing a greater focus on this insurance category, with the variety of lawsuits being pursued against business owners by employees, shareholders, creditors or others on the rise.
Brooklyn offers your clients the ideal solution with:
Compiled by Rob Collyer with content from NIBA/Insurance and Risk Professional Magazine.
Angel Place, Level 28, 123 Pitt Street, Sydney NSW 2000
Ph: +61 2 8270 1790
Fx: +61 2 9252 2538
Level 18, Suite 30, 123 Eagle St, Brisbane QLD 4000
Ph: +61 2 8270 1790
Level 19, 500 Collins St, Melbourne VIC 3000
Ph: +61 2 8270 1790
GPO Box 4668, Sydney NSW 2001
Here at Brooklyn we are acutely aware that excellent claims management is absolutely vital for our brokers and their clients when it matters most.
We are your first 'port-of-call' for all claims notifications and we remain present throughout the entire claims process.
Our dedicated claims function will liaise with you and our supporting insurers from the point of claims lodgement right through to final settlement.