Coalition, the Active Insurance provider, has announced its new Miscellaneous Professional Liability (MPL) Insurance coverage.
According to the firm, this coverage helps protect against the impact of a claim that a organization committed errors and omissions in performing a professional service.
The firm’s MPL Insurance coverage is available by endorsement to Active Cyber Insurance policies through existing capacity providers, for a variety of different industries to cover defense costs, settlements, judgments, as well as other claims-related expenses.
The firm also explained that only around ten supplementary data points are required to quote an endorsement.
Shawn Ram, Coalition’s Head of Insurance, commented: “The professional services industry is rapidly expanding – projected to grow more than 6% over the next four years – because it plays a critical role in almost every type of business.”
Adding: “It’s so important for these organizations that are embedded in the fabric of the business ecosystem to be protected against liability associated with committing errors and omissions.”
He continued: “Instead of going to multiple insurers or working with multiple underwriters, brokers can come to Coalition for quotes for Cyber and MPL coverage. It can be incredibly difficult to manage claims that involve Cyber and MPL coverages with separate carriers. By providing both coverages, brokers and insureds can manage their policies – and any claims that occur – in one place, making the process of getting business back up and running as smooth as possible.”