Starr Companies launched new coverage designed for general contractors and related businesses who use drones as part of their operations. Willis Towers Watson released a new version of its pricing software. Markel International unveiled a new surety offering. Allied World is now marketing three new professional surety products in Australia.
Starr Companies unveiled primary and excess liability coverage for drones in the construction industry.
The product launch is a joint initiative between Starr’s Aviation and Excess Construction Divisions, and it is designed to enhance coverage for general contractors, subcontractors and project owners who use drones within the scope of their businesses.
As designed, primary coverage is provided by Starr’s Aviation division, with excess capacity covered by its Excess Construction division.
Willis Towers Watson started marketing Radar 3.0, the latest edition of its pricing software.
Radar 3.0 builds on the last major release of Radar in 2016, with improvements such as a wider range of machine learning models. These advances allow for a larger number of analytical techniques to give customers more effective pricing approaches, the company said.
Willis Towers Watson says the new product’s processing speed is also five times faster, allowing for companies to refine and test pricing approaches more quickly.
Among Radar 3.0’s other added features: new machine learning capabilities, connected reporting and enhanced platform support.
Markel International, a London-based specialist insurer and Markel Corp. subsidiary, has launched a surety offering.
Plans call for the new business to initially focus on opportunities in the UK, Ireland and Continental Europe. An expansion is envisioned to other regions outside North America, the company said in a statement.
Markel appointed Damian Manning to head the new team and David Chandler as a senior underwriter for the offering. Manning is a 19-year credit and surety veteran, and Chandler was most recently a risk director-bonding for Euler Hermes UK.
Allied World Assurance Co. Holdings AG launched three new professional liability products in Australia: Directors and Officers Liability, Architects and Engineers Professional Indemnity, and Miscellaneous Professional Indemnity insurance.
Allied World said that the Miscellaneous Professional Indemnity insurance primarily targets professional service providers such as interior designers, management consultants, advertising agents, educational institutes, accountants, technology firms, architects, surveyors and engineers of all disciplines.
Each product is marketed to Australian-domiciled small, medium and large companies, and has a maximum capacity of $7.5 million.
Sources: Starr Companies, Willis Towers Watson, Markel International, Allied World Assurance Co. Holdings AG