BOSTON, July 18, 2016 (GLOBE NEWSWIRE) -- Beazley, a leading insurer of professional liability risks for architects and engineers, announced today a significantly enhanced policy form, providing broader, simpler coverage to mid-sized and small firms.
The risk of data breaches is a growing concern for architects and engineers holding sensitive employee and customer data. Mid-sized and small firms are particularly vulnerable, often lacking the sophisticated security measures in place at larger firms. Beazley's new A&E policy provides robust first-party and third party liability cover including access to high quality data breach response services from Beazley's in-house team, BBR Services, which has been recognized as the Cyber Risk Event Response Team of the Year for the past three years by Advisen.
Other significant coverage enhancements include an early resolution deductible credit. This means that if a claim is resolved within six months of being made, Beazley will reduce the client's deductible on the claim by 50% (up to $25,000). The policy continues to offer a mediation deductible credit for claims resolved via mediation, but the new form provides a similar incentive for claims that can be resolved quickly, efficiency and without the need for mediation.
James Schwartz, US A&E focus group leader at Beazley, said: "We've worked hard to make our policy broader, simpler and clearer. For our clients, however, the wording of our policy is only part of the story. Even more important is how we respond in the event of a claim. We continue to invest in exemplary claims service to alleviate what we know can be a stressful experience for any architect or engineer."
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Note to editors:
Beazley plc (BEZ) is the parent company of specialist insurance businesses with operations in Europe, the US, Latin America, Asia, the Middle East and Australia. Beazley manages six Lloyd's syndicates and, in 2015, underwrote gross premiums worldwide of $2,080.9 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
CONTACT: Beazley Group Hunter Hoffmann Hunter.Hoffmann@beazley.com 917-344-3329