Based on extensive epidemiological research conducted by leading scientists and liability practitioners, MCI has stated that it will be the first and only team in the world dedicated to the re / assurance, management and treatment of CDL risks and claims.
Coverage will be provided by the MCI 1902 syndicate, which was recently approved by Lloyd’s for underwriting as of January 1, 2022 and is managed by Asta, the principal third party managing agent at Lloyd’s.
The product was designed using real-world epidemic data to accurately reflect the risks of disease-related litigation facing a wide range of organizations, MCI said in a statement, noting that it covers the health care organizations, as well as most business sectors. such as hospitality, accommodation, childcare, higher education, retail and entertainment. It is also intended to be made available to government and public sector entities.
MCI’s revolutionary coverage, based on extensive scientific research, insures against civil liability resulting from bodily injury caused to third parties as a result of an insured’s negligence in causing or exacerbating a localized epidemic of infectious disease. Written on a “claims made” and notified form, the policy will aim to significantly dispel CDL coverage with policy language dedicated to infectious disease science, rather than relying on the language “standards” of CDL. the insurance industry.
“We constantly live and work in the presence of infectious pathogens. Usually we fight them, but as everyone now knows they sometimes lead to devastating and socially disruptive epidemics, ”commented Dr Lauren O’Neill, immunologist from King’s College London who joined the MCI team on January 1 as infectious. responsible for the practice of diseases.
“The increase in zoonotic diseases – those that can pass from animals to humans – and the explosion of world travel have combined to dramatically increase the likelihood of pandemics. This new policy is a powerful tool to help entities reduce the uncertainties of liability associated with pandemics and infectious diseases, ”added O’Neill
“Prior to COVID-19, the prevalence of infectious disease lawsuits increased steadily over the past three decades. After COVID-19, it is clear that the global community needs a dedicated liability product that is not only carefully underwritten by a team incorporating scientific expertise, but also addresses the sophistication of CDL risks and claims, ” said MCI founder and CEO Philip. Trafford, active underwriter of the 1902 Syndicate.
“Through careful research, we believe that MCI’s new CDL product not only reduces uncertainty from a growing threat, but also provides a long-term cost-effective solution to the global community,” Trafford said. “The Lloyd’s SIAB (syndicate-in-a-box) platform that we built with Asta is ideal for launching this coverage to the world quickly and efficiently through digital distribution channels. “
“This development shows how an experienced and risk-bearing entity with ideas for a new product can be quickly operational thanks to the structure of Lloyd’s SIAB,” said Julian Tighe, CEO of Asta. “With a third-party service provider like Asta involved from the start, the process is relatively straightforward and allows new products to reach customers around the world with surprising efficiency. “
Medical & Commercial International (MCI) is an established insurer of specialist liability risks. MCI Syndicate 1902, which will begin underwriting on January 1, 2022, will underwrite four main business categories: Life Sciences, Medical Malpractice, Commercial Liability, and Infectious Disease Liability.
