To meet the changing needs of farmers and the brokers working to insure them, Markel International has joined a group of insurers to lead the Markel Livestock consortium.
The new product offers cover on a far larger scale than had previously been available at the same capacity and from a single source; with cover available up to $30 million per location. While brokers had been developing a demand for policies on this scale, one had not yet been available.
Robert Wells, senior underwriter, global livestock at Markel International in an email to Insurance Business UK
said brokers played an integral role in creating this product. “Their deep understanding of the product and client’s requirements helps us work together to create and develop livestock products,” he said.
The consortium also takes into account increasing cases of pandemic risks, such as avian flu and foot and mouth disease.
“In 2015 the US slaughtered over 50,000,000 birds following an avian influenza outbreak,” said Wells. “The economic impact of such events are huge.”
Joining Markel on the project are Tokio Marine Kiln, Pembroke and AEGIS London. Markel has over 20 years’ experience in the sector, making it the longest established livestock underwriter in Lloyd’s.
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