Marsh debuted a new insurance product designed to help small and midsize law firms in England and Wales manage their professional indemnity risks. The insurance wholesale brokerage AmWINS Group started two specialty managing general agencies focused on the marine industry.
Marsh has launched a new insurance product to help small and midsize law firms in England and Wales manage their professional indemnity (PI) risks.
Available exclusively to Marsh clients, the product uses analytics and independent performance data to model a law firm’s individual risk profile. As a result, law firms will receive tailored pricing based on their risk management performance and claims histories.
Developed to address critical PI risks such as conveyancing exposures and disciplinary matters, Marsh’s product includes: liability limits up to $3.8 million, added defense costs cover for disciplinary matters, dedicated face-to-face risk management support, and access to a 24-hour helpline for compliance officers for Legal Practice/Finance and Administration (COLP/COFA).
AmWINS Group, a global insurance wholesale brokerage, formed two specialty managing general agencies focused on the marine industry: AmWINS Specialty Logistics Underwriters (ASLU) and Sentinel Marine Underwriters (SMU).
Argonaut Insurance Co. is providing the insurance capacity for both ASLU and SMU. The policies will be issued on admitted paper and will be offered nationally across all 50 states. These MGAs will become part of the underwriting division of AmWINS that offers retail agents P/C insurance programs for specialty product lines and industry classes.
ASLU provides a package insurance policy for freight forwarders and third-party logistics operators, and its product offering includes marine, cargo and transport liability. Logistics liability coverages include shippers interest ocean cargo, shippers interest domestic transit, third-party warehousing, carriers legal liability, freight forwarders E&O and warehouse legal liability.
SMU offers marine and cargo insurance, including global risk control, for importers, exporters, manufacturers and wholesalers. SMU’s product offering includes worldwide cargo/transit, global stock throughput (transit and inventory), project cargo and excess storage on stock throughput programs.
Sources: Marsh, AmWINS