U.S. businesses maintained their level of liability insurance protection during 2007 as costs for the coverage dropped an average of 7.3 percent for firms reporting multiple years of data, according to a new Marsh brokerage survey.
These are some of the results contained in a new global study of 7,265 companies in 58 countries by the New York-based firm. The survey covers corporate insurance buying decisions made during the 12-month period ending March 31, 2007.
For the third consecutive year, the average price for $1 million of liability coverage among U.S. firms declined, falling 4.6 percent to $11,348 in 2007, compared to $11,895 in 2006. After three years of price decreases, costs in 2007 have fallen to 2003 levels, providing some degree of relief from the steady price increases experienced in several preceding years, Marsh said.
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