Market Update

Statutory Liability insurance and recent legislative changes

This class of insurance is specifically designed to respond in the event of an insured business, its employees, directors and officers inadvertently breaching an Act of any Australian Parliament by covering defence costs and fines or penalties issued against the business or individuals.

Governments are constantly legislating new laws or amending current legislation to place greater deterrents on businesses with subsequent fines increasing and in some instances being linked to current Consumer Price Index (inflation) levels.

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