Willis, a division of WTW, has launched ProXS, a new professional indemnity solution with a capacity of CCY40m (currency 40m).
The facility aims to offer enhanced coverage that is both effective in cost and customisation for professional companies, the company stated.
The solution features panels from both Lloyds and company markets, with pre-agreed discount premiums to ensure clients secure market pricing for their risk management needs.
ProXS will allow professional companies to adjust their coverage and streamline the process for making mid-term adjustments to policies.
Willis GB FINEX head of PI Gary Caley said: “We pride ourselves on understanding the challenges faced by professional firms in a rapidly changing business environment. Helping our clients to meet those challenges and to protect and enable their business is the genesis of ProXS and the insurers we are working with share this same commitment.”
ProXS also provides the option for an extended policy period of up to 18 months.
Willis FINEX global head Jeremy Wall stated: “I am delighted with this latest innovation, which will allow us to provide even better protection and choice. ProXS is already providing an enhanced level of certainty to a wide range of our clients and we are confident that it will benefit many other firms in the future.”
Recently, Willis, in collaboration with the Nature Conservancy, introduced an insurance policy that includes wildfire risk mitigation efforts.
The policy provides $2.5m in wildfire resilience cover for the Tahoe Donner Association in California.
Additionally, WTW acquired Michigan-based Global Commercial Credit and integrated it into the Willis division.
