New Markets
Staffing Firms
Nuts & Bolts: Victor O. Schinnerer and Company launched SpecialtyOne, an errors and omissions insurance program for management consultants and staffing firms. Target risks for the program include a range of consultants such as management, marketing, human resource, public relations and market research firms, as well as staffing firms like employment agencies, temporary staffing and executive recruiting. The duty-to-defend policy also features defense coverage against allegations of criminal, dishonest, fraudulent or malicious errors and omissions, and an innocent insured provision. Claims are handled by a third-party administrator specializing in professional liability claims. Schinnerer works with independent agents, brokers and wholesalers. No special licensing is necessary.
Dollars: Minimum premium is $2,500 and deductibles start at $2,500 for up to $1 million in annual revenue. Policy limit is $5 million.
Carrier: Brit, a Lloyd’s of London Syndicate, rated “A,” nonadmitted.
States Available: All except Alaska, Hawaii, Illinois and Kentucky. Coverage will soon be available in Illinois and Kentucky.
Contact: Mark Wolf, (301) 961-9867, mark.s.wolf@schinnerer.com or Mary Jeffer-son, (301) 951-9798, mary.l.jefferson@schinnerer.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. Also offered are finance and insurance products, such as credit life, disability coverage, reinsurance and retrospective programs. Training and consulting services include a streamlined selling system, F&I seminars and income development.
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.
High-Value Autos in Texas
Nuts & Bolts: AIG Private Client Group, a division of the personal lines property and casualty insurance subsidiaries of American International Group Inc., has launched its enhanced AIG Private Client Group Auto Program in Texas. The offering is designed specifically for high net worth individuals who own high-value vehicles and/or collector cars. The policy allows for protection against first-party diminution of value claims on covered or newly acquired automobiles. Collec-tors can purchase insurance that takes limited usage into account during the underwriting process and allows for a virtually unlimited number of collector and regular-use vehicles to be covered on one policy. The program also includes: Agreed value provisions, coverage amount determined at the onset of a policy is locked-in for the entire term; Coverage for specialty vehicles, including motorcycles; Freedom to choose a repair facility; and a single bill for all auto coverage needs.
Dollars: Loss of use at $5,000, including no per diem limit on rental reimbursement; Loss of use limit is increased to $5,000 per occurrence; and Deductible waived in the event of a total loss.
States Available: New to Texas, currently approved in over 20 states.
Contact: Andrea Bezark at (212) 770-8011 or visit www.aigpcg.com.
Outsourcing Coverage
Nuts & Bolts: Lexington Ins. 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. An endorsement to Lexington’s multi-peril property policy, it 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. Coverage may be expanded 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 and EPL 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.
Internet Basic Liability
Nuts & Bolts: St. Paul Travelers launched a basic Internet liability policy aimed at small to mid-size technology. 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 risks are covered: Failing to protect private customer or client information from hackers or accidental disclosure online and 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. 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.
States Available: All except Louisiana.
Contact: Aaron Latto, (651) 310-8566, alatto@stpaultravelers.com or www.stpaultravelers.com.
To submit information to this department,
e-mail bwells@insurancejournal.com.