Underwriting agency launches new professional indemnity insurance policy

One underwriting agency has recently announced it will be launching a new product for computer contractors and consultants that combines products liability and professional indemnity cover.

Dual Corporate Risks financial lines underwriting director, Jennifer Martin, commented on the new business liability insurance cover.  This will be the first time the underwriter will be offering a policy with combined liabilities, she stated.

The firm has identified that a certain class of policy holders – namely computer contractors and consultants – as being in need of a combined business insurance policy, added the financial lines underwriting director.  The need is due to potential difficulties in the specialised sector in making the determination of whether a claim falls under the aegis of products liability or professional liability insurance, Ms Martin said.

For this class of policy holders to simply purchase a professional indemnity policy, it could prove to be insufficient protection, commented Ms Martin.  Additionally she said that conflicts could arise from purchasing separate policies from differing insurers in regards to where the claim lies – thus exposing a potential gap in cover.

Adding that the new cover is in line with the firm’s goal to provide enhanced levels of service, Ms Martin added that it is just one more development in Dual Corporate Risks’ overall proposition for brokers and clients.  She additionally stated that identifying areas that could be cause for concern, and then conducting a risk analysis for policy holders, aids in the underwriter’s attempts to design products that are tailored to fit the needs of its clients and that will be a welcomed addition to its offerings.

The new combined cover will be made available to the clients of Dual Corporate Risks that fit into one of the two categories for which the new product was specifically designed.

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