MSI, a managing general agency in the US, has introduced commercial general liability (CGL), an insurance solution for habitational properties.
This new product aims to provide general liability coverage to owners of residential dwellings including apartments, condominiums and town homes.
The CGL insurance is designed to help property owners manage financial risks associated with claims, medical expenses and legal fees due to bodily injury and property damage stemming from their products, services or operations.
The policy offers coverage limits of $1m per occurrence and a $2m aggregate.
MSI MGA Programmes and chief innovation officer Rajiv Matta said: “Increasing claims costs, evolving litigation trends and tightening capacity have created significant challenges for habitational property owners.
“Our new CGL solution is tailored to address these challenges by offering robust and flexible coverage that protects our customers and their investments while giving them confidence in an unpredictable market. We are very pleased that an A.M. Best A+ rated insurance company is supporting this product.”
MSI Casualty business line leader Angela Adams stated: “At MSI, we are committed to building insurance better and delivering solutions that help our customers navigate risk with confidence. Our new commercial general liability product reflects this commitment by offering protection that truly makes a difference.”
Being the brand name for Millennial Specialty Insurance, MSI is an indirect subsidiary of the Baldwin Insurance Group.
Set up in 2015, MSI provides a suite of more than 20 insurance products and solutions across personal, commercial and professional lines.
“MSI rolls out new liability coverage for habitational properties ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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