HAMILTON, BERMUDA–Would adoption of a single policy form for multicarrier excess liability coverage give Bermuda a competitive advantage, or commoditize the product and dilute the value individual insurers bring to the table? That was a key point of contention earlier this week here at the Professional Liability Underwriting Society's “Bermuda Perspective” conference.
In struggling to differentiate Bermuda as a market, while striving to standardize coverage terms and conditions to save time and money, some Bermuda players are backing the single-form concept for multiple layers of coverage provided by a group of excess insurance carriers.
The process–pioneered here by Aon, but soon to be picked up by competing brokers–offers a new opportunity for Bermuda to streamline the placement process and cut costs in a softening market, its backers here contend.
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