Munich Re Specialty Insurance (MRSI) has released a miscellaneous professional liability product for non-specialist, commercial businesses.
Miscellaneous professional liability (MPL) coverage provides liability and defense costs from claims that allege errors or omissions in the rendering of professional services. MRSI will offer the new product through select wholesale brokers with a focus on coverage for consultants, financial services, human resources, insurance-related and real estate professionals.
Coverage is offered on an admitted and non-admitted basis and is available on a primary and excess basis.
Munich Re’s underwriting team are based in offices located in Philadelphia, Atlanta, Chicago, and San Francisco, can tailor MPL product to local markets and regulations.
MPL claims will be handled in the Philadelphia claims home office by an in-house legal team with expertise in litigation and coverage defense in professional liability.
MRSI said it plans to launch additional lines of professional liability coverage later on in 2020.
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