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Risk Placement Services Inc. said Tuesday it is introducing an online quote-bind-issue service for allied health care medical professional liability policies underwritten by Markel Corp.
The Rolling Meadows, Illinois-based Arthur J. Gallagher & Co. unit said in its statement that the MedPL product can be quoted, bound and issued online in under four minutes for all risks in all states.
Product features include $1 million/$3 million in limits and a $2,500 deductible as well as coverages for “available prior acts” and “defense cost outside of the limit liability.”
Mid-level producers, such as registered nurses, and medical directors for administrative and supervisory duties, are key groups that would be covered under this policy, and there is also an opportunity to cover physicians, according to the statement.
U.S.-based Arthur J. Gallagher and Co. has acquired risk management firm P2 Group Australia Pty Ltd. as part of the insurance broker's plans to expand its overseas operations, Nasdaq reported. Gallagher's international operations across Australia, Bermuda, Canada, the Caribbean, New Zealand and the United Kingdom generated 26% of its revenues in the first quarter.