TERN Financial Group Inc., an international niche financial services provider focused on the global talent mobility market today announced the launch of TERNINGPOINT, a Professional Indemnity Policy designed to meet the unique needs of Destination Service Providers (DSPs) around the world.
The groundbreaking TERNINGPOINT Professional Indemnity Policy is the first of its kind in the world and is designed to address the unique international exposures DSPs encounter in the course of their operations that are not contemplated or addressed by domestic commercial general liability policies. Developed in co-operation with The European Relocation Association (EuRA), the policy extends cover globally with the exceptions of Iraq, Iran, Afghanistan and North Korea, and is subject to the jurisdiction of the Courts of the European Union.
"This timely and innovative product will be a powerful ally for Destination Service Providers," said Paul Coleman, president and CEO of TERN Financial. "The program offers Destination Services Providers a comprehensive approach to addressing risks and is intended to close critical geographic and operational coverage gaps in domestic commercial liability insurance policies."
The TERNINGPOINT Professional Indemnity Policy provides critical liability coverage for miscellaneous negligent acts arising in the course of delivering standard destination services, and features a €1,000,000 limit including legal costs and expenses in the aggregate over a retention of €2,500, with a €10,000 deductible applying to policyholders domiciled in the United States.
"Every bit as important is the commercial aspect; global relocation management companies and multinational corporates alike are intensifying their procurement scrutiny of vendors and service providers in general, and global insurance coverage is no exception. Until TERNINGPOINT, adequately fulfilling that requirement has not been easy, and in the majority of instances, not even possible."
"TERN Financial's specialised risk management expertise, developed from its close affiliation with the industry and its associations, can assist our members with a wide variety of issues," said Tad Zurlinden, CEO of EuRA. "We believe that EuRA members can benefit from such expertise and that TERN Financial is committed to taking an active role in assisting our members."
"The endorsement of EuRA reaffirms that TERN Financial is succeeding in its mission to stay abreast of the changes in the industry and to provide creative, state-of-the-art insurance and risk solutions for its participants," said Coleman. "We look forward to working closely with EuRA in serving its membership."
TERN Financial Group Inc.'s TERNINGPOINTTM Professional Indemnity Policy is supported by Lloyd's of London. Lloyd's is the world's leading specialist insurance market with an 'A' claims-paying rating from AM Best and an 'A+' rating from Standard & Poor's.