Specialist insurer Markel UK has launched a new insurance product for Britain’s growing cosmetics market.
Markel’s latest policy will cover a range of cosmetics, toiletries and hygiene products such as make-up, lotions, creams, hair tools and shaving goods.
The new product offers a wide scope of protection including public and products liability, professional liability, products financial loss, employers’ liability, property damage and business interruption, directors’ and officers’, entity and transit. Cover can be extended to include product withdrawal expense.
“We are delighted to make available a specialist insurance solution to UK based cosmetics manufacturers, together with companies that support the development of their products and those who distribute them,” said Markel UK product line manager Simon Webster.
“We feel that our experience with medical products gives us the ability to meet the unique challenges faced by this exciting and dynamic sector,” he added.
Markel is introducing the new policy in the UK following the company’s underwriting success in the US and Canadian cosmetics market for more than 10 years. The insurer said it is “well placed” to understand the potential exposures that are involved in the sector.
According to Markel, the cosmetics sector is facing challenging exposures, but it is sometimes overlooked by the insurance market where specialist cosmetics cover is not readily available.
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