Richard Coyle from Miller joins Dan to talk about Epidemic Risk Insurance Coverage.
Insurers are addressing a significant coverage gap that traditional insurance
has not been able to solve: non-damage business interruption for loss of gross
profit as a result of an epidemic. Most standard property damage policies
require a business interruption to be from physical damage and also typically
exclude communicable diseases. This coverage may be extended to include
communicable diseases by endorsement, but only limited capacity is available
and with restrictive terms.
In order to close this gap, Insurers have developed expertise in epidemiology,
statistics, risk modeling, finance and claims management as well as a range
of innovative tailor-made risk transfer solutions for many different industry
types exposed to epidemic risks. This policy can also provide optional access
to specialized epidemic risk management experts to assist in current and future
outbreak mitigation and preparation.
Head of Risk Financing & Non-Standard Solutions
Miller Insurance Services, LLC
Richard is head of Miller’s risk financing and non-standard solutions area, providing clients with innovative risk retention and risk transfer strategies on a global basis.
He has significant experience in providing advice to captive owning clients regarding optimum usage, structure, and innovative risk transfer strategies. Richard also specializes in structuring insurance and reinsurance policies to reduce the client’s financial volatility, including non-damage business interruption, reputational risk, and parametric solutions.
Clients he works with include large corporations, captives, mutuals as well as Miller’s network of retail and wholesale broker partners.
About Miller Insurance Services, LLC
Miller is a leading specialist (re)insurance broking partnership, headquartered in London with more than 600 people across our UK and international operations.
Since Miller was founded in 1902, they have gone from strength to strength because of their unwavering focus on delivering an exceptional standard of service to our clients.
Miller is known for doing the right thing, delivering on our promises and working as one team.
Miller is proud to hold Chartered Insurance Broker status, the industry gold standard awarded by the Chartered Insurance Institute (CII). This title demonstrates Miller’s professionalism, client-focused approach, and commitment to excellent service standards.