Markel Corporation (NYSE: MKL) announced that it has enhanced the policy form and protections for hard-to-insure law firms which can no longer secure coverage in the admitted markets. Markel has been insuring lawyers and law firms for 47 consecutive years, and this coverage is available on an excess and surplus (E&S) lines basis using a claims-made policy form. Highlights include: disciplinary proceedings coverage up to $50,000; policy limits of $5 million per claim/aggregate; coverage for breach of network and information security system; and new optional coverage enhancements—mutual choice of counsel, subpoena coverage, and expanded consent to settle provisions.
Target risks are law firms with 3 to 50 attorneys. Risk management services include a risk management hotline, and claims are adjusted by an in-house, experienced, dedicated team of Markel professionals.
Scott Culler, Senior Managing Director at Markel, remarked, "Keeping our professional liability policies current and ensuring that we are offering the range and types of coverage that our customers require is a first priority for us. Insuring hard-to-place risks is one of the things that Markel is known for, and these enhancements build on a long history of providing necessary and multi-dimensional coverage for hard-to-insure law firms."
Robin Russo, Chief Underwriting Officer at Markel, added, "Professional liability is a core line of business for Markel, and we are making real improvements to many of our forms and policies. We have a corporate commitment to getting closer to our customers, innovating, developing new products, and improving existing products. This enhancement for law firms is a great example of Markel surveying the marketplace, listening to our business partners, and responding with a better, more customer-centric product."
The product is available through regionally-based underwriting teams located in Richmond, VA; Chicago; Plano, TX; Red Bank, NJ; New York City; Alpharetta, GA; Scottsdale, AZ; Woodland Hills, CA; and, San Francisco.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operatingprofits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.