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 ‭(Hidden)‬ Catalog-Item Reuse

Munich Re Releases Miscellaneous Professional Liability Product

The new miscellaneous professional liability product covers liability and defense costs from claims that allege errors or omissions in the rendering of professional services.
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PRODUCT: Miscellaneous Professional Liability

COMPANY: Munich Re Specialty Insurance

BEST RATING: A+

AVAILABILITY: Munich Re Specialty Insurance will offer the new product through select wholesale brokers.

FOCUS: Munich Re Specialty Insurance, a division of global reinsurance giant Munich Re, launched a new Miscellaneous Professional Liability (MPL) product and intends to launch further lines of professional liability coverage later in 2020.

“Munich Re Specialty Insurance offers brokers and the market a product backed by a breadth of experience and an elite level of expertise," says Marcia Blanco, head of professional liability, excess & surplus underwriting, Munich Re Specialty Insurance. “We understand the local markets and regulations and can tailor our MPL product to fit the customer's needs."

COVERAGE DETAILS: MPL covers liability and defense costs from claims that allege errors or omissions in the rendering of professional services. Coverage is offered on an admitted and non-admitted basis and is available on a primary and excess basis.

Other coverage highlights include duty to defend; a tailored definition of professional services; supplementary payments for defense for disciplinary proceedings, subpoena expenses and loss of earnings; punitive damages where insurable by law; automatic coverage for subsidiaries; a broad definition of insured; and innocent insured coverage for alleged fraud and discrimination acts and defense provided for such claims through judgment or final adjudication.

MINIMUM PREMIUM: $5,000

UNDERWRITING: Up to a $5-million limit with a $5,000 minimum deductible.

TARGET: The product is best suited to non-specialist, commercial businesses including consultants, financial services, human resources, insurance-related and real estate professionals.

COVERAGE TERRITORY: Available to all U.S. domiciled companies.

COVERAGE AVAILABILITY: Available in all states written on a non-admitted basis with the exception of California, which will be admitted once filing is approved.

CONTACT: Marcia Blanco, head of professional liability, excess & surplus underwriting, Munich Re. Specialty Insurance; 415-214-3598.

Will Jones is IA editor-in-chief.

15482
Monday, October 12, 2020
Commercial Lines