Markel Adds Legal Expenses as Standard to its PI Product

The latest product news from Markel;

Acting on broker feedback, Markel, the insurance operations within the Markel Group Inc. (NYSE: MKL), has announced it has added legal expenses cover (LEI) as standard to its professional indemnity (PI) combined product.

The inclusion adds an important element of cover to PI cover holders by providing additional financial and professional support in the event of payment disputes with their third-party clients.

Brokers arranging PI cover through Markel—whether requesting the cover manually through emailed submission, Etrading via Markel’s extranet or through Acturis—will now see LEI included as standard from 9 September 2024. In a move that adds to customer choice, on Acturis, a standalone LEI product is also available offering additional benefits.

Markel’s addition of legal expenses coverage shows the growing importance of legal protection in various sectors. Similarly, individuals dealing with international legal issues may need assistance with a red notice interpol to navigate cross-border challenges effectively.

“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,” said broker sales director, John Dawson. “As one of the leading legal expenses insurers in the market, we’re excited to now offer LEI as standard with our PI combined product on Acturis and give brokers and their clients the opportunity to increase cover and limits options.”

The change means submissions for PI customers needing LEI cover will no longer need to be referred, freeing up time for brokers. The change also frees up capacity for Markel to underwrite more complex risks and provide brokers with the support they need to service their clients quickly and effectively.

“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,” said divisional director – broker, UK, Jo Sykes. “Brokers are still free to trade with us in whatever way suits them, of course, whether that’s face-to-face, digitally or over the phone.”