It also has other features such as crime coverage, which covers computer fraud, funds transfer fraud and disappearance or destruction of Money and Securities.

QBE plans to expand the product to all 50 states, which will be subject to regulatory approvals.

Tom Fitzgerald, President of Specialty & Commercial at QBE North America said: “Mid-size businesses face rapidly evolving and complex property risks. Our new property policy responds by providing comprehensive coverage in a very flexible, modular policy structure.

“It shows our commitment to mid-size businesses and will play a central role in our suite of property & casualty products as we look to grow our presence in this important market segment.”

John Beckman, Chief Underwriting Officer at QBE North America commented: “We’re pleased to report that feedback from our brokers who have seen the new product has been very positive. Our use of Bold Penguin’s RiskGenius artificial intelligence platform, which we have fully integrated with our systems, really helped with the development.

“It enabled us to quickly and thoroughly compare key policy terms and conditions in the marketplace and deeply drill down to the specific nuances of the coverages available. Combining this offering with our risk services and claims expertise will help better position our customers to manage the risks they are facing today and tomorrow.”

Source: Reinsurance News