Almost every major business risk index acknowledges that the threats facing North American businesses are larger and more complex than ever, largely due to such forces as globalization, expedited supply chains, “lean and just-in-time” manufacturing processes, increased regulatory standards and digitization.
For this reason, it’s easy for brokers to demonstrate the need for commercial general liability (CGL) coverage – and the opportunities to do so are only growing.
“In the past few years, global risks have become the new norm in many industries,” said Eric Scott, CGL underwriter, Markel Canada. “Whereas in the past, companies may have only required a standard CGL policy that covered domestic risks only; broadened coverage territory and the ability to cover foreign exposure has become increasingly important.”
“Any company who wants to grow on the CGL side needs to be able to address foreign exposures, and have an underwriting team that understands and can make informed decisions on foreign jurisdictions, local requirements and sanctions,” Scott said.
Moreover, this ability not only provides a fundamental base in and of itself, but it’s enhanced by the fact that Markel Canada is continuously fine-tuning its offering and appetite to address new and emerging risks. This advantage is one of the company’s greatest strengths, and is owed to a knowledgeable, flexible and quick-moving underwriting staff.
Brokers can leverage that strength to their advantage.
“We have the ability to be creative as an underwriting team and respond to changes in risks as they happen,” Scott said. “This is very much appreciated by our insureds, as well as our broking partners.”