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Responding to broker feedback, Markel UK has doubled the income threshold at which organisations can access its charities and community groups product via their eTrade facility from £1m to £2m.
Published on 17 August, 2022
Author: Markel UK
Responding to broker feedback, Markel UK has doubled the income threshold at which organisations can access its charities and community groups product via their eTrade facility from £1m to £2m.
The move is positive for customers and brokers looking to place business in what are challenging market conditions and supports Markel’s ambitious growth targets in the sector.
“With many markets drying up or imposing unsustainable price and cover restrictions for this type of product, brokers have been asking for an electronically traded option for charities and community groups with an income between one and two million. We’ve taken this on board and increased the threshold of the existing product to accommodate their needs,” said technical line manager at Markel UK, Wendy Cotton.
“The facility means trading with Markel will be faster and more efficient for brokers who can quote, bind and have policy documents issued straight from the platform in less than 15 minutes,” continued Cotton.
Charities above the £2m threshold typically have more complex requirements with larger organisations benefitting from an advice-led sale; Markel underwriters are on hand to offer full support for brokers where necessary.
“Over 5,000 charities in England have an income of between a £1m and £5m, and an average income of £2m, so thousands of charities and community groups will benefit from this change,” concluded Cotton.