Financial holding firm Markel has introduced revamped management liability policy for private companies.
The company offered management liability protection for more than 14 years. The revamped product offers several new coverage features, making the policy more attractive to consumers.
Some of the features include retention credit for early settlement, extended reporting for retired directors and officers, and sublimits for shareholder dilution claims.
Markel management liability managing director Sal Pollaro said: "Our customers and distribution partners are facing an environment of expanding liability exposure, and we are excited to announce the release of our new management liability policy for private companies.
"Working collaboratively with our stakeholders, we have developed a product aimed at meeting the ever-growing needs of our customers."
Markel said the management liability product is not available in all US states.
The policy is available on admitted and excess and surplus bases, and Markel underwrites the product based on jurisdiction.
The company also provides tenant discrimination coverage, which is available through firm’s network of appointed wholesale brokers.
Last September, Markel Global Insurance launched new product offerings and leadership for captive agents and securities broker-dealers coverage.
Markel, which serves a variety of niche markets, underwrites specialty insurance products for its customers.
Image: Markel has launched revamped management liability policy for private companies. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.