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Aon, FMB's Insurance Service provider, has dedicated a section of its website to the thorny issue of Employers' Liability (EL) following the widespread panic that has arisen following large rises in premiums. There will be updates when relevant. The site can be found by clicking here.
To date it is mostly smaller companies in higher-risk industries who have been hit, and as yet no client of Aon has been unable to secure EL cover, although some have faced significant premium increases. Aon is predicting that this situation will worsen over the fourth quarter as the continuing reduction in insurer capacity starts to hit larger businesses. Although clients will continue to be able to obtain EL cover, premium increases and increased deductibles may well be a product of the more challenging market.
In the long term there may be a need for radical reform of workplace compensation. In the short term, the Aon EL team, led by Paul Maynard, National Broking Director, is working hard on creating alternative solutions to help companies address their specific EL needs.
The message Aon is offering to companies is clear - work closely with us to provide the best possible EL information and claims analysis to satisfy insurer requirements, starting work on renewals as early as possible. This is one of the main issues we will be talking to you about as and when you renew, so please prepare your information early to help us secure the best possible terms on your behalf.
First posted: 13 October 2002. Last modified: 16 October 2002.
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