Products - July 2022

Ceta launches notional home insurance product

Ceta has developed a notional home proposition, Prestige Notional, which is backed by Aviva.

It is available to brokers using Ceta’s Infinity Platform, and gives clients blanket cover for £1m on their property and £100,000 for contents. The product was developed with, and is supported by, Prestige Underwriting.

James O’Hara, commercial director at Ceta Insurance, said: “Prestige Notional is a great addition to our suite of standard and non-standard products. From a compliance perspective, notional sum policies are a good option for brokers if their clients are unsure about the level of cover which needs to be put in place, and therefore could risk underinsuring themselves.

“We have already experienced a great response from brokers, and we will continue to develop market-leading products that help brokers to sell high quality cover more efficiently.”

Ceta detailed that home insurance based on a notional sum insured is important when homeowners do not know the rebuild value of their property, which, it stated, is not uncommon.

ERS enhances its digital offering

Motor provider ERS is set to add its manually traded Prestige and Enthusiast products to its e-trade proposition as it seeks to make them more accessible to brokers.

According to the insurer, the move reflects its strategy to create the most efficient experience for brokers to bind and manage risks by bringing more of its specialist products online either through software houses, ERS eTrade or Plug in to ERS.

The insurer has confirmed that ERS Prestige and ERS Enthusiast will join the roster of commercial motor products available on ERS eTrade later this year.

Additionally, ERS Car’s footprint expansion is now live and is available through CDL, Open GI and SSP. The update will automatically rate vehicles of up to £100,000; drivers with blemished records; and includes a wider appetite for electric and hybrid vehicles.

ERS active underwriter Martin Hall commented: “Our ERS Car footprint expansion and future launch of Prestige and Enthusiast on eTrade reflects our ongoing strategy and commitment to make our specialist products more accessible to brokers.

“As the broker market remains ultra competitive, brokers that can bind specialist risks quickly will remain a step ahead of their competition.”

Beazley unveils D&O solution for crypto companies

Beazley has launched Crypto Guard, directors’ & officers’ liability insurance tailored specifically for crypto companies.

The provider detailed that the cover is designed to address the risks faced by all types of companies operating in this developing industry through all stages of their life cycle, from emerging start-ups, high-growth businesses and established private and public organisations.

The cover includes access to an integrated team of underwriters and claims managers.

Luisa Celentano, underwriter, D&O (directors’ and officers’) specialty risks at Beazley, said: “The crypto market is growing rapidly and becoming increasingly mainstream.

“Crypto firms face a myriad of risks from extreme volatility to a lack of regulation, and they also have to contend with different rules in different jurisdictions. One misstep can impact their financial results and business reputations, leaving senior executives in the firing line.”

IQUW develops crisis management product suite

Property, commercial and specialty insurer IQUW has developed an insurance class designed to help businesses anticipate, prevent, respond to, and recover from, a wide variety of risks.

The provider has appointed specialty underwriter Jon Atkinson to lead the global crisis management portfolio. The rollout of the new product offering is part of IQUW’s growth and development strategy for its specialty lines.

Peter Bilsby, chief executive officer of IQUW, said: “We are delighted to announce that Jon will be leading our crisis management portfolio at IQUW.

“We are building out a fantastic team of professionals to lead the development of our multiline, diverse product offering.”

According to IQUW, the proposition will provide market capabilities in global specialty product recall for a broad spectrum of manufacturers across new product lines, including product contamination, auto and other component-part recall and first-party recall risks.