Is $10m Public Liability enough ?

[bennido]

Reason why I am asking this question is because AAMI only offers policies with a $10m public liability cover (while other insurers offer a more common $20m liability cover).

Am I placing myself at a huge risk by going with AAMI ?

Thanks !

 

[Raddles]

http://www.austlii.edu.au/

Hi there you might like to look at the above link to look at public liability cases and see the likely payouts.
I do see personal injury matters in my capacity as a legal costs consultant - and the most expensive matter I have seen recently was a $1 million dollar + claim which settled for around $800K.

You will have to assess the risks for your own property but I would think $10m public liability should be enough for a residential property.
thanks

 

[rodimus]

i usually go for $5 million for my IPs.

 

[MarkB]

Statistically speaking, $10m is waaaay more PL cover than you need.

But you have to remember there's a 1 in a [large number] chance that a payout could exceed $10m (I know someone who was awarded almost $9m and that was years ago).

M

 

[MJK]

Reason why I am asking this question is because AAMI only offers policies with a $10m public liability cover (while other insurers offer a more common $20m liability cover).

Am I placing myself at a huge risk by going with AAMI ?

Thanks !

I have the same question also. At the moment I am doubling up with Terri Sheer Landlord and AAMi Landlord and Building. I'd like to get rid of the TS poicies but the 10m on the AAMI has stopped me doing so simply because I too dont kow how much I need?

I'd love to hear from other forumites as to their opinion regarding Public Liability amounts.

I wonder if AAMI is of the pace when it come to the amount of cover for PL?

MJK

 

[stumunro]

nope across all my properties i have a 10M liability cover. This was recommended to me by them (CGU)

 

[Rob Williams]

I just took out LL insurance with ING. They offered $5m and $10m options. Being a bit of a tightwad, I initially thought I'd go $5m. Other investors I spoke to all said $10m. No question about it. It only cost me a couple of dollars per property per month more. $10m is a lot of cover. Can't see the need to go to $20m. Not for a few years yet, anyway.