Markel International, London, November 17, 2014 --- Markel International, the specialist insurer, has launched two new emerging risks products. The first, ComTech, is a broad liability insurance solution for companies in the information and communication technology (ICT) sector. The second, is a standalone cyber product designed for companies across a full spectrum of industries. 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, to £10 million, the limit size for its Privacy, Data-Breach and Electronic Risks (PDE) module, which is sold as an extension to its professional indemnity policies.
All three products benefit from access to a range of specialist advisers who can provide timely and expert support in the case of a cyber event, through international law firm Reynolds Porter Chamberlain’s ReSecure data breach response service. The service provides clients with flexible advice capable of handling any type of data breach. ReSecure combines the expertise of RPC’s Data Protection Team, Blackthorn Technologies’ First Response service, which aims to bring businesses back online in the shortest possible time, Experian’s call centre response services and Mattison Public Relation’s crisis management capabilities. Cyber incidents can happen at any time and require prompt handling, so the ReSecure service offers policyholders a 24/7 helpline.
Markel’s ComTech product is aimed at the broadest range of ICT businesses, from start-up app developers, to established business-to-business IT consultancies and is designed specifically to meet the particular characteristics of ICT businesses. Risks covered include professional indemnity, third and first party cyber risk and general liability.
Scott Bailey, who heads up Markel’s emerging risk unit, commented: “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”
Scott added “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”.
Markel’s standalone cyber insurance product offers both liability and first party cover. It includes an innovative “first awareness” first party coverage trigger, cover for both online and traditional privacy breaches and has dedicated insuring clauses for cyber theft, cyber extortion and telephone phreaking. The policy is modular so that clients can purchase the cover that is most relevant to their needs
Scott concluded: “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“
For more information:
Michael Henman, Director of Communications 020 7953 6000
About Markel International:
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (MKL). Markel International writes insurance and reinsurance business through eight divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal, tax and human resources consultancy services. For more information please visit us at www.markelinternational.com