|Product||Excess of Loss|
Product Approval Process
This product has been reviewed by MGAM’s Product Oversight Group (POG) which concluded that the product risk review was sucessfully completed, including consideration of the wording, and did not identify any concerns or require any further actions. The product is suitable for the target market and responds to their exposure to losses arising in relation to legal exposures. The POG did not identify characteristics in relation to the various areas of potential risk.
Who this Product is suitable for:
Typical target market would include businesses who are contractually obliged to have a higher Public Liability Limit of indemnity. For Example a Tradesman or contractor entering a Council own premises, School or Hospital which would demand a higher limit of indemnity in order for the insured to carry out the activity they have been employed to do. Retailer, Cafes, Restuarants often also are asked for higher limits of indemnity by the council to have signs, chairs and tables on the street outside the business owners premises.
The Excess of Loss cover is designed for a wide range of businesses, from small local SMEs up to the largest multi-nationals.
Who this Product is not suitable for:
Product is not suitable for Consumers Risks working at Hazardous Locations
Product Suitable Distrubution Strategy
|Sold directly to customer by our firm||No|
|Sold to the customer via Appointed Representative||Yes|
|Sold via other intermediaries between us and the end-customer||Yes|
|Sold via a comparison website||No|
|MGAM Delegated Authority (Transactional)||Yes|
|MGAM B2B2B Quote & Bind Platform||Yes|
|MGAM B2B2C Quote & Bind Platform (first party system)||No|
|MGAM B2B2C Quote & Bind Platform (third party system)||No|
|Sub Delegated Authority (Coverholder)||No|
|Coverholder B2B Quote & Bind Platform||No|
|Coverholder B2C Quote & bind Platform||No|