RSA Insurance has introduced an excess of loss (XOL) product as part of the insurer’s professional indemnity proposition.

Now accessible to brokers and commercial lines customers through RSA’s regions business, the XOL product is designed for firms with annual professional fees of at least £1.5 million. Target sectors include accountants, engineers, building contractors, surveyors, and IT companies.

“We’re really pleased to be expanding our portfolio to offer brokers XOL cover,” said Ed Ambrose, head of professional indemnity at RSA. “We’re constantly talking to brokers and customers, and our discussions with them, including at our Profin roadshows earlier this year, really clarified the demand out there for RSA to provide this cover.

“This new offering will play an important role in helping us meet the diverse needs of our brokers and customers. XOL gives us an even more extensive offering and helps make RSA a one-stop shop in the market.”

Also referred to as excess layer professional indemnity cover, XOL cover addresses the situation where an underlying or primary insurer is neither able nor willing to provide the required full indemnity to the insured. In such cases, the excess layer policy steps in to indemnify the insured, provided that the indemnity under the primary policy is paid in full.