Product Value - Information Exchange Template Carrier name Broker name Product name Reference/UMR [Binder] Reference [Class of Business] Date
Ascot Underwriting Limited MG Insurance Consultants Limited Combined Liability B6022PK22RP191W2X Combined Liability (Public / Products / Employers Liability) 30th September 2022 Manufacturer Information
Product information This product is designed for UK based Small and Medium Enterprises operating across a variety of trade sectors. It provides either Liability insurance, including where selected Employers Liability which complies with relevant legislation. The Product is designed for a range of low-medium hazard trades from contractors to manufacturing. The Public and Products Liability sections provides cover against legal liability for compensation and claimants legal costs arising from accidental bodily injury to any person or accidental loss or damage to third party property The Employers Liability section (if selected), provides cover against legal liability for compensation and claimants legal costs arising from bodily injury to any employee in the course of their employment. The product will generally run for a period of 12 months and these important dates are clearly stated in the policy documentation. Cover is provided for businesses located in Great Britain, Northern Ireland, the Isle of Man or the Channel Islands. This product should be sold through UK insurance intermediaries who can assist as to the appropriate type and level of cover. This product has been reviewed by the Ascot Product Oversight and Governance Group (POG) who have approved who have determined that it does represent fair value to customers. Ascot has in place robust Product Oversight and Governance arrangements, systems, policies and procedures in place, which encourage a business culture with customers’ interests at its core. No product is marketed or distributed before it has been through the product approval process. o o o
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We identify, define and assess our target markets at an appropriate level, based on the nature and complexity of our products. Where a new product is designed we undertake appropriate testing before launch, to make sure they meet our customers’ needs and provide fair value. The design and performance of all our new and existing products are subject to regular assessment and review to ensure products provide fair value and that there is a continuing customer-centric focus, achieving good customer outcomes. An ongoing monitoring takes place via several metrics such reviews of the following: o Cancellations rates o Claims frequency o Loss ratios o Complaint ratios o Wordings reviews, including relevant exclusions The features, nature and complexity of our products are carefully matched to our intended distribution channels to ensure they reach our identified target market.
When assessing the product we take into account a list of potential risks: -
Sales risk Distribution Risk Customer risk Servicing Risk