Canadian Underwriter

Pen Underwriting Canada’s e-traded D&O solution offers brokers fast quote-to-cover capability

July 22, 2016   by Canadian Underwriter

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Pen Underwriting Canada’s newly launched e-trading platform allows brokers to quote and issue a policy within five minutes that provides directors and officers a broad range of D&O coverage to suit the fast-evolving risks and liabilities they face.

Calling the e-trading platform simple, straightforward and responsive, the company notes it is meant to meet broker demand for a quick-quote, competitive D&O insurance solution in line with today’s fast-evolving risks and liabilities.

The platform combines the “security of enhanced cover and A+ rated capacity with the convenience of a quick, competitive, mobile quote and bind solution,” notes a statement issued Thursday by Pen Underwriting Canada, a division of Arthur J. Gallagher Canada Limited that provides solutions for hard-to-place accounts for Canadian clients and offers a growing range of niche products.

Requiring only Internet access, the solution is accessible from any computer or mobile device. Quotes and policies are stored within the platform for easy download, while it generates a statement of fact for the client to sign and verify uploaded information correct.

On the wording side, it offers “benefits and coverage designed to address, and provide protection against, the main concerns of Canadian company directors and officers, whatever their sector or industry,” the statement notes.

Pen Underwriting Canada suggests that some notable benefits of the wording include the following:

  • additional limits for directors – in excess of the limit of liability;
  • full investigation and pre-investigation costs;
  • emergency costs available when insurers prior consent is not given on a timely basis;
  • mitigation expenses coverage – enabling action to be immediately taken to mitigate a potential claim, $500,000 sub-limit;
  • confidentiality breach event coverage – $100,000 sub-limit; and
  • identity fraud coverage – $100,000.

The solution’s “ability to create quotes quickly without onerous levels of information will enable brokers to quickly and simply demonstrate the breadth of protection clients could secure at a competitive rate – which will be particularly powerful to current non-buyers of D&O,” Glenn Woodard, underwriting director for Pen Canada, says in the company statement.

“We believe the combination of a slick, mobile platform and broad coverage which seeks to address the real risks faced by today’s company directors and officers is a powerful one,” Woodard continues.

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