Sompo International, a property and casualty insurance and reinsurance provider in Bermuda, has released a management assurance policy (MAP) for private firms in the US.
Offered through the company’s US platform, Sompo International’ MAP provides primary commercial crime and cyber liability insurance besides its existing private company directors and officers liability, fiduciary liability, employment practices liability, and professional liability coverages.
The insurer said that MAP’s modular format enables the private firms to customise their coverages in a single policy tailored to their risk profile.
The insurance product, which is admitted in the most US states, is suitable for private companies in all industries, not-for-profit entities, and healthcare organisations along with professional service firms.
Sompo International commercial management liability executive vice president Fred Cooper said: “For many years, we’ve provided a full range of primary and excess management and professional liability products to public and private companies alike.
“With the inclusion of our new primary commercial crime coverage, our MAP form complements these capabilities, making it easier for private companies to customise their primary management, professional and cyber liability coverage options.”
Sompo Pro executive vice president Dan Wadley said: “We are excited to offer primary cyber liability through our new multiline MAP product.
“In addition to tailoring a solution to meet private companies’ specific needs, our modular policy approach helps reduce potential coverage gaps, further strengthening our position as a preferred market for brokers and clients.”
Sompo International, through its operating subsidiaries, writes agriculture, professional lines, property, marine and energy, and casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance.