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