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Bulletin Board
Insurance Rates
Market Rates for all classes of insurance have continued to rise
dramatically and the Professional and other Errors & Omissions
liability sector has par ticular ly suffered. Various factors have
contributed to this situation including: significant claims payments;
poor investment returns preventing insurers from subsidising underwriting
losses from investment income; and a reduction in the number of
insurance companies.
opdu has received several claims, notifications
of potential claims, with the largest claim paid to date being approximately
£550,000 which involved members selecting a par ticular option
that was misdescribed in the scheme booklet. However, with its unique
position in representing a large number of well-run pension schemes,
opdu has found itself well-placed to shield its insured members
from excessive increases while maintaining its position as market
leader in terms of the benefits and cover provided.
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