The Leeds-based UK division of the company is breaking into this area after its executives identified a number of key areas where the industry is facing increasing pressure and needs the backup of insurance protection.
The new policy can be tailored to suit providers manufacturing in a wide range of categories, from skin can hair care products, all the way through to shaving products, beauty tools and hygiene products.
Current insurance may fall short
According to Markel, the cosmetics and personal care sector in the UK faces exposure to threats in a number of areas, but the lack of specialist insurance cover means that the coverage of existing insurance policies on offer to the industry can often fall short.
“We are delighted to make available a specialist insurance solution to UK based cosmetics manufacturers, together with companies that support the development of their products and those who distribute them,” said Simon Webster, Markel product line manager.
“We feel that our experience with medical products gives us the ability to meet the unique challenges faced by this exciting and dynamic sector.”
What the policy offers
The policy itself can be tailored towards an extensive range of manufacturers within the sector, and the different areas they serve.
Those areas include public and products liability, professional liability, products financial loss, employers’ liability, property damage and business interruption, directors’ and officers’, entity and transit.
Likewise, the company says that the coverage can also be extended to the potentially critical area of product withdrawal expenses.
Market is a US-based organization and in North America it has been serving the cosmetics and personal care sector for many years, so the extension of the service into the UK is expected to draw on this established business.