Specialist underwriting agency Coversure has resumed offering public liability insurance for the amusement, leisure and entertainment industry after securing a “line slip” facility with a new capacity provider in the UK.

GM Adrian Gamble says the agency has been working to offer the product again after its previous binding agreement with Lloyd’s ended in February last year.

“Coversure has traditionally written these classes of business and in February 2020 we didn’t renew our binder with London,” Mr Gamble told insuranceNEWS.com.au today. “So we're re-entering the market with this offering.”

He says the identity of the UK insurer will be provided in all quotations. He says the UK insurer has a financial strength rating of AA- as graded by S&P rating agency.

He says the response from the amusement, leisure and entertainment industry has been “fantastic”, with the agency “struggling to keep up with the demand” it is getting from its broking partners.

Many in the industry have struggled to secure renewals for their public liability policies as insurers’ risk appetite weakened, leading to a sharp surge in premiums and huge excesses.

The capacity agreement with the UK insurer allows the agency to underwrite up to $10 million for each risk that is accepted.

Mr Gamble says a number of criteria must be met before the agency will underwrite a risk, as part of its capacity agreement with the UK partner.

“There’s a big focus in the facility on [clients] being able to demonstrate risk assessment, risk management, claims mitigation, staff training and procedures, and also their contractual documentation,” Mr Gamble said.

He says the agency has selected HIB and four other brokers to act as “wholesale” agents for the offering.

HIB MD Michael Alexander told insuranceNEWS.com.au the availability of the offering is a “relief” for the amusement, leisure and entertainment industry.

“We could do anything from a stage show to an outdoor production,” he said.