Chubb added beefed up technology company coverage in the U.K. and Ireland. Berkshire Hathaway Specialty Insurance brought its directors and officers insurance products to Asia. Ironshore has now entered Connected with its private insurance portfolio for high net worth homeowners. Allied World North America and Great Point Insurance are jointly launching small business umbrella coverage in the U.S. and Canada. Tokio Marine Kiln unveiled a digital exchange for brokers that helps speed up their processes.
Chubb beefed up cover for technology companies in the U.K. and Ireland.
The enhancements are part of its MasterPackage for Technology Companies, its comprehensive single contract insurance product for technology businesses in the U.K. MasterPackage for Technology Companies provides first and third party liability cover for businesses with domestic/international operations in the tech sector, the company said.
Benefits/product improvements include enhanced cyber covers and capabilities; no warranties, no conditions precedent and no basis clause and flexibility to tailor terms, conditions and limits to meet specific client needs.
The product is also Insurance Act compliant.
Berkshire Hathaway Specialty Insurance recently unveiled directors and officers insurance products in Asia.
Specifically, BHSI introduced two Executive First products to address the D&O niche: Public Offering of Securities Insurance (POSI) and Side A Difference in Conditions (DIC) liability insurance.
The new POSI plan provides coverage for the company (including companies listed on U.S. exchanges), its directors and officers, controlling and selling shareholders and offering underwriters in litigation arising from a capital raising event, such as an initial public offering.
BHSI’s Excess Side A DIC coverage, on the other hand, is designed for individual directors and officers, including those serving on the boards of U.S. listed public companies. If the company cannot indemnify individuals, the coverage kicks in when their underlying D&O Liability Insurance policy can’t respond, because its limits have been exhausted or a DIC event occurs.
A division of Ironshore is expanding its private insurance portfolio offering for high net worth homeowners in Connecticut.
Ironshore Private Client Group said the expansion is effective immediately, growing the reach of a product previously available on an admitted basis in Pennsylvania, New Jersey and Georgia.
The Ironshore Private Insurance Portfolio was first introduced in March. It provides customized coverage for high value homes, plus vacation properties, watercraft, jewelry and other valuables. Customers can also get excess liability protection to add another layer of protection beyond the policy limit.
Basic coverage includes comprehensive liability of up to $1 million in the homeowner policy and up to $10 million globally under the personal umbrella option. As well, customers can obtain watercraft and yacht coverage with limits up to $10 million.
Allied World North America will work with program administrator Great Point Insurance to offer small business umbrella coverage in the U.S. and Canada.
Customers can get the coverage through their online portal UmbrellaPro. It’s designed for companies with less than $25 million in annual revenue, and the site provides constant access for agents and brokers to quote., bind and issue policies for more than 600 eligible classes of business.
Limit options range from $5 to $25 million.
Tokio Marine Kiln launched a digital exchange for brokers to quote and bind policies online in real time.
Dubbed “One TMK,” the web-based platform is designed to help brokers lower their transactional costs and speed up the service to their clients. It gives brokers access from their desktop to a range of specialist business lines traditionally difficult or economically unfeasible to reach through traditional channels.
One TMK’s first product is “Cargo 10”, which gives the broker a cargo insurance quote after answering 10 questions. The process is fully automated and delivers full post-bind documentation at the point of sale. A construction and unmanned aerial systems insurance offerings will be added by the end of 2016, with a planned 6-10 products to be added online in 2017.
Sources: Chubb, Berkshire Hathaway Specialty Insurance, Ironshore, Allied World North America, Tokio Marine Kiln.