Markel International, the specialty property and casualty insurer, today announced the launch of two new and unique products, the Media Protector and Marketing Protector products, designed to protect members of the media and marketing industries against professional risks and the cost of litigation.
The marketing and media professions are under ever increasing pressure from consumers to provide investigative, informative, titillating and emotive material.
The need to push creative boundaries to satisfy customer demands means that occasional blunders are inevitable.
Media Protector Product
From national newspapers and broadcasters to parish magazines and hospital radio, the Media Protector product provides tailor-made insurance protection. Markel’s policy provides comprehensive cover for media perils (such as defamation, infringement of intellectual property and privacy rights, malicious falsehood, etc) as well as providing a defence costs fund to fight regulatory and contempt of court proceedings.
Marketing Protector Product
Markel’s new Marketing Protector product will provide cover for all professions within the marketing industry (such as public relations, marketing consultants, advertising agencies, graphic designers, direct marketers and sales promoters). This innovative policy covers creative perils (such as defamation, infringement of intellectual property rights and comparative advertising regulations, passing off and negligence). It also provides protection against loss of production materials and errors in promotions and mailing lists for first and third party advertising campaigns. A unique selling point of this product is that it indemnifies in respect of losses arising from complaints made to the Advertising Standards Authority and other regulators.
Julian Brown, Senior Professional Indemnity underwriter at Markel International, commented: “Consumer pressures to push the creative boundaries and the growth in legal costs due to more stringent regulation has become an increasing cause for concern for the media and marketing industries. The marketing and media professions require tailor-made protection. The product we are launching today really does offer affordable and valuable cover to these industries.”
Ros Breese, Senior Professional Indemnity underwriter added: “By working closely with media and marketing lawyers, we are launching today products which are new, vibrant and unique in the market place.”
Gerry Albanese, President and COO of Markel International, said: “Markel International is committed to the delivery of new and innovative products. Identifying a gap in the market and developing a tailored, specialist cover is one of the things we do best. Expert knowledge on such an area is a key weapon in our mission, to achieve consistently profitable underwriting.”
For further information:
Derah McCall
Markel International
020 7953 6732
Notes to editors:
1. Markel International Limited is a specialty property and casualty insurer. Based in London and comprising the international operations of Markel Corporation, it wrote gross premiums in 2004 of $ 746 million. It has five operating divisions writing business either through Markel Syndicate 3000 or through Markel International Insurance Company Limited.
2. Markel Corporation markets and underwrites specialty insurance products and programs for a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.