A Summary of Beazley`s European Insurance Products

Ready
A Summary of Beazley’s
European Insurance Products
1
About Beazley
Beazley, one of the leading insurers in the Lloyd’s market, has
been doing business across Europe for more than two decades.
Today we insure a wide variety of European clients ranging from
software companies and healthcare providers (for professional and
management liability), to shipowners (for hull, cargo and liability),
to luxury goods retailers (for property). This booklet is designed
to give you a perspective on the range of products we offer.
In addition to our headquarters in London, we have offices
focusing on various business lines in Paris, reinsurance in Munich,
and energy in Oslo. Our marine team has local offices in the UK
in Ipswich, Manchester, Birmingham and Leeds.
We are not a ‘one size fits all’ insurer – we are ready and willing
to craft our cover to meet the precise needs of each client,
working closely with the client’s broker.
We place equal emphasis on claims service and underwriting.
Our claims staff work alongside our underwriters in close teams.
We believe that by understanding the intent behind each policy
our claims staff can deliver a swifter, more supportive service.
The contact details of our underwriters are provided for each
product described in this guide. We look forward to discussing
your insurance needs.
beazley.com
Contents
Life, Accident & Health
Marine & Energy
1-5
7 - 16
Space
17 - 19
Aviation
21 - 25
Political Risks & Contingency
27 - 31
Property 33 - 44
Reinsurance
45 - 49
Professional Indemnity
51 - 60
Technology, Media & Business Services
61 - 66
Management Liability
67 - 71
At the foot of each page in this guide is a map
of Europe. Many of our covers are written on
a worldwide basis and are available to clients
in all countries in Europe. For these products
the entire map is coloured dark pink. For those
products that are only available to clients in
particular countries, the relevant countries
are highlighted.
Life, Accident & Health
Our life, accident & health division was established as a business in
2000, formerly operating as Momentum Underwriting Management
Ltd (MUM). Beazley Group acquired MUM in 2008. Two syndicates –
syndicate 3623 focusing on accident and health business; and 3622
dedicated to life business – were established to support the division.
Our principal underwriters and claims staff have an average of 25 years
experience in the business. This extensive experience has provided
us with comprehensive market and product knowledge that underpins
excellent working relationships with clients and brokers. A fully
integrated claims team provides an efficient and professional service.
Our team provides joined up solutions to placing all personal accident
and life covers. For instance, a football team’s disability benefits can
be placed with our sports underwriters, while the coverage for death
from natural causes is placed with our life syndicate. Alternatively,
the crew of an airline might be covered for death from natural causes
by the life syndicate, while accidental death and dismemberment,
temporary total disablement and medical expenses
are covered by the personal accident syndicate.
beazley.com/accident&health
1
2
Life, Accident & Health
Life
Coverage
• Death by any cause or death by natural causes (DNC)
• Other ancillary disability benefits – only to be written in
conjunction with life (including critical illness)
Definition
Group death in service
Target
• Standard white and blue collar workers
• Ships’ crew
• Air and ground crew
• Hazardous occupations/territories
Limits
Maximum any one person: €1,500,000
Maximum any one accumulation: €15,000,000
Tenor
Usually 12 months but will consider up to 36 months
Contact
[email protected]
[email protected]
3
Life, Accident & Health
Sports
Target
• Individuals
• Teams
• Sponsors
• Associations
We specialise in professional football, rugby union, rugby league,
cricket, basketball and golf.
Coverage
• Accidental death
• Permanent total disablement (Accident and/or sickness)
• Temporary total disablement (Accident and/or sickness)
Limits
Maximum any one person: €10,000,000
Maximum any one accumulation: €50,000,000
Contact
[email protected]
[email protected]
4
Life, Accident & Health
Personal Accident
Coverage
• Insurance and reinsurance
• Accidental death
• Permanent total disablement (PTD) – own or any and every
occupation
• Temporary total disablement (TTD)
Definition
Most lines of protection can be offered, including war and terrorism,
aviation and ships’ crew, evacuation and repatriation, loss of licence,
and key man business.
Limits
Maximum any one person: €4,000,000
Maximum any one accumulation: €20,000,000
Contact
[email protected]
[email protected]
5
6
Marine & Energy
The Beazley marine team is a recognised leader in the insurance
of owner-operated shipping company business. We help insure
approximately 20% of the world’s ocean going tonnage and are the
prominent leader of voyage and tow business in the London market.
Our underwriters have an excellent understanding of the industry and
their customer base and place great importance on maintaining a
close and knowledgeable relationship with the management of the
companies they insure.
Our energy clients range from small, regionally focused, independent
oil and gas companies through to larger, international, integrated
energy companies. Today we insure over 600 of the world’s foremost
upstream oil and gas companies.
beazley.com/marine
7
8
Marine & Energy
Marine Cargo, Fine Art & Specie
Beazley has been insuring a wide range of general cargoes since
2003. We offer protection for goods while in transit (by land, sea or air)
and in store during the ordinary course of transit or long term storage.
Our Fine Art & Specie account is written on world wide basis covering
physical loss or damage to Fine Art & Specie whilst in storage or transit.
Our main client categories and coverages are summarised below:
Product
Clients
Coverage
Limits
Cargo
Importers
Exporters
Manufacturers
Suppliers
Shipping lines
Our book of business
consists of a wide range
of general cargoes with
emphasis on oil, general
commodities and general
machinery.
Up to €50m
Fine Art & Specie
Importers
Exporters
Private owners
Auction houses
Museums
We write a general specie
portfolio of fine art, covering
private collectors and
auction houses, together
with museum exhibitions.
Very little primary cash in
transit exposure is written
into the account.
Up to €75m
Project Cargo
Importers
Exporters
Manufacturers
Project managers
We write a balanced book
of business consisting of
standard power plants
and desalination plants,
together with more
technical projects, including
one-off shipments.
