What’s NEW in Hiscox Miscellaneous Professional Liability Insurance?
We are very excited to introduce Hiscox Professional Liability Portfolio, a new product which provides ‘tailor-made’ solutions for Allied Healthcare (AHC), Architects and Engineers (A&E) and Miscellaneous Professional Liability (MPL) clients. Our MPL Insurance offers a wide range of coverage to address the risks and exposures faced by a diverse group of business owners across numerous industries and many eventualities.
Advantages of the new MPL form within the Professional Liability Portfolio:
- Targeted, industry specific policy forms
- Standard general terms and conditions for all lines of business
- Cross selling opportunities – add GL coverage to PL policies
- Customized policy to suit your clients’ needs
- Clear, concise policy language
- Crime and privacy modules available soon
- Offers the protection necessary to allow the insured to focus on what’s important, his or her business
Who we cover:
See here for a full list of who we cover
Preferred Professions
- Management and strategic consultants
- Specialty consultants
- Trustee services
- Employment agencies / Staffing services
- Medical billers / Coders
…and other professions
Will also consider
- Appraisers
- Franchisers
- Employee benefit plan / Pension consultants
- Auctioneers
- Premium finance services
…and other professions
Unlikely to provide terms
- Title agents / Abstractors
- Mortgage brokers / Bankers
- OSHA / Safety consultants
…and other professions
Coverage highlights:
- Defense of licensing proceedings and subpoena assistance – sublimits included as coverage enhancements, outside of limits
- Punitive damages specifically included in definition of ‘damages’, where insurable by most favorable applicable jurisdiction, up to full limits
- Personal injury expanded to cover ‘personal and advertising injury’
- Fraud exclusion with final adjudication and full severability for the individual insured and partial severability for the entity
- Payment of claimant/plaintiff’s attorney fees explicitly covered as ‘damages’
- Supplemental payments up to $250 per day, up to $10,000 per claim, outside of limits
- Express carveback for liability which would exist in the absence of the contract, warranty or guarantee
- Subsidiaries acquired during policy period covered automatically
- ‘Wrongful Act’ no longer the key claim trigger
- Industry specific causes of action built into the insuring agreement
Target industry specific forms:
The following includes all coverage highlights above, as well as
- Consultants:
o Blanket additional insured coverage
o BI/PD sublimits
- Trustees:
o Covers trustees that are also beneficiaries
o I vs I carveback for insured co-trustees
o Specialized trustee law appointed defense
- Real estate/Property managers
o BI/PD sublimits
o Fair Housing Act coverage
Policy comparisons:
See policy comparison of old and new policy form.
Contacts
Carla Larsen
Senior Underwriter
New York
T:914 273 7465
E: carla.larsen@hiscox.com
Stephen Strong
Underwriter
Atlanta
T: 404 410 2803
E: stephen.strong@hiscox.com
James Osborne
Underwriter
San Francisco
T: 415 912 1663
E: james.osborne@hiscox.com
Tyler Peterson
Underwriter
Los Angeles
T: 213 412 1227
E: tyler.peterson@hiscox.com
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