Specialty insurer revamps major policies

Specialty insurer revamps major policies | Insurance Business

Specialty insurer revamps major policies
Ansvar Insurance has announced changes to two of its key policies.

The leading Australian insurer for the care, community, education, faith, and heritage sectors, has revamped its professional indemnity and management liability insurance policies, the company announced.

In a statement, the company said that the “refreshed policies are the beginning of a broader portfolio overhaul which reflects Ansvar’s commitment to continually evolve its product offerings.”

The management liability policy includes twenty new, automatic extensions which include cover for data reproduction expenses, identity fraud expenses, public relations expenses and employee and third party fidelity and fidelity investigation expenses.

The professional indemnity policy has been updated to a civil liability wording and incorporates new, automatic extensions such as cover for privacy breach response costs, emergency defense costs and public relations expenses.

“We listened to broker and client feedback when reviewing the policies,” said Richard Wyatt, Ansvar’s Chief Underwriting Officer.

“Both the Management Liability and Professional Indemnity policies now offer significantly enhanced coverage. We have also taken the opportunity to make these products available to all our customers by removing the minimum turnover requirement.”

Warren Hutcheon, CEO Ansvar Insurance, noted that the changes match the changing pace of the insurance market as the company looks to remain a leader in the Australian industry.

“Ansvar Insurance understands the unique and ever-changing needs and requirements of directors and boards of management in our core sectors; care, community service; education, faith and heritage. 

“It is in response to these changing needs that we have updated our Management Liability and Professional Indemnity policies, to offer our clients a relevant comprehensive policy and peace of mind,” Hutcheon continued.