Head of professional indemnity says new offering ’will play an important role in helping us meet the diverse needs of our brokers and customers’

RSA Insurance has expanded its professional indemnity offering with the launch of a new excess of loss (XOL) product.

A statement released today (17 July 2023) said the new product is aimed at a range of businesses with annual professional fees of £1.5m and above.

This includes accountants, engineers, building contractors, surveyors and IT companies.

The product is now available to brokers and commercial lines customers throughout the UK via RSA’s regions business.

Ed Ambrose, head of professional indemnity at RSA, said the insurer expanded its portfolio following broker demand.

“We’re really pleased to be expanding our portfolio to offer brokers XOL cover,” he said.

“We’re constantly talking to brokers and customers and our discussions with them, including at our Profin roadshows earlier this year, really clarified the demand out there for RSA to provide this cover.”

‘Important role’

Excess of loss cover, also known as excess layer professional indemnity cover, is a product that arises due to the inability or unwillingness of an underlying or primary layer insurer to provide an insured with the full limit of indemnity required.

Ambrose said RSA’s new offering “will play an important role in helping us meet the diverse needs of our brokers and customers”.

“XOL gives us an even more extensive offering and helps make RSA a one-stop shop in the market,” he added.