Up to €30m
Contact
[email protected]
[email protected]
[email protected]
[email protected]
9
Marine & Energy
Marine Hull
The Beazley marine team is a recognised leader in the insurance
of owner-operated shipping company business. Our main client
categories and coverages are shown on this page and the next:
Product
Clients
Coverage
Limits
Builders’ Risk
Shipbuilders
Coverage for the various
perils faced during
construction/conversion of
vessels. These will typically
include such risks as sea
trials, third party liability
during construction, and
removal of wreck.
Up to €100m
Hull & Machinery
Shipowners
Charterers
A broad spectrum of
coverages including ITCH/
American Institute Clauses
and Norwegian Hull forms.
Losses covered typically
include total loss of vessel,
repair costs following
damage to vessel; certain
expenses and liabilities; sue
and labour; GA contribution;
and salvage costs.
Up to €50m
Increased Value
Shipowners
Charterers
Additional indemnity is
given to that provided for
under the insured’s hull
and machinery policy
following total loss of the
vessel. Coverage would not
usually exceed 25% of the
value stated in the hull and
machinery policy.
Up to €50m
Voyage & Tow
Shipowners
Charterers
Managers
Financial institutions
Shipyards
Coverage for vessels being
towed, whether for repair,
delivery or break up and
provided on the basis of
pre-agreed routing; a pre-tow
survey may be required.
Up to €50m
10
Marine & Energy
Marine Hull (Cont.)
Product
Clients
Coverage
Limits
Mortgagees’
Interest
Financial institutions
involved in the
maritime industry
Indemnifies the mortgagee
(relating to a hull and
machinery policy) for
outstanding monies due in
the event of non payment
of a claim following a
breach of warranty by the
operators of said vessel.
Up to €75m
Contact
[email protected]
[email protected]
11
Marine & Energy
Marine Liability
We offer liability coverage to the marine and transport sectors. Our main
client categories and coverages are shown on this page and the next.
Product
Clients
Coverage
Limits
Professional
Indemnity
Marine surveyors, marine
consultants, shipyards,
marine pilots, naval
architects, P&I club
correspondents, new
building supervisors,
forwarding agents, truck
brokers, crew agents,
classification societies,
yacht brokers, yacht
managers, ship managers
Negligence, third party
liability, errors and
omissions, liabilities to
authorities, breach of
warranty of authority,
libel and slander, loss
of documents, costs
Up to €50m
Transport
& Logistics
Liability
Freight forwarders,
NVOCC, multimodal
transport and logistics
operators, rail freight/
stack train operators and
warehouse operators,
customs brokers
Loss or damage to cargo,
errors and omissions,
third party liabilities, fines
and penalties, costs
Up to €50m
Ports &
Terminals,
Cargo Handling
Equipment
Cargo handling/
stevedoring operations,
marine terminal
operators, warehousing
operations, port
authorities, container
freight stations operators,
depot or air freight
terminal operations
Liabilities for loss or
damage to cargo, vessel
and equipment liability,
removal of wreck and
pollution, errors and
omissions, fines and
penalties, third party
liability, loss or damage
to owned equipment,
real property, legal and
defence costs, business
interruption
Up to €50m
12
Marine & Energy
Marine Liability (Cont.)
Product
Clients
Coverage
Limits
Miscellaneous
Liability
Ship repairers, ship
yards, charterers,
shipowners,
financial institutions
and others
involved in the
marine industry
Coverage is provided for
additional perils, pollution,
cargo liability, third party
liability, mortgagees’
additional perils (MAP),
charterers liability,
overspill, excess pollution
and other associated risks.
Up to €50m
Protection
& Indemnity
Shipowners, time
charterers etc.
We offer cover for operators
liability in respect of crew
and passengers. Damage
to fixed and floating objects
and cargo resulting from
the insured’s negligence
and pollution costs.
Up to €50m
Contact
[email protected]
[email protected]
13
Marine & Energy
Energy
The Beazley Energy team is a recognised leader in the insurance of
Upstream and Midstream energy business. Our experienced Energy
team provides competitive and flexible protection to companies
operating worldwide. We are able to offer bespoke coverage solutions
for Oil and Gas Exploration and Production companies and Contractors
working within the upstream sector both onshore and offshore as well
as midstream company’s engaged in the transportation of oil and/or gas.
Our main client categories and coverages are summarised below:
Customer type
Clients
Coverage
Limits
Upstream
Companies involved
directly or indirectly
in the extraction
and production of
oil and/or gas
Property damage, sue
and labour, removal
of debris expenses,
loss of production
income, control of well,
redrill and restoration
expense, pollution from
wells and legal liabilities.
Up to €125m
per platform
Midstream
Companies involved
in the transport
and storage of oil
and/or gas or any
related product
Repair and replacement
costs following physical
damage. Gross or net
earnings basis business
interruption.
Excess legal liabilities.
Up to €50m
Contact
International:
[email protected]
[email protected]
[email protected]
Scandinavia:
[email protected]
14
Marine & Energy
War
In a world of growing perils, Beazley stand as a recognised leader
in marine related war risks. We provide competitive quotes across
a broad spectrum of coverages including institute war and strikes
clauses, American and Norwegian forms and a variety of other
conditions either including or excluding piracy.
We offer bespoke coverage depending upon the individual requirements
of the insured, this can include marine kidnap and ransom, and loss of hire
coverage. Both standard and nonstandard covers are offered for nearly
all types of marine related war risks in a variety of locations worldwide.
Our main client categories and coverages are summarised below:
Product
Clients
Coverage
Limits
Marine War
Shipowners
Charterers
War perils are usually excluded
from the hull and machinery
cover and we can provide
competitive quotes to cover
these under a separate policy.
