Markel launches emerging risks products
Specialty insurer Markel International has launched two new emerging risks products through its professional and financial risks division.
The first, ComTe, is a broad liability insurance solution aimed at companies in the information and communication technology (ICT) sector. Risks covered include professional indemnity, third and first party cyber risk and general liability.
The second product is a standalone cyber product designed for companies across a full spectrum of industries.
Markel said that risks will be written through Markel’s professional and financial risks division and both products reflect forthcoming insurance contract law reform in not using “basis of contract” language.
The division has also developed additional benefits and increased the limit size for its privacy, data-breach and electronic risks (PDE) module to £10 million, which is sold as an extension to its professional indemnity policies.
Scott Bailey, who heads up Markel’s emerging risk unit, said: “The ICT industry is very different to so many others and requires a tailored insurance solution. The launch of our new ComTech wording provides exactly that and we’ll offer coverage for a wide range of businesses across the industry. This and our new cyber policy are the first products from our new emerging risks team, with many more planned for the future. We remain committed to innovation and look forward to working closely with our broker network to promote the products.
“Professional indemnity policies aimed at more traditional professions aren’t really up to the job of serving the needs of the ICT industry and, in the same way, relying on case law and legal precedents set over long periods of time is not a luxury available in such a modern and fast-moving world. Many ICT companies use liquidated damage clauses in contracts with their clients, which means the contract provides a pre-agreed level of damages without the need to go to Court. As traditional PI policies typically exclude such liabilities they are clearly not suitable for ICT industries, whereas our ComTech policy is designed specifically for them.
“Our emerging risk team is gearing up for the future. Pushpa Sriwignarajah has recently joined the team as a senior underwriter having previously held ICT underwriting posts at CNA, Chubb and Travelers. To reflect our commitment to the market and help service our brokers, our emerging risks team will be regularly available in both Lloyd’s and at the Markel office.“
