Hiscox launches new professional liability insurance product

Insurer Hiscox has recently announced the launch of a new property and professional liability insurance product for associations, clubs, and charities.

According to information released by the insurer, the new public liability product known as the Charities Insurance Portfolio will be made available through brokers. The Portfolio will provide trustees with separate limits for employer practices liability, trustees’ liability, and professional indemnity cover, in addition to covering charities for events and commercial premises related risks.

Additionally the Portfolio will offer policyholders the option to buy such optional covers as medical malpractice liability and event cancellation cover.

Hiscox UK’s John Heaney, head of the insurer’s specialty commercial vision and professions divisions, released a statement addressing the new portfolio offering.  Mr Heaney stated that having one singular insurer offering a complete singular product that has the ability to cover the entire risk range for charities will be highly beneficial.

Mr Heaney added that the reduction of risk for a charity’s volunteers and trustees will also reduce the potentiality of having an expensive gap appear in that charity’s insurance cover.  Another added benefit, the executive said, was that the entire insurance process will be much simpler and easier to manage for not only charities but their insurance brokers as well.

Hiscox UK feels that with their new Charities Insurance Portfolio product, they have successfuly combined more conventional commercial cover with the more specialised financial protection charities of which charities are in need.  Mr Heaney stated that every charity needs to be protected with employment practices and professional indemnity cover in addition to the more traditional business insurance cover most charities possess.

Among other cover, the new Portfolio from Hiscox UK will include employers’ liability, business HR, fidelity cover, PR cost crisis containment cover, public liability cover for volunteers at fundraising events, and cover for bequeathed contents.

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