"More alchemy than chemistry" -- How much insurance your company needs
"Purchasing the 'right' amount of coverage is not possible," writes Marc Mayerson, who skillfully lists all the factors one has to consider, including whether or not your corp has been recently dinged for $5 million. In an educational essay, Mayerson digs into a related study by broker Marsh on what companies paid:
"Among the nearly 3,000 companies surveyed, the average amount of liability limits purchased was $75 million. According to Marsh, one significant factor that correlates to the amount of limits purchased is whether the insured previously has suffered a $5-plus million loss. For this group, the average limit purchased was $199 million compared to $64 million for companies that haven’t experienced such a loss within the last five years. "(p. 5)
He goes on to dig into insurance purchased by industry sector and company size. He also assesses need, based on jury verdicts in wrongful death lawsuits. Read on.
Posted by Laurel Newby on November 23, 2005 at 09:03 AM | Permalink
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