New Markets
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. Outsourcing Protector, an endorsement to Lexington’s multi-peril 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.
Internet Basic Liability Protection Policy for Certain Tech Businesses
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 particular 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. 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.
States Available: All except Louisiana.
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.
Big Boat Insurance for Racers And Cruisers
Nuts & Bolts: U.S. Sailing Assoc., the national governing body for the sport, and Gowrie Barden & Brett, have teamed up to offer a new big boat insurance program for U.S. Sailing members. The program offers comprehensive, customized coverage for sailboats larger than 30 feet on and off the racecourse. The big boat insurance program is available for most types of boats, including new and older boats, PHRF and Grand Prix racers, as well as cruisers. Some coverage highlights are: Captain and crew, paid and unpaid; Containers and equipment onshore; Overland transportation; Worldwide navigation optional. “A+” rated paper.
Dollars: Premiums and deductibles vary by risk based on sailboat type, loss history and use. Policy limits go up to $5 million for hull and P&I.
Carrier: Several domestic carriers rated “A+” or better, admitted.
States Available: All states.
Contact: Rod Clingman, (800) 262-8911 ext. 177.
Misc. E&S
Nuts & Bolts: CRC Insurance Services, based in Atlanta, Ga., is offering a new E&S market for businesses such as cosmetics manufacturing, playground equipment distributor, skateboard ramp manufacturing, aftermarket auto parts, candle importing, conveyor belt manufacturing, go-kart distributing, tire distributing, seafood distributing, sporting goods manufacturing, vitamin distributing, scaffolding/aerial reach/crane, bug repellant wristbands, trailer hitch manufacturing, contact lens manufacturing, toy manufacturing, helmet manufacturing, non-invasive medical products, and more.
Dollars: Policy limits are 1/2/2/1, deductible is $2,500 and the minimum premium is $7,500.
Carrier: Rated “A,” nonadmitted
States Available: All.
Contact: Jeffrey Dunn, (888) 633-6284 or jdunn@crcins.com.
Teachers’ Professional Liability
Nuts & Bolts: THOMCO added teachers’ professional liability to its “Childcare Choice” program, endorsed by the National Child Care Association. Coverage is offered automatically and at no charge on all policies. It includes, but is not limited to, property, automobile, general liability (including sexual abuse and corporal punishment), student accident, equipment breakdown and umbrella liability.
Dollars: There is no additional premium or deductible involved in this endorsement.
Carrier: Stonington Ins. Co. rated “A,” admitted.
States Available: All.
Contact: Cheryl Griffin, (888) 245-7339 or csgriffin@thomcoins.com.
To submit information for this department, e-mail bwells@insurancejournal.com.