BIA urges brokers to simplify coverage with combined policies

BIA urges brokers to simplify coverage with combined policies | Insurance Business Australia

Professionals Risks

BIA urges brokers to simplify coverage with combined policies

Company outlines benefits of consolidating the two policies under one insurer

Professionals Risks

By
Roxanne Libatique

Berkley Insurance Australia (BIA) is advising brokers to explore the benefits of consolidating general liability (GL) and professional indemnity (PI) policies with a single insurer for their professional clients.

The insurer noted that managing separate GL and PI policies often involves navigating different insurers, policy wordings, and the ongoing task of collecting proposal forms. By placing these policies with one insurer, it suggested, brokers could:

fewer proposal forms;
more consistent coverage that helps avoid gaps;
potential discounts on premiums; and
a more straightforward claims process.

See LinkedIn post here.

Having both policies with the same insurer could also make it easier to determine which policy applies when a claim arises, particularly in complex cases where GL and PI might overlap.

Case studies illustrating GL and PI coverage considerations

BIA shared examples that demonstrate how claims can be managed more effectively when GL and PI policies are aligned.

In one scenario, a property manager’s PI policy responded to a claim related to a fire at a managed property, while another incident involving a tenant injury at an office was handled by a GL policy.

These examples underscore the importance of aligning these coverages, especially in professions such as real estate, project management, and interior design, where professional responsibilities and general business operations often intersect.

The bindIT platform now offers a combined GL and PI solution with coverage limits of up to $20 million.