DUAL releases new policy wordings

Specialist underwriting agency DUAL has released its new wordings for professional indemnity, management liability, and information technology (IT) – all live on the WebRater.

DUAL has introduced five industry-specific professional indemnity wordings for accountants, consultants & miscellaneous, design & engineers, financial services, and real estate.

Some of the key coverage enhancements included compensatory penalties extension (civil orders in lieu of damages), reputational protection expenses, and emergency costs that include public relations and legal representation.

Commenting on the tailored offerings to meet the specific needs of various professions, DUAL said: “DUAL caters for all sectors of the professional indemnity market, with online quotations available for SMEs through the WebRater and tailored solutions for more complex businesses available from our team of underwriters.”

DUAL's new management liability wordings have key coverage enhancements, including:

• Broadened statutory liability cover to include criminal penalties (where not prohibited by law);
• Crime investigation costs extended to costs for establishing and proving direct financial loss;
• New panel counsel extension – 1 hour of free advice for each enquiry relating to the risks insured;
• Extended continuous cover for late notified claims even if DUAL were not the insurer; and
• Triangulation fraud extension.

DUAL designed its three new offerings – management liability platinum, management liability gold, and ML sole traders and partnerships – to protect SMEs and micro-SMEs concerning the management risks of operating a business in an “often complex and litigious world.”

“Not all management liability offerings are the same, and it's important to recognise the differences between insurer's products and the impact of these differences for clients,” DUAL said.

The specialist underwriting agency's management liability suite offers broad coverage, with all policies automatically providing coverage for directors & officers liability, company reimbursement, employment practices liability (EPL), crime, tax audit, statutory liability, occupational health and safety defence costs, trustee liability, and whistleblower cover.

Meanwhile, DUAL's new IT liability wordings have the following key coverage enhancements:

• Emergency costs extension now includes public relations costs and legal representation costs.
• New panel counsel extension – 1 hour of free advice for each enquiry relating to the risks insured.

The IT liability policy also includes extended continuous cover, contractual liability, key man loss, and product recall expenses.

DUAL's policies automatically include contract preview service to provide important advice to the policyholders to ensure that the policy covers their liabilities and exposures.