Gallagher London has been named a preferred provider of professional indemnity insurance by the Managing General Agents’ Association (MGAA).
With more than 300 MGAs now operating in the UK, and their number continuing to grow rapidly, Gallagher London has devised a bespoke PI policy wording to best meet the complex needs and specific risk profile of these insurance businesses – including civil liability arising out of underwriting authority. Many less specific policies, including insurance broker PI policies, carry an exclusion relating to breach of this authority.
In recognition of the value and support the MGAA brings to organisations in this fast-growing field of the UK insurance market, new and existing MGAA members will also qualify for a discount, funded by Gallagher London, equivalent to two months of membership fees in their first year as a PI customer (terms apply).
Members taking advantage of the new scheme to purchase their PI cover will also benefit from access to expert advice and tailored coverage for cyber risks, directors’ & officers’ liability and office insurance. In addition to civil liability arising out of underwriting authority, the bespoke policy includes cover for libel and slander; breach of copyright; data protection; cyber liability; and financial ombudsman awards and prosecution costs.
Gallagher London’s expertise is likely to be of particular value to the large number of MGA start-ups emerging in the UK as the model’s popularity continues.
Having launched in September 2011, the MGAA has grown quickly in the UK as a trade association and now boasts 67 full MGA members representing in excess of £2.5bn gross written premium, alongside 27 insurer associate members and 26 supplier associate members.
Jane Comerford, general manager of the MGAA, commented: “Gallagher is a founding supplier member of the MGAA and we are delighted that it has developed a bespoke PI wording for our members.”
Ben Waterton, director of the professional risks practice at Gallagher London, added: “Gallagher London is absolutely delighted to be supporting the MGAA as a preferred provider of professional indemnity to its members. The MGA landscape is a rapidly evolving and exciting area of the industry – one we are keen to support through our innovative approach. Their distinct and complex needs require expert advice and we have the capability to not only help start-up MGAs but also the more established businesses.”
