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Markel launches D&O, medical coverages
Markel (U.K.) Ltd., the London-based retail arm of Glen Allen, Virginia-based Markel Corp., the property and casualty insurer, has launched a new management risks policy. The policy protects the directors of private companies in the United Kingdom against directors and officers liabilities and provide employment law protection. The new offering includes an entity defense insuring clause, which provides cover for breach of contract for the provision of goods, services and tax investigation, as well as D&O employment law protection.
Markel International has also launched a medical malpractice product for the complementary and alternative medicine industry. The policy is aimed at U.K. therapists, to protect them against risks such as medical malpractice, public and products liability, "Good Samaritan" acts-where a doctor provides compassionate assistance to a stranger in an emergency-and sexual harassment defense costs.
Marsh launches hotel product
Marsh Global Markets in London, part of New York-based brokerage Marsh Inc., has launched an insurance product for individual hotels and small chains.
The product, which Marsh said is the first product of its kind on the market, provides multiline cover, including property, casualty and terrorism for countries outside the United States.
Capacity is up to $80 million (E59.6 million) with additional excess layers available, Marsh said in a statement.
Ian Macartney, head of the specialized products unit at Marsh said: "While understanding and proactively managing risk is an established concept in the United States and Europe, many firms in Latin America, the Middle East, Asia and Eastern Europe are just beginning to realize the benefits that strategic risk management can bring to their organizations. The specialized products hotel facility has been developed specifically with these territories in mind."
Contract certainty code published
The London Contract Certainty Steering Committee has published a new code of practice, which brings together all guidance on the subject issued over the last two years.
The code is designed to ensure policies continue to be fully agreed prior to coverage becoming active. It has been welcomed by the U.K. Financial Services Authority, and endorsed by the Association of British Insurers, Lloyd's of London, and the Association of Insurance and Risk Managers, among other industry bodies.
The CCSC is a cross-market group of chief executive officers, and includes representatives from the Market Reform Group, the London Market Insurance Brokers' Committee, AIRMIC and the nonsubscription market.
Dane Douetil, chairman of the CCSC and the Market Reform Group, as well as chief executive of London-based Brit Insurance Holdings P.L.C., said that the code comes as the next stage of the drive to embed contract certainty in the United Kingdom insurance industry, which will be of ultimate benefit to the customer.
"Following the industry's success in meeting the FSA's challenge to materially achieve contract certainty by the end of 2006, the market continues to make excellent progress and is successfully embedding contract certainty in its day-to-day operations. The code marks the next phase of that work. Developed following industry-wide consultation, it builds on the lessons of the last two years, creating an easy-to-follow guide to best practice," he said in a statement.
Sportscover expands into Ireland
London-based Sportscover Europe Ltd.-part of Mulgrave, Victoria-based Sportscover Australia Pty. Ltd. the specialist sports insurance provider-has launched into the Irish market, through a union with specialist sports broker O'Driscoll O'Neil. Sportscover will offer a range of amateur sports insurance products, including personal accident, public liability, professional indemnity, directors and officers, property and contingency insurances for Irish sporting clubs and associations. Dublin-based O'Driscoll O'Neil is the only Irish broker in the Sportscover Accredited Broker Network.
RIMS sponsors ERM "For Dummies"
New York-based Risk & Insurance Management Society Inc. has sponsored the publication of a guide "Enterprise Risk Management for Dummies," written by members of the U.S. risk management association's ERM development committee.
The guide, published by Wiley Publishing Inc., is being distributed to members of RIMS. The booklet offers a start-up guide for those new to ERM, and tips and instructions for setting up an ERM program, among other things, according to a statement from RIMS. "The risk management responsibility within our members' companies is changing to be more involved with a broad array of business uncertainties previously not considered to be within their field of responsibility. Risk managers now offer more strategic value as they help their organizations optimize their risk-taking decisions," said John Phelps, a member of RIMS' board of directors and director of business risk solutions for Blue Cross and Blue Shield of Florida Inc., in a statement.
"As a result, RIMS has seen a demand from the risk management community to learn more about ERM. This, in turn, has inspired RIMS to expand its ERM offerings, from professional development workshops to the ERM Center of Excellence and growing the ERM track at RIMS' 2007 Annual Conference & Exhibition."