Policy Wording Developments
Asbestos
Context
- In recent years there have been growing concerns at the escalating cost of asbestos claims within the insurance industry.
- In the UK the majority of asbestos claims to date have been Employers Liability claims and NUI is not introducing any exclusion to its' Employers Liability covers - these remain unaltered.
- Throughout the rest of the world asbestos claims have related mainly to Public and/or Products Liability forms of cover, including Property Owners Liability.
- All major reinsurers have withdrawn reinsurance protection for asbestos losses in respect of Public and/or Products Liability forms of cover, including Property Owners Liability.
Norwich Union's Response
Having had such an exception incorporated into our reinsurance treaty wordings, we will be incorporating similar exceptions into our Commercial policies which have a Public and/or Products Liability cover or a Property Owners Liability cover, which will mean a total exclusion in respect of asbestos losses.
For certain Public and/or Products Liability risks (including Property Owners Liability risks) consideration of some form of "grant-back" of cover may be available subject to:
- the completion of a questionnaire to our satisfaction by the policyholder
- our assessment of the risk and the implications for our account.
