Tuesday, 22 August 2017

MGA unveils contractor etrade amid RSA and Gable risk exits

New online contractor etrade offering from MGA will help brokers with hard to place business - especially after RSA via Pen and Gable exit from certain high risk contractor lines

Incorporated Insurance Group (IIGL) has unveiled a powerful new contractor etrade online system for brokers.

The IIGLOO system (Incorporated Insurance Group Ltd Operations Online) allows brokers to quote and bind business across a range of packages, property owners and schemes.

The system also offers a solution for hard to place contractors, especially in the wake of the RSA and Gable exit from areas of high risk contractors, the firms says. 

RSA ended its roofers and scaffolders arrangement with Pen Underwriting and it ceased to exist on March 1. 

IIG says this has caused the withdrawal of valuable capacity for brokers.

The Ogden table changes, says IIG, also generated increases of over 25% from some insurers - meaning brokers are finding it difficult to place the product. 

Smith said:  “The way the market currently arranges contractors insurance can be a tortuous process for brokers. 

“Unlike most other commercial insurances where trades like manufacturing, hotels and retailers have their cover packaged together so the broker can select one insurer to provide a comprehensive package of products.

“For contractors, this isn’t widely available in the market therefore brokers are forced to obtain the cover from several different insurers and these are often subject to the minimum premiums per policy.”

Operations head Lyndsey Thompson said: “Not only will they (brokers) be able to choose from turnover & wageroll as well as per capita based liability but they can also add to the policy additional covers like excess liability, contractors all risks, property, PI, D&O, health & safety, debt recovery and legal expenses therefore allowing them to have one competitively priced policy covering all the contractors insurance.

“With contract certain quotations and policy documentation available on the same day.”

 

 

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