Up to €75m
We provide cover for vessels
trading worldwide excluding
enhanced risk areas. Cover for
such areas is available at an
additional premium, based on
prior agreement with us.
Aviation War
Aircraft
owners
As with hull war, aviation war
perils are excluded under the
aviation hull and machinery
cover and we can provide
competitive quotes to cover
these under a separate policy.
Up to €20m
Contact
[email protected]
[email protected]
15
Marine & Energy
Marine Piracy
Beazley’s piracy insurance protects ship owners from the illegal seizure
of their vessels and the kidnapping of those onboard. We work closely
with high experienced negotiators and crisis management specialists
to secure swift and safe outcomes for our clients.
Target
Owners and operators of ocean-going craft conducting transits
of the high risk areas.
Scope of cover
•Crisis management/response team
•Ransom
•Loss of ransom in transit
•Additional expenses (fees and expenses necessarily incurred)
•Legal liabilities
•Personal accident
Optional coverage
Loss of hire
Available standalone or in conjunction with the piracy cover.
Limits
Piracy USD15,000,000 – Higher limits may be available on request
Piracy Loss of Hire USD15,000,000 – Higher limits may be available
on request
Combined war and piracy coverage
Beazley’s piracy insurance is also available in conjunction
with our war coverage as a fully combined policy with limits
of up to $75m. The combined policy is the first dedicated
product of its kind in the Lloyd’s market and
is provided at a discount to the two covers
purchased separately.
Contact
[email protected]
16
Space
Beazley Space provides bespoke insurance solutions for satellites
covering their entire lifespan from launch to in-orbit testing and during
their commercial exploitation. These include telecommunication
satellites in geostationary orbit as well as observation, navigation,
meteorological, scientific and government satellites.
17
18
Space
Target
•Satellite operators
•Spacecraft & space systems manufacturers
•Launch vehicle providers
•Satellite transponder users
Coverage
•Asset physical damage
•Space third party liability
•Loss of revenue
•Business interruption
•Data breach liabilities from cyber attacks
Limits
$15,000,000 – 20,000,000 per satellite
$50,000,000 of maximum limit for space third party liability risks
Contact
[email protected]
19
20
Aviation
We provide cover for airlines and general aviation clients globally.
The airline team focus on small to mid-sized airlines and start-up
operations. The general aviation team provide cover for private\
limited commercial aircraft as well as small to large commercial fleets,
including offshore operators. The team are highly respected within
the market and are leaders in the class, having developed a wealth
of industry knowledge through many years in the London market.
beazley.com/aviation
21
Aviation
Airlines
Target
• Small to medium sized airlines including start-ups
Coverage
• Hull and liability
• Passenger and cargo
• Contingent/repossession cover for banks and financial institutions
Limits
Hull: Up to US $10,000,000
Liability: Up to US $100,000,000
Contact
[email protected]
22
Aviation
General Aviation and Rotor Wing
Target
• Commercial and private operators
• Onshore/offshore operators
• Business jets and medium to high value turbo prop aircraft
Coverage
Hull and liability
Limits
Hull: Up to US $5,000,000
Liability: Up to US $60,000,000
Contact
[email protected]
23
Aviation
Non Critical Products & Miscellaneous
Target
• Commercial and private aircrafts
Coverage
• Small non-critical products
• Repair and overhaul specialists
Limits
Up to US $50,000,000
Contact
[email protected]
24
Aviation
Total Loss Only
Target
Banks, financial institutions, operators’ and investors’ interests
in aircraft hulls
Coverage
Total loss of airframe
Limits
Up to US $10,000,000
Contact
[email protected]
25
26
Political Risks & Contingency
Our political risk clients have exposures in markets around the
world and we have paid claims in every continent bar Antarctica.
Our clients rely upon extremely diligent and responsive underwriters
for mitigation of performance, payment, terrorism and political risks.
We set ourselves apart because we make rapid decisions based
upon a deep understanding of our clients’ businesses and the
political and economic environment.
We lead the market in creative solutions for terrorist and politically
motivated attacks on insured assets. The current product portfolio
responds to damage from risks such as terrorism, riots, war, civil war,
revolutions and wider political violence risks, to assets ranging from
refineries to works of art.
Our contingency team is one of the strongest in the London market.
We specialise in event cancellation, writing everything from
conferences and exhibitions to world cups and premier sporting
events. Weather-related disruptions are a frequent cause of loss
but more unusual loss triggers such as communicable diseases,
national mourning, war and terrorism can be covered. Additionally,
we insure event organisers for non-appearance of
performers, over redemption/brand promotion
and prize indemnity for competitions
and game shows.
beazley.com/politicalcontingency
27
28
Political Risks & Contingency
Political Risk & Trade Credit Insurance
Coverage
We mitigate our clients’ cross-border risks in respect of assets
and investments exposed to political force majeure events such as
expropriation, wars, acts of terrorism and other forms of selective
political discrimination.
Contract frustration
We provide insurance for trade and investment contracts with
governments and government owned companies all over the world
against non-payment for reasons of inability or unwillingness.
Structured trade credit
We provide insurance for commercial credit risk for exporters, traders
and banks. We insure trade and investment contracts with private
obligors against non-payment for commercial or political reasons.
