Reinsurance pressure forces £20m liability cap
The UK insurance industry has been forced to put a £20m liability cap on third party physical damage ...
The UK insurance industry has been forced to put a £20m liability cap on third party physical damage motor claims, following pressure from reinsurance companies.The cap, introduced on 1 July, means both personal and commercial motor policyholders are only covered for the first £20m of physical damage they cause when driving. The individual or company involved is now liable for any claim above that figure.
Reinsurers are also putting pressure on insurance companies to limit liability on third
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