"Over 5,000 charities in England have an income of between £1 million and £5 million, and an average income of £2 million, so thousands of charities and community groups will benefit from this change."
- Wendy Cotton, Markel UK technical line manager
The UK firm which integrates insurance for SMEs with tax and legal services offered through sub-brands Markel Law and Markel Tax, organises its charity and community groups product through its eTrade facility.
Currently, charities above the £2 million threshold have more complex requirements with larger organisations benefitting from an advice-led sale. The income threshold increase aims to support Markel UK’s growth targets within the sector and help customers and brokers looking to place business in challenging market conditions.
Wendy Cotton, Markel UK technical line manager said the move was made in response to broker feedback which highlighted unsustainable prices and cover restrictions for charities and community groups’ products.
Cotton continued that “brokers have been asking for an electronically traded option for charities and community groups with an income between £1 million and £2 million…we’ve taken this on board and increased the threshold of the existing product to accommodate their needs.”
“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,” added Cotton.