New Markets
Internet Basic Liability Policy for Small, Mid-Size Tech Firms
Nuts & Bolts: St. Paul Travelers launched a basic Internet liability policy aimed at small to mid-size technology firms. Internet basic liability protection is designed for technology businesses or firms with between $5 million and $100 million in revenues that conduct business over the Internet. Two particular risks are covered: (1) failing to protect private customer or client information from hackers or accidental disclosure online, and (2) failing to prevent the spread of computer viruses. Larger companies may also be eligible for Internet Basic, which fits together with technology underwriting’s CGL policy and insures against damages caused by two types of wrongful acts. Businesses that choose to purchase Internet Basic are not required to undergo a security audit. In addition, in the event of a claim or lawsuit, Internet Basic provides legal defense subject to policy limits.
Dollars: The minimum deductible is $5,000. The minimum premium, which varies by state, is in the $1,000 range. Most accounts take $1 million/$1 million to $5 million/$5 million limits, but higher limits are available.
Carrier: St. Paul Fire and Marine Ins. Co. rated “A” by A.M. Best.
Contact: Aaron Latto, 651.310.8566, alatto@stpaultravelers.com or www.stpaultravelers.com.
Motorcycle, Garage Keepers and Open Lot
Nuts & Bolts: MBA Holdings’ subsidiary, National Motorcycle Dealers Association, has entered into an agreement with Universal Underwriters Group to underwrite insurance products to franchised motorcycle dealers. Universal Underwriters Group product offerings include: auto inventory physical damage, property, garage liability, umbrella, crime and other specified coverages. Universal Underwriters also offers finance and insurance products, such as: credit life, disability coverage, reinsurance and retrospective programs. Additional training and consulting services include a streamlined selling system, F&I seminars and income development for dealerships.
Dollars: Premiums, deductibles and limits are different depending on the loss history, etc. and vary per account.
Carrier: Universal Underwriters Group, rated “A,” admitted.
States Available: All except Louisiana.
Contact: (800) 840-8842, ext. 1285, or www.universalunderwriters.com.
Outsourcing Coverage
Nuts & Bolts: Lexington Insurance Co., a member company of American International Group, launched Outsourcing Protector, a new property insurance offering designed to help companies address the risks of domestic and overseas outsourcing. Outsourcing Protector, an endorsement to Lexington’s multiperil property policy, extends Lexington’s property coverage to business interruption losses and extra expenses incurred as the result of a fire or other covered causes of loss that occurs at the outsourcing vendors’ facilities. When an insured has purchased terrorism and/or cyber-related coverages in its property policy, the endorsement will indemnify such perils. Customers may also expand coverage to include an insured’s business and personal property located at vendor locations, both foreign and domestic.
Dollars: Premiums, deductibles and limits are underwritten on an individual account basis; however, the maximum limit for this cover is $10 million.
Carrier: Lexington Insurance Company, rated “A+” (superior) by A.M. Best and “AA” by S&P, nonadmitted.
States Available: All except Delaware.
Contact: John Foreman (617) 330-8429 or outsourcingprotector@aig.com.
Recruiters Professional Package
Nuts & Bolts: Indemnity Excess & Surplus Agency is offering a new recruiters professional package specifically designed for permanent employment placement firms with up to $3 million in revenue. Product features include errors and omissions, employment practices liability and business owners package.
Dollars: Policy limits for E&O & EPL are available up to $3 million. BOP GL limits up to $1 million/$2 million and personal property up to $250,000. Deductibles start at $1,000.
Carrier: Rated “A++” by A.M. Best, admitted.
States Available: All except Louisiana.
Contact: Jim Heisler, Shawn Cummar or Delia Grenier, (800) 487-2442 or www.ies-xs.com.
Residential Wrap-Up
Nuts & Bolts: Los Angeles-based Lemac and Associates has a new residential wrap-up market. The carrier is new to the wrap-up market, so they have a large capacity for condominium, townhouse, apartment and single-family dwelling projects.
Dollars: Minimum premiums vary. Limits are $2 million/$2 million, however Lemac has carriers available to write excess limits.
States Available: All.
Contact: www.lemacassociates.com.
Tree and Landscape Contractors
Nuts & Bolts: Summit Insurance Services Inc. launched a new insurance program called ArborMAX designed specifically to protect tree and landscape contractors. ArborMAX offers general liability, property, inland marine, automobile and umbrella coverage, along with value added services. It also provides a wide range of coverages tailored to meet the specific needs of the tree and landscape industries, such as pesticide and herbicide applicator coverage, workmanship error (including consulting) coverage, tools and equipment coverage, per project and per location coverage and coverage for additional insured’s. Ward North America will administer claim service.
Dollars: The minimum premium is $5,000, with many payment options available.
Carrier: Alea North America Insurance Co., rated “A-” by A.M. Best and S&P.
States Available: California, Connecticut, Florida, Michigan, New Jersey, New York and Pennsylvania.
Contact: Mike Rook, (800) 409-0226, or mrook@summitins.net.
To submit information for this department, e-mail: bwells@insurancejournal.com.