A division of Hiscox is adding and expanding coverage for media and creative industries. Markel plans to join the surety market, with an initial rollout in the UK, Ireland and continental Europe.
Hiscox UK and Ireland is rolling out two custom professional indemnity products designed to address new exposures faced by digital marketing and event companies.
Additionally, the specialist insurer said it has beefed up its marketing, advertising and communications, commercial film producers and multimedia products to address changing risk landscape in those sectors.
Hiscox’s new and updated products in this space include the following coverage elements:
- The digital marketing product has broad cover for contractual liability and explicit cover for digital services including SEO, digital advertising, analytics and insight, and web and app building.
- The marketing, advertising and communications product covers breach of advertising regulations, breach of contract and rectification costs.
- The commercial film producers/ product offers explicit cover for APA contracts required for production of commercials, plus cover for breaching a license to use someone’s trademark or copyrighted material.
- The event organizers’ product features automatic cover for venue owners and operators, bodily injury and property damage cover, personal appearance coverage and work performed by subcontractors.
- The upgraded multimedia product has additions, including protection against allegations of discrimination in your content, legal costs to challenge a Police Information Notice and cover for emotional distress claims.
Markel International, the London-based specialist insurer and Markel Corp. subsidiary, will join the surety market in March.
Plans call for initially focusing on opportunities in the UK, Ireland and continental Europe. Eventually, the surety business will expand to other regions outside of North America.
Markel added that hubs in London, Singapore and Dubai will offer “a broad spectrum of [products] to corporate and financial institution clients,” ranging from excess-of-loss, multi-buyer policies to single obligor credit, contract frustration and political risk coverage.
Sources: Hiscox, Markel