Limits
Lead line of up to €50,000,000 any one risk
Tenor
Up to a maximum of 7 years
Contact
[email protected]
29
Political Risks & Contingency
Terrorism
Beazley provides coverage against all politically motivated attacks
(political, ideological and religious), offering:
Asset protection for businesses of all sizes
• Attacks resulting from terrorism and sabotage (including attacks
utilising nuclear, chemical, biological and radiological weapons)
• Riots, strikes, civil commotion
• Mutiny, insurrection, coup d’etat, rebellion, revolution
• Civil war, war
Coverage
• Material damage to almost any listed asset and occupation
• Business interruption and contingent business interruption cover
flowing from such material damage
Terrorism liability
• Covers financial costs to a company against claims for damages
by third parties or employees who are injured in a terrorist attack
• Extends to third party property damage
Target
• Businesses of any size, from companies with global assets to
companies with a single critical asset
• Banks and lenders wanting security on loans
• Insurance companies with significant risk retention under e.g. TRIPRA
Limits
Up to €/US $100,000,000 any one risk for a period of up to 24 months
(or 48 months for construction policies).
Depending on local insurance regulation,
we can offer both insurance and
reinsurance solutions.
Contact
[email protected]
30
Political Risks & Contingency
Contingency
Beazley is the market leader in contingency insurance for the sports,
leisure, entertainment, conference, exhibition and trade show
industries. Our team of underwriters are the most experienced in
the market and have knowledge and expertise gained over 20 years
to advise brokers and their clients on assessing risk and designing
the right coverage.
Coverage
• Event cancellation
• Non-appearance
• Weather
• Film production
• Advertising agents
• Prize indemnity
• Event liability
Target
• Conference, exhibition and event organisers
• Media companies
•Broadcasters
•Sponsors
•Advertisers
• Promotion agencies
Limits
Event cancellation – Up to €25m for standard events
Contact
[email protected]
31
32
Property
The reputation of our specialist property team is built upon its
exceptional expertise, service delivery and product range. At the
heart of our approach is an integrated underwriting and claims
service delivering a quick, simple and fair experience for brokers
and their clients.
Our capability spans the specialist property sector. From the world’s
largest construction projects, underground mining, heavy industrial
sites to the jewellery trade and high value homeowner risks in the
US and UK we have a broad underwriting appetite.
The experience of our underwriters ensures we can deliver straight
answers to the toughest coverage questions, without referrals.
We prioritize speed and accuracy of policy issuance, bringing enhanced
contract certainty and reduced E&O exposures for brokers.
Reflecting our ability to effectively understand and simplify
complex issues, we are one of the few insurers in the
world that is able to underwrite the most technical
risks. It is therefore no surprise that we are the
lead insurer on over 70% of the business that
we write.
beazley.com/property
33
34
Property
Large Commercial Property
From office buildings and hospitals to heavy industrial sites, we insure
large commercial property business around the world. Our reputation in
the field of large commercial property risks is reflected in the fact that
we are the lead underwriter on around 75% of the business we write.
We are known for our disciplined underwriting approach whether on
a primary or excess basis, bespoke wordings and stable partnerships
with existing accounts of 20-30 years.
Coverage available
Financial loss as a result of physical damage to buildings, contents,
machinery, equipment and stock, as well as losses reducing business
turnover caused by insured perils.
Subject to the terms and conditions of the policy, we will pay claims for
fire, explosion, flood, windstorm, earthquake and other causes under
an All Risks or Difference in Conditions form.
Underwriting appetite
Property portfolios; real estate; hotels; retail; mining; manufacturing
plants, power generation; railways and transport; steel
Limits
Up to US $20,000,000 any one risk
Target market
We write a global portfolio of business with a focus on North America,
Latin America, the Caribbean, Australasia and Europe.
Contact
[email protected]
[email protected]
[email protected]
henry.o’[email protected]
35
Property
Small Commercial Property
Our small business commercial property team underwrites risks
globally through Lloyd’s brokers on a delegated authority/MGA basis.
We are a lead underwriter of choice for both brokers and Lloyd’s
syndicates.
Our underwriters are experts in their respective fields and are equipped
to make quick decisions without the need for referral. Through clear
directions and open discussions our coverholders are empowered to
do the same. This coupled with in-depth knowledge of local territories
as well as an integrated claims team means we consistently deliver
expert advice and a great service.
We insure office buildings, hotels, restaurants, bars, retail spaces and
apartments. Our products also include forced place property, motor
truck cargo/auto physical damage and inland marine.
We have a dedicated wordings team that can help brokers finesse
the wordings to the specific needs of their clients.
Coverage
Subject to the terms and conditions of the policy, we will pay claims
for fire, explosion, flood, windstorm, earthquake and other causes.
Typical exclusions
Liability covers personal liability, boiler and machinery, chattel
insurance, punitive damage, mobile homes, saw mills, construction
risks, night clubs.
Limits
Maximum limit US$1m for any one risk with a maximum
total insured value of US$5m.
Contact
[email protected]
[email protected]
[email protected]
36
Property
Homeowners
UK
Working closely with high calibre insurance brokers, who operate as
Lloyd’s coverholders on a delegated authority basis, we provide a high
quality and accessible home insurance product targeted at the mid to
high net worth customer profile. Supported by Beazley Trade, our webbased underwriting platform and backed by our flexible underwriting
approach, we pride ourselves in offering a proven underwriting solution
that meets the needs of our coverholders and their clients alike.
Beazley Trade is engineered to help our coverholders offer a fast
and efficient service by providing a unique online trading platform
in support of the delegated underwriting process. Authorised users
are able to administer the policy through its lifecycle from quote
to bind allowing for empowered and quick responses. The system
generates policy documents and includes mid-term adjustment and
renewal functionality, all delivered through the platform. We offer a
comprehensive worldwide ‘all risks’ product that covers homes and
possessions against a wide range of events.
Beazley home insurance is designed for individuals with higher value
homes and possessions. It is suitable for properties with a rebuild
value of £250,000 or greater and/or general contents with a new
for old replacement values in excess of £50,000. As well as insuring
buildings, contents and personal possessions we also specialise in
covering fine art collections, jewellery and antiques.
37
Property
Homeowners (Cont.)
