Markel expands PI offering after broker feedback

Markel has added legal expenses cover (LEI) as standard to its professional indemnity (PI) combined product.

The addition provides PI coverholders with additional financial support in the event of payment disputes with third party clients.

Markel stated the change will free up capacity for the business to underwrite more complex risks and support brokers to better service their clients.

The reduced need for referrals will also free up time for brokers, the insurer said.

Markel’s broker sales director John Dawson said: ”We reached out to brokers who gave feedback that we should broaden the cover available under our PI combined offering and I’m delighted to announce this upgrade.”

Standalone product

In addition to the combined product, brokers can access a standalone LEI product on software house Acturis.

Markel’s UK broker divisional director Jo Sykes clarified that brokers were still free to trade with Markel’s insurance operations in “whatever way suits them”, whether that’s face-to-face, digitally or over the phone.

She said: “This change is part of ongoing investment into our eTrade capability and one of the many milestones in an overall strategy to improve efficiency and service and prioritise the needs of our brokers and customers.”