Markel Corporation launched what it termed a “new and unique insurance product: Outbreak(SM) Extra Expense Coverage,” in mid-July. The policy is specifically designed to protect companies from a closure of their business premises due to a variety of contagions, including Avian Flu.
Following the announcement of the launch, Markel noted that it “triggered immediate interest, and Markel affiliates have already begun writing coverage for this new product line.” The demand is linked to an increasing interest in business interruption cover due not only to cases of Avian Flu, but also to “increasing reports of business closures caused by ecoli, salmonella and legionnaires, as reported in the worldwide media, ” said the bulletin.
“Outbreak(SM) Extra Expense Coverage is available on a surplus lines basis and can be accessed through Markel’s U.S. surplus lines subsidiaries via their normal distribution channels,” it continued. “Targeted businesses are small-to-medium-sized companies within, but not limited to, the food service industry, medical industry, educational institutions, and property owners/managers.” For more information, consult the Company’s Website at: http://www.markelcorp.com.
Jeff Lamb, Markel’s director of Business Development commented: “Business Contingency Plans are at the forefront of corporate initiatives due to storms, terrorism and the threat of a pandemic. These types of events are almost 100 percent out of a company’s control. However, it can control its preparedness for an unfortunate event due to a closure from a contagion. Outbreak(SM) Extra Expense Coverage couples an insurance policy to cushion the economic impact due to a closure from a public health official of a business premises, with risk management tools to give a business, its employees and clients peace of mind.”
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