RSA expands professional indemnity offering
RSA Insurance has expanded its professional indemnity offering with a new excess of loss (XOL) product in the UK. It says the new offering will “play an important role” in helping meet the diverse needs of brokers and commercial lines customers.
The XOL product is aimed at a range of businesses with annual professional fees of £1.5 million and above, including accountants, engineers, building contractors, surveyors and IT companies.
The XOL cover, also known as excess layer professional indemnity cover, arises due to the inability or unwillingness of an 'underlying' or primary layer insurer to provide the insured with the full limit of indemnity required.
The excess layer policy indemnifies the insured 'in the terms of the primary policy' provided that the indemnity under the primary policy is to be paid in full. It is not uncommon to have several excess layer policies and, in each case, it is necessary for the underlying insurance to be exhausted before the indemnity under the next excess layer is 'triggered'.
Ed Ambrose, head of professional indemnity at RSA Insurance, said: “We’re really pleased to be expanding our portfolio to offer brokers XOL (Excess of loss) cover. We’re constantly talking to brokers and customers, and our discussions with them, including at our Profin roadshows earlier this year, really clarified the demand out there for RSA to provide this cover. This new offering will play an important role in helping us meet the diverse needs of our brokers and customers. XOL gives us an even more extensive offering and helps make RSA a one-stop shop in the market.”
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