Market Lane Insurance Group has launched ML Specialty, a hub providing tailored covers for niche markets. 

Three core products are available so far, with more to come.

“Our ML Specialty hub will be dedicated to providing unique and complex product offerings,” MD David Porteous said. “We recognise that some risks require specialised expertise. That’s why we offer comprehensive, tailored insurance products designed to meet the unique needs of our broking partners.”

A contamination product offers capacity up to $10 million, a single or separate limit option for the food and beverage industry, and indemnity periods up to 18 months.

Product recall offers capacity up to $1 million and indemnity periods up to three months, and suits SMEs with revenue below $2 million.  

Triggers are accidental contamination, adverse publicity, government recalls, malicious product tampering, internally impaired ingredients and product extortion. 

Loss coverage includes replacement costs, business interruption, defence expenses, third-party recall costs, rehabilitation expenses, extortion costs and approved consultant costs.

“Our product contamination and recall policy is committed to safeguarding your business against financial and reputational risks,” Market Lane said. “We understand that these events can lead to significant consequences.”

Environmental impairment liability is targeted at manufacturing, commercial and residential property owners, hotels and hospitality, recycling and waste management facilities, and transport and logistics.

It offers contractors pollution liability up to $5 million for any one occurrence in the annual aggregate, and is underwritten at Lloyd’s.

It covers bodily injury, property damage and clean-up costs resulting from a release of pollutants. Cover can be offered for an insured’s single location or on a portfolio basis, and it includes legal liability for clean-up costs, legal expenses and compensation to third parties resulting from environmental damage.

“Multiple coverage parts allow for unique customisation, including coverage for transportation pollution, business interruption and products pollution,” Market Lane said.