Here’s some good news for insurance brokers. European Property Underwriting Limited (EPUL), part of Global Risk Partners, has rolled out a new product to give intermediaries access to comprehensive coverages for commercial property owners without having to source individual components from multiple providers.
Called Omnibus, the combined mid-market commercial property owners’ product puts together core material damage, rent and liability covers with automatic cyber, engineering breakdown, legal expenses, contract works, and money and assault coverage.
Also available are employers’ liability, engineering inspection services, environmental impairment liability, excess of loss on property owners’ liability, as well as access to either Pool Re or Lloyd’s terrorism schemes on an optional basis.
“Omnibus has been developed to directly address the challenges brokers face in securing relevant coverages for their property owning commercial clients,” noted EPUL managing director Andrew Whittaker. “Bringing all the covers these clients need ‘under one roof’ is an important differentiator in the sector.
“By then combining our deep understanding of this sector and status as a managing general agent (MGA), with the support of quality specialist capacity providers and experienced service partners, we can deliver distinct coverage and service advantages to brokers, raising the bar on what commercial property owners and brokers can expect from their insurance partner.”
To provide the product, the MGA partnered with a panel of specialist capacity providers underwriting the embedded and optional coverages. Capacity providers include HDI Global, Swiss Re, Liberty Specialty Markets, HSB Engineering, ARAG, Ark, Antares Underwriting, Ironshore, and Endurance.
Additional services include Royal Institution of Chartered Surveyors accredited valuations provided by EPUL’s strategic partner Cardinus Risk Management. Another partner, VPS, will undertake on-site risk assessment free of charge if an insured property becomes unoccupied.
Claims, on the other hand, will be handled by EPUL’s dedicated in-house claims team and preferred loss adjuster Woodgate & Clark.
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