Target Market Statement This document was prepared by ERGO UK Specialty Limited (‘ERGO UK’) in accordance with regulatory responsibilities under PROD 4.2 as the manufacturer of this product. The purpose of this Target Market Statement is to provide clear information about who ERGO’s products are designed for, who they are not intended to support and how ERGO expects the product should be distributed.
Carrier name Product name Date of most recent Target Market Statement Product Review and Target Market Assessment frequency1
Great Lakes Insurance SE, UK Branch Property Owners September 2022 Every 12 months
Product summary This is a commercial insurance product designed for customers who wish to protect their property and legal liabilities as a property owner. Who is the target market of this product? This product is designed for commercial customers who: • are over the age of 18; • are commercial or residential landlords with property situated in the United Kingdom (England, Scotland, Wales, Northern Ireland), the Isle of Man or the Channel Islands and are looking to insure that business against property related losses. • Require cover for single or multiple properties. • Who have no unspent (non-motoring) criminal convictions, or prosecutions pending. Who is the product not designed to support? This product is not designed for customers: • Who are under the age of 18; • Who have unspent criminal convictions; • Whose property has flooded or is at high risk of flooding • Who are seeking insurance for a property situated outside the United Kingdom, the Isle of Man or the Channel Islands; 1
In line with PROD 4.2.34R and PROD 4.2.34B R, ERGO will undertake a review every 12 months or more frequently where the potential risk associated with the product makes it appropriate to do so. ERGO will apply a risk-based approach to product governance and continuously review products to ensure ongoing fair value for customers in the target market.