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 businesses and shop owners that retail to members of the public and responds to their exposure to losses arising in relation to legal exposures, loss/damage to property, and other relevant perils. The POG did not identify characteristics in relation to the various areas of potential risk.
Who this Product is suitable for:
Shop Owners who may own or rent their trading space and retail goods to members of the public with incidental online sales. These could be high street operations with members of the public entering their premsies, have a number of staff as well have property which could be at risk to theft, fire, water damage and a number of other known perils.
Who this Product is not suitable for:
This product is not suitable for Consumers – any natural person purchasing a policy which is unrelated to their trade and/or occupation, retailers or policyholders operating from a residential premises.
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)||No|
|MGAM B2B2B Quote & Bind Platform||Yes|
|MGAM B2B2C Quote & Bind Platform (first party system)||No|
|MGAM B2B2C Quote & Bind Platform (third party system)||Yes|
|Sub Delegated Authority (Coverholder)||No|
|Coverholder B2B Quote & Bind Platform||No|
|Coverholder B2C Quote & bind Platform||No|