Beazley rolls out new media liability coverage for US media SMEs

Beazley | June 12, 2020

  • Beazley has announced the launch of a new occurrence media liability policy that covers many risks faced by small to medium-sized media outlets and publishers in the US.

  • Beazley’s new policy provides professional indemnity cover written on an occurrence basis.

  • In addition, the policy offers optional coverage for technology errors and omissions, information security and privacy, and bodily injury or property damage.


Specialist insurer Beazley has announced the launch of a new occurrence media liability policy that covers many risks faced by small to medium-sized media outlets and publishers in the US.

“The media landscape has changed considerably in the last decade,” Beazley said. “As traditional publishing and media groups have moved increasingly online, freelancers who solely publish online, including bloggers, vloggers and social influencers, are growing in number and reach. As the public looks to a wide range of sources for content, the media sector has become more crowded and awareness of the risks associated with publishing varies widely.”


Read More: Worldwide Facilities Makes Its First Step In Health Market By Acquiring Strategic Underwriting Solutions


Beazley’s new policy provides professional indemnity cover written on an occurrence basis. The coverage focuses on defamation, libel and slander, and infringement of copyright and trademark. It also includes a range of other content-related exposures. The policy also includes unintentional breach of contract with a client and mitigation costs (sub-limited) to minimize claims escalation.

In addition, the policy offers optional coverage for technology errors and omissions, information security and privacy, and bodily injury or property damage arising out of the publication of content.


The US media sector is undergoing substantial changes, with the launch of new channels for publishing and broadcasting and the growing reach of bloggers, vloggers and social influencers, Freelance publishers and start-up media ventures ought to be aware that they are as liable as traditional, established media groups for the content and materials they publish or share. They face a range of exposures including defamation, intellectual property and privacy, and should consider the precautions and cover they need to protect themselves against potential claims.

- Angela Weaver, global head of media liability for Beazley.


Read More: Vertafore Unveils New InsurTech Solutions To Automate and Simplify Insurance


The new policy covers various media professionals including publishers, broadcasters, authors and journalists, bloggers, vloggers, social influencers and content creators, and advertising producers and advertising agencies. Limits of up to $5 million are available on a worldwide basis.


About Beazley

Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia and Australia. Beazley manages six Lloyd’s syndicates and, in 2017, underwrote gross premiums worldwide of $2,343.8 million. All Lloyd’s syndicates are rated A by A.M. Best. In the US, our underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted property/casualty carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd’s. Beazley Insurance Company, Inc. is rated A by A.M. Best.

Spotlight

In this video, you will learn how to update an existing insurance plan to show the corrected insurance company.

Spotlight

In this video, you will learn how to update an existing insurance plan to show the corrected insurance company.

Related News

INSURANCE TECHNOLOGY

Johnson & Johnson All Set to Expand Its Footprint Into Texas and Oklahoma

Johnson & Johnson | June 07, 2022

By acquiring the assets of Midlands Management Corporation's Wholesale Brokerage & Binding and Managing General Underwriting businesses, Johnson & Johnson will expand its footprint into Texas and Oklahoma. Safety National Casualty Corporation's subsidiary Midlands is a completely owned subsidiary of Safety National Casualty Corporation. The transaction is expected to close on April 29, 2022, according to the parties. Midlands' WB&B and MGU units, which were founded in 1990, specialize in specialized lines of coverage for both personal and commercial lines of business, both admitted and non-admitted E&S. These units, which are led by an experienced management team, contain underwriting and operating teams with extensive product knowledge and service skills. Midlands' MGU unit serves as an underwriting manager for several insurance companies, specializing in ICOA insurance, Texas Non-Subscriber insurance, and other similar insurance products. For small-to-mid-sized commercial businesses and people, the WB&B segment provides admitted and non-admitted general, commercial, and personal property and casualty products. Johnson & Johnson, situated in Charleston, South Carolina, is a fourth-generation, family-owned Managing General Agency. Johnson & Johnson has a long history of offering outstanding service and products to Independent Agencies while keeping a family culture, having been founded in 1930. In Texas and Oklahoma, Johnson & Johnson will offer a diverse range of first-class products and services to agencies and insureds. This acquisition by Johnson & Johnson, a leading specialist in related businesses, will accelerate the growth in revenue and profitability of these business units and provide greater professional development and career advancement opportunities for the employees in these divisions. All Midlands' business outside of these units, including excess workers' compensation and related primary workers' compensation, specialty programs and claims administration, are not part of the transaction and will continue to operate under the Midlands name as a Safety National entity." Duane Hercules, President of Safety National. Adding the Midlands Management Corporation Team and their agency network to Johnson & Johnson will provide us with a terrific group of employees and agencies which will enhance our 'service first' approach to the Agents currently served by Midlands." Francis Johnson, CEO, Johnson & Johnson.

Read More

INSURANCE TECHNOLOGY

Oakbridge Insurance Partners with Brock Insurance Agency

Oakbridge | June 15, 2022

Oakbridge Insurance Agency announced a new partnership with Brock Insurance Agency. Brock Agency is an independent agency with corporate offices in Rossville, Georgia, Chattanooga, Tennessee, and Savannah. This partnership establishes Oakbridge’s first presence in Tennessee and also promotes the agency’s continued Southeastern expansion. We are very excited to join Oakbridge and have been working with Oakbridge's founding firms for over a decade, and this partnership is evidence of the trust and bond we have built and will continue to nurture." Brock's President Mark Brock. For the past three years, Brock has been recognized by Independent Insurance Agents & Brokers of America as a Best Practices Agency and a top performer in their revenue category in 2021. As a result of the agreement, Brock gains access to extra resources and initiatives and a network of like-minded professionals dedicated to offering innovative solutions for their clients. The alliance doubles Oakbridge's employee benefits presence in the region and complements the firm's focus on construction, real estate, manufacturing, charities, and energy. About Oakbridge Insurance Agency Oakbridge Insurance Agency LLC is a fast-developing partnership model for organizations seeking expedited growth, access to finance, and an expanded array of capabilities to service clients. Oakbridge is one of the region's largest privately-owned insurance, risk management, and employee benefits businesses, having been named a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines. Agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living, and transportation are among the areas where the agency has specific experience. Visit oakbridgeinsurance.com for more information.

Read More

CORE INSURANCE

Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and MGAs a Path to Faster Policy Issuance

Coherent, Duck Creek Technologies | July 13, 2022

Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy. Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.” Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry. Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.” Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.” To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent. About Coherent Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/. About Duck Creek Technologies Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Read More