Bongi said that 400 separate subclasses have been identified in MPL occupations. He remarked that on occasion, an industry or profession for coverage lands on his desk that he never thought he was going to cover.
“We’ll see a mortician every once in a while,” he said. “Some other strange ones, there’s a peacock wrangler … we have astrological consultants who we’ve seen as risks.”
In terms of market conditions, Bongi said miscellaneous professional liability is seeing a slightly harder market, with flat rates or a 5% increase in rates. Architects and engineers PL, on the other hand, is seeing larger rate movements in the order of 8% to 15%.
In the past two years, Bongi said there has been an increase demand for professional liability cover from small businesses.
“This goes back to people starting their own companies,” he said. “There’s a lot of people doing that. And hence, we’re quite willing to write the insurance for people.”
Bongi thinks the miscellaneous professional liability market will continue to see acceleration as people decide not to return to corporate life and instead launch their own companies.
In terms of the pandemic’s impact on MPL specifically, Bongi said there was a brief pause for the line, but now, as businesses roar back to life, there’s a huge demand for services.