Markel UK has developed an online quote system enabling brokers to bind professional, management and specialty risks online.

The insurer said a binding facility simplified placement of cover for small firms and gave brokers greater scope to support new business initiatives and cross-sell insurance products.

Markel said the system would allow policies to be issued within three days, and that brokers dealing online would benefit from an additional 2.5% commission.

It added that brokers arranging more than one type of insurance online will receive documentation as a single combined policy where possible.

Covers bound online are subject to a simple 'Statement of Fact', and all policies will use standard Markel UK wordings.