Cyber insurance provider At-Bay, has announced it has added more than 40 new classes of business to its Miscellaneous Professional Liability (MPL) product and increased the eligible revenue limit for businesses to $50 million.
At-Bay has boosted the number of business classes available within its six most popular verticals offered by MLP, which include Real Estate, Education, Consulting and Financial Services, Media and Communication, Employment and Staffing, and Legal and Security Services.
With this move, At-Bay now offers brokers wide and comprehensive coverage for more than 130 MPL classes. By leveraging its proprietary risk engine and advanced analytics capabilities it can better assess and price risks for MPL with greater speed and accuracy.
A typical At-Bay MPL quote, the company explains, takes brokers less than two minutes to produce when businesses meet all eligibility requirements on the broker platform or via a distribution partner.
When underwriter reviews are required, the turnaround time is usually within 48 hours, which is a fraction of the time most insurers take. Additionally, email submissions are also now available for MPL quotes, with the At-Bay Broker Platform and partner network.
Austin Martin, At-Bay’s Head of Professional Liability, said: “At-Bay’s Miscellaneous Professional Liability product continues to expand to meet the needs of our brokers and insureds.
“We now offer brokers wide and comprehensive coverage for more than 130 MPL classes, with expanded appetite to support larger businesses. Our world-class underwriters and claims managers also continue to provide the same exceptional service that At-Bay has become known for within the industry.”
The insurance provider also announced that its revenue threshold for new business has increased to $50 million from $25 million, and renewal business to $60 million from $35 million.
“At-Bay underwrites Miscellaneous Professional Liability insurance policies through United Specialty Company, a Markel Corporation subsidiary, rated A (excellent) by AM Best, and offers capacity up to $5 million in limits for businesses up to $50 million in revenue. It also provides coverage for Cyber Liability and Technology Errors and Omissions,” a company’s spokesperson explained.
Since its launch in 2022, At-Bay MPL has more than doubled its gross written premiums. At-Bay’s continued investment in the product, and the addition of 40 new classes of business within just a year of launching, positions it to become the preferred provider of MPL in years to come, a company’s spokesperson added.
