Munich Re Specialty Insurance, a division of global reinsurance giant Munich Re, has launched a new Miscellaneous Professional Liability (MPL) solution for non-specialist, commercial businesses.
MPL covers both liability and defense costs from claims that allege errors or omissions in the rendering of professional services, explains Munch Re Specialty Insurance.
The company adds that it will offer this new solution via select wholesale brokers with a focus on coverage for consultants, financial services, human resources, insurance-related and real estate professionals.
MPL coverage is available on an admitted and non-admitted basis and is available on both a primary and excess basis.
Marcia Blanco, Head of Professional Liability, Excess & Surplus Underwriting, Munich Re Specialty Insurance, said: “Munich Re Specialty Insurance offers brokers and the market a product backed by a breadth of experience and an elite level of expertise.
“Our talented and seasoned underwriting team are based in offices located in Philadelphia, Atlanta, Chicago, and San Francisco. Our regional organization provides a customer-centric approach to business. We understand the local markets and regulations and can tailor our MPL product to fit the customer’s needs.”
Claims from the new MPL offering will be handled by the firm’s Philadelphia claims home office by a specialist in-house legal team.
“Our partners rely on us for our specialty insurance expertise. Our Miscellaneous Professional Liability product further bolsters MRSI’s offerings,” added Blanco.
Additionally, Munich Re Specialty Insurance states that it intends to launch further lines of professional liability coverage later in 2020.