Rest of World
In addition to our UK offering we also underwrite small and medium
value homeowner insurance globally in partnership with local
coverholders from our base at Lloyd’s.
We offer up to US$1,000,000 in insured value
(excluding limits for personal liability and medical expense.)
Contact
[email protected]
[email protected]
[email protected]
[email protected]
38
Property
Jewellers block
Our team underwrite all aspects of the jewellery trade, including
wholesale, retail and manufacturing, along with associated trades
such as pawnbrokers, art dealers and galleries. From small and
medium enterprises to large multinationals with global branches,
geographically we can consider business on a worldwide basis.
The team underwrites a global account, utilising specialist surveyors,
security consultants and trade associations unique to each country,
providing expert risk management advice to the policyholders.
Other features include:
• Adoption of the latest technologies where possible to enhance security and reduce the likelihood of theft, such as smoke
generating systems, ‘smart water’, improvements in security
glazing, locks, alarm sensors and multi path signalling
• Support given to our producers through fast quote responses
(same day or 24 hour submission responses)
• Flexible cover with terms specifically tailored and appropriate to
the territory
Coverage available
The core commercial products cover risks of direct physical loss or
damage to trade stock of the customer’s business, including while in
transit away from the premises if required. Depending on the territory,
coverage may be extended to include general business contents,
glass, buildings, exhibitions/shows and loss of profits on a fire and
perils basis.
39
Property
Jewellers block (Cont.)
Specialist areas underwritten by the team include:
• Jewellers block – retailers, wholesalers, manufacturers
and pawnbrokers
• Art and antique dealers
• Fine art – both private collections and commercial
• Private jewellery and collections
• Coin and stamp dealers – both private collections and commercial
• Gun dealers
• Auctioneers
• General specie excluding cash in transit
Limits available
Up to $10,000,000. Further increases are available as special
acceptance – excluding third party liability and employers liability.
Contact
[email protected]
[email protected]
[email protected]
40
Property
Swiss
Beazley has longstanding experience of successfully partnering
with coverholders throughout Switzerland.
The success of our Swiss business is based upon long term
relationships, accessibility to our underwriters and quality of
claims handling.
With excellent knowledge of the local market we provide cover for
a range of risks including:
• Homeowners
• Holiday homes
• Private collections
• Private jewellery
• Musical instruments
• Classic car collections
• Small to medium enterprise commercial business
• Personal accident
Key features and limits
• Working in partnership with carefully selected coverholders
• Insureds must be Swiss domiciled
• Local language wordings are available for all products
• Underwriting limit of CHF10,000.000 for any one risk and any
one location
Contact
[email protected]
[email protected]
41
Property
Beazley Bespoke Solutions
Our Beazley Bespoke Solutions team specialises in affinity
business specifically in product-enhancements. The portfolio is very
diverse ranging from products such as credit card enhancements,
unemployment, auto-related add-ons to mobile phone protection.
Coverage
Subject to the terms and conditions of the policy we will pay
claims for losses arising from: accidental damage, theft, loss,
unemployment, accident or sickness, fraud, and other causes
depending on the nature of the product.
Limits
Up to USD 50,000 any one loss
Up to USD 5,000,000 (mortgage impairment product)
Target market
• Financial Institutions
• Associations/Membership schemes
• Auto Dealerships
• Retailers
Contact
[email protected]
[email protected]
42
Property
Construction & Engineering
Our highly experienced construction and engineering team in London
provides Lloyd’s brokers with insurance and reinsurance underwriting
capacity for all types of construction projects globally. We underwrite
both single project and annually renewable business for owners,
contractors and developers and can offer both proportional and
excess of loss cover.
Underwriting appetite
• Annual covers
• Building risks of all types
• Power generation facilities
• Onshore chemical, oil & gas
• Metal industry
• Manufacturing plants
• Mining
• Cement, ceramics & brick production
• Civil engineering projects
Coverage available
We are able to offer coverage on a variety of classes and products,
including:
• Contractors all risks (CAR)
• Erection all risks (EAR)
• Primary third party liability written with CAR/EAR coverage
• Advanced loss of profits/delay in start-up written with
CAR/EAR coverage
• Machinery breakdown
• Machinery loss of profits
• Contractors plant & equipment
• First year operational power following
EAR coverage
43
Property
Construction & Engineering (Cont.)
Limits
Up to US $62,500,000 probable maximum loss (PML) or
US $250,000,000 sum insured.
As a member of the Construction Consortium at Lloyd’s, we can offer
capacity to lead risks on major projects of up to US $212,500,000
PML or US $800,000,000 sum insured.
Catastrophe (CAT) coverage
Various limits available worldwide
Territories
Worldwide
Contact
[email protected]
[email protected]
[email protected]
44
Reinsurance
Experience and innovation, combined with a focus on long
term relationships, have enabled our reinsurance team to work
successfully with some of the world’s most sophisticated insurance
businesses for over 20 years.
Although market capacity has fluctuated dramatically over the last
25 years as a result of catastrophes and large risk losses, we have
maintained our commitment to our core clients. Around 80%
of our top 20 clients have reinsured with us for 20 years or more.
Our Munich office opened in October 2008 to focus on European
business that does not traditionally come via the wholesale
channels to London.
Our strategy is to manage our business within a long term context
by identifying and reinsuring top quality counter parties. We look
for clients with financial integrity; an intimate knowledge of their
business; and the management systems and underwriting controls
to ensure both their continued success and our long term profitability.
We like to lead business as this enables us to apply our expertise in
claims management and build stronger relationships with our clients.
Specialty treaty
The Beazley specialty treaty team
partners with specialist insurers
of professional and management
liability risks in a collaborative
way with a long term
perspective. We write both
pro rata and excess of loss,
and specialise in working
layer risk excess and
catastrophe excess of loss.
beazley.com/reinsurance
45
46
Reinsurance
Property Catastrophe
Target
We have a diverse client base which includes large national carriers,
multinational companies and regional cedents.
