European Property Underwriting Ltd. (EPUL), a commercial property managing general agent (MGA), has launched “Solutions,” a package of covers specifically designed to address the challenges that brokers face in placing cover for unorthodox property owner risks.
This product provides cover for risks in the UK, Channel Islands and the Isle of Man with capacity provided by a panel of “A”-rated insurers, said London-based EPUL.
EPUL’s Solutions is aimed at risks with irregular construction or unusual occupations. Enquires relating to industrial, retail, office, residential or unoccupied properties are all welcome, added EPUL.
Solutions combines’ core material damage, loss of rent and liability, while equipment breakdown, legal expenses and cyber covers are embedded at minimal additional cost, said the company, explaining that optional covers are also available including Pool Re or Lloyd’s terrorism, employers’ and environmental liability and loss recovery insurance along with engineering inspection services.
Brokers can present risks and receive a quote via EPUL’s online portal or via email. The insurance can then be bound and documents generated, at the click of a button, the company said.
“Brokers with unusual property risks are finding it increasingly difficult to place these within their traditional markets,” commented Andrew Whittaker, managing director of EPUL. “We have leveraged our property underwriting expertise to provide a placement solution for these more difficult risks, whilst the additional embedded covers will provide brokers with a client proposition that differentiates them from their competitors.”
Solutions complements EPUL’s existing product range, which is aimed at the more traditional property investors market.
EPUL is part of the Global Risk Partners Ltd. (GRP), which is an investment vehicle aimed at brokers and MGAs trading in the UK retail and global, specialty insurance markets. GRP was established in 2013 by Peter Cullum, chairman, and David Margrett, chief executive, and is backed by private equity firm Penta Capital LLP.
GRP acquires businesses, teams and portfolios that have niche, non-commoditized, specialty propositions and strong profitability.
Source: European Property Underwriting Ltd. (EPUL)
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