MAC Group announces bespoke and exclusive insurance for CSPs

MAC Commercial, the Professional Risks division of MAC Group has announced a major improvement for high quality Corporate Service Providers (“CSP’s”) on the Island.

MAC Group has developed, along with their key Lloyd’s of London insurance partner, Gallaghers, a specialist wording that offers significantly enhanced benefits to MAC’s clients. Jon McGowan, Managing Director of the MAC Group commented, “When we launched MAC Commercial nearly 3 years ago, we undertook a huge amount of research and planning. We wanted this exciting new insurance business to repeat the success we had seen in our MAC Financial business, where we had become the largest pension and benefits adviser on the Island.”

Jon continued, “We have been delighted at how successful we have been by focussing our expertise in specific areas. These are namely Professional Indemnity (“PI”) and Directors & Officers Liability (“D&O”) cover. We decided to concentrate at being the very best in these ‘professional risk’ areas and our decision has paid off. As a result we undertook with Gallaghers to develop an exclusive wording that replaces the standard insurance wordings which are now very dated and often do not protect the client as they might think.”

Trevor Vels, General Manager for MAC Commercial explained, “We have put together a unique set of features, improving cover and in many cases simplifying and clarifying areas that might have otherwise been open for interpretation. Such grey areas can often mean when clients do find themselves subject to claims, they not only have to defend their position if appropriate but then perhaps fight with their insurers to ensure any such claim is covered under their policy.”

Trevor continued, “Our exclusive wording, called “CSP-Pro” is extremely client-friendly. It offers very broad cover, simply stated and easily understandable, and avoids the features in many standard policies that so often exclude claims or encourage the insurer to dispute coverage.”

Jon McGowan summarised, “We unfortunately live in an increasingly litigious world. Sometimes professional firms can make mistakes but often they are inadvertently included in ‘scatter gun’ litigation where they are only a minor player. However they need to ensure that their insurance cover is fit for purpose. Too often, as the saying goes “…What the large print giveth, the small print taketh away…” – we fundamentally disagree with this approach and that’s why we have developed CSP-Pro. Many of our existing clients are now benefiting from this wording as we roll it out across our business and we are engaged with numerous prospective clients who are learning that the value of such a professional approach cannot be underestimated”.