Key criteria
We specialise in writing property catastrophe excess of loss on a
worldwide basis. We focus our capacity on long-term clients with
a detailed understanding of their original exposures and strong
catastrophe management controls.
A combination of expertise, utilisation of the most up to date
catastrophe models and other analytical tools and a strong
understanding of our clients’ reinsurance requirements enables
our reinsurance team to set terms in this class.
Limits
Up to €20,000,000
Contact
[email protected] (London)
[email protected] (Munich)
47
Reinsurance
Property Risk
Target
We cover a wide range of clients with portfolios ranging from small
and mid-sized to large commercial and industrial. We also write
engineering risk excess business covering erection and machinery
breakdown risks.
Key criteria
We focus our capacity on long-term clients with an intimate knowledge
of the original risk. We also look to write business that complements
our syndicate’s underwriting.
Regular meetings with our clients enable us to maintain a strong
understanding of their underwriting strategy, helping us to better
understand the exposures we are underwriting. As a result of this
and our application of a range of analytical and actuarial models,
we have the experience and expertise necessary to set terms in
this class.
Limits
Property per risk
Proportional reinsurance Aggregate excess of loss €7,500,000
€3,000,000
€5,000,000
Contact
[email protected] (London)
[email protected] (Munich)
48
Reinsurance
Specialty Treaty
We write pro rata and excess of loss. We specialise in working layer
risk excess and catastrophe excess of loss. Our latest product
innovations include systemic catastrophe protection and embedded
product quota shares.
Preferred classes of business
Healthcare, professional indemnity, management liability,
miscellaneous errors and omissions, and specialised classes.
Limits available
Our maximum line size is €5,000,000
Target markets
• Mutuals
• Pools
• Reciprocals
• Small and mid-size insurers
• Specific departments and smaller classes of business
within large firms
• Trusts
• Captives
Consistent with the Beazley approach, we focus on claims made
business or occurrence business with a controlled latency exposure.
Contact
[email protected]
49
50
Professional Indemnity
Beazley has written this class of business since 1986 with extensive
experience in the European market. Our underwriters offer coverage
through Beazley syndicates at Lloyd’s (rated A by A.M. Best) or
through our service company, Beazley Solutions – trading as
Beazley IDL in the UK and Beazley France in France.
We offer professional indemnity coverage for: accountants,
architects and engineers, insurance and financial intermediaries,
lawyers, public officials, healthcare organisations, healthcare
professionals, paramedical professionals, technology, media
and business services companies, quantity surveyors, project
co-ordinators, CDM consultants, costs consultants, land surveyors
and miscellaneous risks.
Beazley recognises the need for specialised territory knowledge
and local language capabilities. We seek to match our local
knowledge with our depth and experience of the class to provide
specialist products and superior service to our brokers
and their clients.
beazley.com/profliab
51
52
Professional Indemnity
Architects & Engineers (SME)
Size/Definition
Firms up to £/€100,000,000 in gross fees
Coverage highlights
• Any one claim limits available in the UK and where other
jurisdictions require it
• Costs in addition available in the UK and where other
jurisdictions require it
Target disciplines
Interior designers; quantity surveyors; project co-ordinators;
CDM consultants; costs consultants; land surveyors;
environmental consultants and other specialist disciplines.
Limits
Up to £/€5,000,000
Contact
UK: [email protected]
International: [email protected]
53
Professional Indemnity
Insurance and Financial
Intermediaries (SME)
Beazley have written this class of business since 1986, with
experience of most European territories, underwritten via our
Lloyd’s syndicates or through our service company.
Local market knowledge, language capability and involvement
with local regulators in certain territories ensure we offer market
leading coverage.
Coverage
Financial protection for errors and omissions arising from services
provided by brokers and financial advisers/intermediaries.
Size
Firms with fees up to €10,000,000
Limits
Up to €5,000,000
Contact
International: [email protected]
France: [email protected]
54
Professional Indemnity
Hospital Professional Liability
Coverage
Hospital professional, general liability and employers liability
Definition
Full spectrum of hospital risks insured, from small community
through to major tertiary/quaternary urban teaching institutions
We seek quality focused organisations that are skilled at managing
their own risk
Target market
Large entities managing their own claims and seeking excess protection
Limits
Up to €10,000,000
Contact
[email protected]
55
Professional Indemnity
Miscellaneous Healthcare Liability
Definition
Allied health professional schemes, clinical and reference laboratories,
tissue/blood banks, organ procurement organisations, clinical research
organisations (CROs), correctional healthcare, medi-spas, occupational
health, healthcare consultants, paramedical professionals, ground and
air ambulances.
Coverage highlights
Medical professional, general liability and E&O
Target market
• Write not-for-profit, for-profit, publicly traded and government risks
• We can handle claims, or agree to allow a local TPA to handle claims
• Schemes and association business
Limits
SME – capacity up to €5,000,000
Large risks – capacity up to €10,000,000
We write primary excess and excess follow form. As a general rule,
companies with revenues up to €25m are underwritten by our
SME team. Those companies with revenues greater than €25m
are underwritten by our large risks department.
Contact
SME: [email protected]
Large risks: [email protected]
56
Professional Indemnity
Lawyers’ – Regional and Specialist
Law Firms
Size/Definition
Firms up to €20m in gross fees
Coverage highlights
Claims made coverage including damages, settlements, judgements,
defence costs and expenses related to professional negligence,
breach of fiduciary duty, and errors and omissions claims.
D&O and outside board position (ODL) coverage also available.
Target disciplines
Regional and specialist law firms down to individuals in private
practice and offshore sector firms.
