Markel unveiled a revamped management liability policy for private companies. Brit Ltd. launched a Lloyd’s consortium for commercial general aviation. Ironshore Environmental will expand its industry SPILLS program to the real estate sector.
Markel Corp. launched its revamped management liability policy for private companies.
The beefed up policy offers new coverage features designed to make the policy more attractive to consumers. Among the new features: retention credit for early settlement, extended reporting for retired directors and officers, and sublimits for shareholder dilution claims.
Markel won’t offer the product in all states. It’s available on admitted and excess and surplus bases, and underwritten by Markel depending on jurisdiction.
Global specialty insurer Brit Ltd. launched a Lloyd’s consortium for commercial general aviation.
The consortium, now quoting business, is led by Brit, with capacity also coming from Kiln, Hiscox, Apollo and Pritchard. It is also the only Lloyd’s consortium set up purely for commercial general aviation, according to the announcement. As well, the facility will let brokers fully bind through just one underwriter, with Brit as the lead member.
Plans call for the consortium to write hull risks of up to $10 million, covering liabilities of up to $150 million. Also, the commercial general aviation class covers a wide range of specialty business, from firefighting helicopters to regional aircraft carriers.
Ironshore Environmental plans to expand its industry SPILLS program to the real estate sector.
It will offer blanket coverage for all owned and leased residential commercial properties without the need to schedule properties.
The policy includes comprehensive coverage for remediation expenses, emergency response expenses, bodily injury, property damage and business interruption expenses, with policy limits available from $1 million to $50 million.
Ironshore’s SPILLS Real Estate program enhancements include up to 100 percent of defense costs in addition to and excess of policy limits and automatic acquisition coverage for newly acquired and leased property locations.
Sources: Markel, Brit Ltd., Ironshore