Adapting to the changing landscape – brokers share their insights on PL, D&O policies
Adapting to the changing landscape – brokers share their insights on PL, D&O policies | Insurance Business Canada
Professional Risks
Adapting to the changing landscape – brokers share their insights on PL, D&O policies
Three key elements take centre stage
Professional Risks
By
Mika Pangilinan
The evolving landscape of social, political, and economic challenges has prompted companies to seek comprehensive professional liability (PL) and directors and officers (D&O) liability policies.
Among the key factors brokers identified was carriers’ willingness to collaborate and adapt to unique risks.
Gary Tremblay, an account manager at Beneficial Insurance, highlighted this mindset as he urged providers to “be more open to unique risks and have the ability to tailor policies to meet them.”
Meeting this challenge head-on is CNA Canada, recognized as one of Insurance Business Canada’s 5-Star Professional Liability and D&O winners in 2023.
Abena Apraku, assistant vice president of management liability, emphasized the company’s commitment to risk mitigation and evaluation through their network of partners.
“Our team has a strong network of risk mitigation and risk evaluation partners that can provide additional services such as risk consulting,” said Apraku. “This includes access to specialized experts in areas such as cyber risk through our CNA CyberPrep offering, and employment practices liability through our HR Help Line.”
Angela Feudo, assistant vice president of professional solutions at fellow 5-Star award recipient Trisura said they are prioritizing collaboration and access to risk mitigation and evaluation partners.
“We know that insurance is one aspect of a business’ risk strategy. By providing access to risk mitigation/evaluation partners to our insureds, we hope to help round out their overall risk strategy,” said Feudo. “We make sure to work with the best partners to provide a great experience to our insureds.”
In the survey, brokers also highlighted carriers’ adaptability in their coverage offerings.
Emma Borsato, senior account executive at Central Agencies, explained that if a company cannot write a specific risk, brokers will need to find alternatives to ensure their clients are adequately covered.
Colin Wight, senior director of marketing at Wilson M. Beck Insurance Services, stressed the significance of underwriters possessing specific industry knowledge to accurately assess risk.
“Industry knowledge is so important, and a common theme is the challenge as insurers adapt their coverage, especially as the IT and tech industry has started to merge with all aspects of professional liability services,” said Wight.
Feudo shared Trisura’s solutions-oriented approach.“We can get creative to tailor coverage to the specific needs of the insureds,” she said. “Our head office is in Canada, which allows us to be swift when making changes to workings or creating manuscripts.”
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