New Markets
Expanded Excess Surety Bond
Nuts & Bolts: The Chubb Group of Ins. Co. introduced “SuretyPlus,” which can provide up to $250 million in excess surety bond protection for projects over $500 million. It is designed to enable qualified construction firms and consortiums involved in a variety of projects, from roads to commercial buildings and power plants, to provide project owners with performance and payment bonds of up to $250 million in excess of a minimum of $500 million of primary bond limits. The product is available to retail agents and brokers through Atlantic Star Intermediaries LLC, an insurance broker specializing in the construction and real estate industries.
Dollars: Premiums vary according to the risk. There is no deductible.
Carrier: Federal Ins. Co., Vigilant Ins. Co. or Pacific Indemnity Co., all admitted.
States Available: All. Contact: Nate Lampard, (212) 233-5015 or nlampard@atlstar.com. Bob Kelly, (908) 903-4584 or rgkelly@chubb.com.
Liability for Restaurants
Nuts & Bolts: Monitor Liability Managers Inc. released “Restaurant InsurePak,” a tailor-made employment practices liability program geared specifically for full-service restaurants, fast-food restaurants, cafeterias, food service contractors and vendors. The target market is small to mid-size accounts ranging from five to 2,000 employees. Monitor Liability Managers Inc. is a wholly owned subsidiary of W. R. Berkley Corporation operating nationally as an underwriting management company specializing in professional liability insurance.
Dollars: Limits of liability up to $5 million. Deductibles from $2,500.
Carriers: Admiral Ins. Co. rated “A+” by Best, nonadmitted; Carolina Casualty Ins. Co., rated “A” by Best, admitted.
States Available: Available through Admiral in all states, some states may not be available through Carolina Casualty.
Contact: Lynette Lyngaas, 847.806.6590, or www.monitorliability.com.
Luxury Pleasure Boats and Mega-Yachts
Nuts & Bolts: INAMAR, the marine marketing and underwriting division of ACE USA, introduced a significantly enhanced version of its elite yacht program, designed to fulfill the unique insurance needs of high-value luxury yacht owners. It is designed specifically for vessels valued at $5 million or greater, and includes many new benefits such as a waiver for the hull physical damage deductible if the loss amount exceeds that deductible. Other benefits and features include: Worldwide navigation limits, fine arts coverage, captain and crew coverage, loss of charter income, rental reimbursement
and marine environmental damage benefits along with many other distinctive policy
provisions.
Dollars: Policy limits depend on client requirements. The deductible is generally one-half percent of the Hull (property) limit, although it is conditional.
Carrier: ACE American Ins. Co. rated “A” by A.M. Best, admitted.
States Available: All.
Contact: Peter LaFontaine, (215) 640-
2609 or peter.lafontaine@ace-ina.com. www.INAMARmarine.com.