Limits
Up to €5,000,000
Contact
[email protected]
57
Professional Indemnity
Lawyers’ – Global & National
Law Firms
Target
• Firms with revenues of €25m or more
• Sophisticated relationship oriented and well managed firms
with proven risk management
Highlights
• Broad insured person definition
• Mutual choice of defence counsel
• Limit reinstatement option
We can also provide coverage for employment practices liability
and management liability. Broad form.
Practice Focus
All
Limits/Retentions
Up to €20,000,000 on 100% or subscription basis.
Retention is case by case.
Contact
[email protected]
58
Professional Indemnity
Public Officials Liability
For over 15 years Beazley has provided coverage for public entities
and officials working for these public bodies.
Local market knowledge, language capability and involvement with
local regulators in certain territories ensure we offer market leading
coverage at all times.
Coverage highlights
• Negligence claims including gross negligence
• Defence costs in administrative courts
Target markets
• Town/local/regional authorities
• Health authorities and public hospitals
• Public university bodies
• Individual officials
• Government bodies
Limits
Up to €10,000,000
Contact
[email protected]
59
Professional Indemnity
Miscellaneous Errors & Omissions
(SME)
Beazley serves a broad range of professionals and service providers
around the world. By matching our specialised territory knowledge
and local language capabilities with our depth and experience of
the class, we offer improved service to our clients and their brokers.
Coverage is detailed and drafted according to the precise needs
of our clients and we work with professional bodies and trade
associations where appropriate.
Examples of successful miscellaneous schemes include:
• Driving instructors
• Bailiffs
• Education establishments
• Asbestos consultants
• Surveyors
• Sports agents
• Clinical research organisations
Target activities
• Management consultants
• Research organisations
• Outsourcing companies
• Security consultants
Limits
Up to £/€5,000,000
• Coaches/training/education
• Human resources consultants
• Recruitment
• Health and safety/
inspection services
Contact
UK: [email protected]
International: [email protected]
France: [email protected]
60
Technology, Media & Business Services
Fast changing industries confront fast changing risks. Our team is
skilled at crafting insurance coverage that helps technology, media
and business services clients seize new opportunities in some of
the most competitive and dynamic markets on earth. Our clients
include a third of the top 25 global software and software services
companies as ranked by Software Magazine.
Insurance isn’t normally expected to work like this. Most insurers
derive their cues from “rear view mirror” underwriting. If past
experience provides little or no indication of how to price a risk,
they won’t underwrite it. That is why the pace of coverage innovation
so often lags the pace of innovation in the industries seeking coverage.
Our approach is different. We seek to understand our clients’ business
models and analyse their attendant exposures. And we look to design
insurance coverage that can be a source of competitive advantage
for our clients.
beazley.com/tmb
61
62
Technology, Media & Business Services
AFB Media Tech ©
Definition
Professional, technology, multimedia, privacy and network security
liability coverage in a single form for a broad spectrum of companies
Coverage highlights
• Errors and omissions (E&O) coverage for technology products
and services
• Broad professional liability coverage integrated into the policy
• Third party computer and network liability coverage
• Multimedia and advertising liability coverage
• Data breach/Cyber cover
Target markets
We have a broad risk appetite that includes, but is not limited to,
the following:
• Miscellaneous E&O (business services)
• Technology E&O
(Computer services/Information technology services)
• Technology services
• Telecommunications E&O
Key territories
Worldwide (including North American coverage)
Limits
Up to €25,000,000/£15,000,000
As a general rule, companies with total assets/revenues up to €10m will
be underwritten by our SME team. Those companies with total assets/
revenues above €10m will be underwritten by our large risks team.
Contact
SME: [email protected]
Large risks: [email protected]
[email protected]
France: [email protected]
[email protected]
[email protected]
63
Technology, Media & Business Services
Information Security & Privacy
Coverage
Provides industry-leading coverage for emerging data security
and privacy exposures facing companies today.
Highlights
• Electronic media liability – coverage for the display of electronic content
on insured’s website; extends to many internet-related exposures
• Computer information security – third party coverage in response
to unauthorised access, theft or destruction of data
• Privacy liability – coverage for theft of personally identifiable
non-public information; coverage for failure to comply with the
insured’s privacy policy
• First party coverage for losses from network security breaches
– includes coverage for destruction and loss of data, network
business interruption, and cyber extortion.
Target markets
• Retail
• Healthcare
• Financial institutions
We will also consider many other companies.
Limits
Up to €25,000,000/£15,000,000
As a general rule, companies with total assets/revenues up to
£/€10m will be underwritten by our SME team. Those companies
with total assets/revenues above £/€10m will be underwritten
by our large risks department.
Contact
SME: [email protected]
Large risks: [email protected]
[email protected]
France: [email protected]
[email protected]
[email protected]
64
Technology, Media & Business Services
Beazley Global Breach Solution
Beazley Global Breach Solution (BGBS) is a unique insurance,
loss control and risk mitigation service that enables businesses
to manage the growing responsibility of holding large quantities of
personally identifiable customer data and to mitigate the reputational
risk resulting from a data security breach.
Coverage highlights
• Coverage features include the following services, designed to
mitigate the reputational risk and the risk of legal action being
brought against the insured:
– Forensic investigation services to assess the cause, gravity and extent of any breach and to provide risk management services
– breach notification for third parties, lessening the administrative burden of the breach
– Credit monitoring and/or fraud protection services (dependent on the jurisdiction)
– legal advice and support to assess the legal ramifications of
the breach and the actions required to mitigate them
– Public relations and crisis management specialists to handle
the crisis response plan and communications strategy
• Coverage for defence costs incurred for regulatory breaches
and for fines and penalties if insurable by law
• Third party coverage
Target markets
BGBS is available for a wide range of sectors including:
healthcare, retail, hospitality, financial services and higher education.
Other classes of business will also be considered.
