Sompo International Holdings Ltd. said Thursday it is introducing a Management Assurance Policy in the U.S. that expands its primary professional lines insurance coverage for private companies to include commercial crime and cyber liability risks. Up to $25 million in capacity is being offered for each line of business, according to a spokeswoman for the Pembroke, Bermuda-based insurer. Sompo said in its statement that the new coverages are in addition to the company’s private company directors and officers liability, employment practices liability, fiduciary liability and professional liability coverages. Sompo said MAP’s modular format gives private companies the ability to customize their coverage selections in a single policy tailored to their risk profile. It said the product, which is admitted in most U.S. states, targets private companies in all industries, not-for-profit entities, health care organizations and professional service firms. Berkley Professional Liability LLC said Tuesday it is offering a primary private company management liability policy.
Insurer Sompo International Holdings will offer a management assurance policy (MAP) for US customers that expands private company coverage to include commercial crime and cyber liability risks. Each business line will be insurable up to $25m, according to Sompo. The new coverage will be launched alongside the firm’s products offering private company director and officers, employment practices, fiduciary and professional liability cover. MAP will allow customers to customise coverage selections into a single policy using its modular format.