Arising from the blindside cash grab being perpetrated by the Queensland Government against the coal industry in Queensland, there may be some potential concessions for producers on their insurance programs.
Market Update
CRE Insurance Market Update: July 2022
Now we are through the full Financial Year for 2022, we lift our eyes to the year ahead having generally overcome a lot of market challenges in the last couple of years; now to only face even more.
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.