LimitsTerritories
Up to €25,000,000/£15,000,000 Global
Contact
[email protected]
[email protected]
65
Technology, Media & Business Services
Beazley Breach Response
Beazley Breach Response (BBR) offers an integrated services based
solution to data breaches with privacy breach response services that
do not erode the third party liability coverage.
Coverage highlights
• Forensic and legal assistance from a panel of experts to help
determine the extent and scope of a data breach
• Discretionary notice to individuals potentially affected by the breach in
which there is a resulting risk of financial, reputational or other harm
• Credit monitoring and/or fraud protection services (dependent on
the jurisdiction)
• Public relations and crisis management consultants
• Third party information security and privacy coverage
• Coverage for regulatory defence and penalties
• First party business interruption and data protection
Target markets
Healthcare, retail, hospitality, financial services and higher education.
Other classes of business will also be considered.
Limits
• Coverage for up to 5,000,000 notified individuals per policy period
• Up to £/€150,000 for crisis management and public relations
• A separate sub-limit for fines and penalties resulting from non
compliance with Payment Card Industry (PCI) data security standards
• Per incident retentions as low as £/€5,000 for legal services
• Credit and monitoring services start at breaches over 250 or 500
notified individuals depending on the size of the company.
• Up to €25m/£15m for first party business interruption and data protection
• Up to €25m/£15m for third party liability
Territories
UK, France and Italy
Contact
SME: [email protected]
Large risks: [email protected]
[email protected]
France: [email protected]
[email protected]
[email protected]
66
Management Liability
We have been underwriting directors’ and officers’ (D&O) liability
and employment practices liability (EPL) business for more than
20 years. Privately held companies of all sizes can be the target
of litigation for claims ranging from employment allegations to
fraud and misrepresentation.
Our clients include publicly quoted companies, private companies
and non-profit organisations.
We offer brokers and clients flexibility as well as local market
expertise and language capabilities. We underwrite on behalf
of our Lloyd’s syndicates and our security is rated A by A.M. Best.
D&O and EPL claims are often highly complex. Our claims experts
are integral members of our team, not cloistered in a claims
department remote from our underwriters. We believe this makes
for a more responsive and supportive service in the event of claims.
beazley.com/mgmtliab
67
68
Management Liability
Directors’ & Officers’ Liability
Coverage
Beazley offers market leading products in D&O including worldwide
cover for pre-claim inquiries, investigations, defence costs and claim
demands. Further Beazley leads the way with its ‘A side DIC’ coverage
for when company’s or other insurer’s cannot or do not indemnify.
Beazley also offers a unique ‘local policy’ coverage solution from
Lloyds in London to cover D&O’s in over 75 territories around the world.
Highlights
• A wealth of experience in both the European and US domiciled
markets, with over 100 years of combined D&O experience in
the London team
• One of the largest commercial D&O insurer’s in London
• Highly qualified and experienced claims team, fully aligned
with the underwriting team
• Three European languages spoken within the team
Limits
Up to €25,000,000
Contact
For mid-market and above:
[email protected]
For SME:
[email protected]
69
Management Liability
Employment Practices Liability
Coverage
Beazley offers a broad form that includes coverage for claims made
by third parties as well as employees. Inappropriate employment
conduct includes harassment, discrimination and retaliation,
as well as negligent hiring and failure to enforce adequate workplace
policies and procedures.
Highlights
• Worldwide coverage
• Dedicated, experienced underwriters and claims managers
• Coverage can be customised to meet the requirements of
larger Insureds
Target market
All industries considered including staffing; law firms; hospitality;
hi-tech; healthcare; retail, manufacturing and transportation.
Target size is 5,000 – 20,000 full time equivalent employees but
larger and smaller risks can be considered.
Limits
Up to €15,000,000
Contact
[email protected]
70
Management Liability
M&A Transaction Liability
Coverage
Beazley transaction liability insurance offers a range of solutions
designed to reduce or extinguish the impact of liabilities arising
from a merger or acquisition, including warranty breaches, adverse
tax consequences and contingent liability claims.
Highlights
•Customised coverage tailored to the details of the transaction
•Ability to meet transaction timeframes
•Can underwrite transactions globally
•Dedicated, experienced underwriters and claims handlers
Target market
All companies engaged in M&A activity, including acquisitive
corporations, private equity funds (buying or selling), corporate
spinoffs, asset sales or purchases, and refinancing transactions.
Target transaction size is €25 million to €1 billion, but larger
and smaller deals can also be underwritten.
Limits
Up to €30,000,000
Contact
[email protected]
71
72
73
CBBC030_EU_02/16
The descriptions contained in this guide are for preliminary
information purposes only. Coverages are underwritten by
Beazley syndicates at Lloyd’s and will vary depending on
individual country law requirements and may be unavailable in
some countries. The exact coverage afforded by the products
described in this guide is subject to and governed by the terms
and conditions of each policy issued. The publication and
delivery of the information contained herein is not intended as a
solicitation for the purchase of insurance on any European risk.
Beazley Solutions Limited is a service company that is part
of the Beazley group of companies. Beazley Solutions Limited
has authority to enter into contracts of insurance on behalf
of the Lloyd’s underwriting members of Lloyd’s syndicate 623
and 2623 which is managed by Beazley Furlonge Limited.
Beazley Solutions Limited is an appointed representative of
Beazley Furlonge Limited which is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority in the UK
(ref 204896) in its capacity as insurer.
An up to the minute version of this document can be found at:
beazley.com/readyeurope
Some of our products and coverages detailed in this guide
may also be available in the US, but only on a surplus lines
basis through licensed surplus lines brokers underwritten
by Beazley syndicates at Lloyd’s.
To view the US products and coverages available, please visit:
beazley.com/readyUS
beazley.com