New Markets
Enhanced Identity Theft Protection
Nuts & Bolts: Travelers personal lines, a member of St. Paul Travelers, announced significant enhancements to its identity theft protection program, including a new resolution service and expanded expense reimbursement coverage.
They now offer resolution services that provide identity theft victims with the help they need. A consumer fraud specialist will guide victims through the steps of reclaiming their identity and repairing their damaged financial history, including ordering credit reports, alerting credit reporting agencies, enrolling customers in six months of daily credit monitoring, and preparing dispute letters on the customers’ behalf.
In addition, the expense reimbursement coverages have been expanded with increased coverage limit from $15,000 to $25,000, eliminated deductibles, increased coverage for lost wages up to $1,000 per week for a maximum of five weeks and added reimbursement for daycare and eldercare expenses. Other covered expenses include notary and certified mail charges for completing and delivering fraud affidavits, fees to re-apply for loans that were denied due to erroneous credit information due to the identity theft, long distance telephone charges for calling merchants, the cost of discussing an act of identity theft with law enforcement agencies or credit grantors and attorney fees incurred with Travelers’ prior consent. Offered as an endorsement to a Travelers homeowners, condo or renters policy for only $25 per year, the enhanced identity theft coverage will be available in most states.
Also offered is identity fraud expense reimbursement coverage to financial institutions or other commercial businesses that purchase a master policy on behalf of their account holders or customers, or for use as an employee or membership benefit offering.
Dollars: The limit is $25,000. No deductibles. The endorsement to any Travelers homeowners, condo or renters policy is $25 per year.
Carrier: Travelers rated “A+,” nonadmitted.
States Available: All except Hawaii and Alaska.
Contact: Kristin Fabian, (860) 277-6497.
Employee Identity Theft and Discrimination Allegations
Nuts & Bolts: NAS Insurance Services’ EPLI program now covers employers for allegations of improper disclosure of confidential information resulting in identity theft. In addition, coverage for employers from allegations of genetic make-up discrimination is also included. NAS Insurance Services is an underwriting manager and Lloyds correspondent located in Encino, Calif.
Dollars: The minimum premium is $1,728. Deductibles are $5,000 and limits range from $100,000 to $2 million.
Carrier: Lloyd’s of London rated “A” by A.M. Best, nonadmitted.
States Available: All except Alaska, Alabama, Kentucky and Illinois.
Contact: Anita Bryant, (818) 808-4465 or abryant@nasinsurance.com. Melvin Osswald, (818) 808-4467 or mosswald@nasinsurance.com.
EPLI Program for Small Employers
Nuts & Bolts: Rockwood Programs developed an Employment Practices Liability Insurance policy specifically tailored to address the unique needs of small employers. Companies with 15 employees or fewer are eligible for the coverage. The product is being marketed under the name of the Rockwood Guardian EPLI Program. The program offers liability limits of $50,000 and $100,000. Applicants also have the option of selecting between defense/indemnity and defense only coverages. All policies are issued with a $5,000 deductible. Rockwood can satisfy requests for higher limits through other markets outside of the Guardian program. The insurance is offered through the Rockwood Guardian EPLI Risk Purchasing Group.
Dollars: Minimum premiums are $500. Liability limits are available at $50,000 and $100,000. All policies are issued with a $5,000 deductible.
Carrier: Lloyds of London rated “A+,” nonadmitted.
States Available: All.
Contact: Thomas Caputo, (302) 765-6012, thomas.caputo@rockwoodinsurance.com.
Large Manufacturing Commercial Property
Nuts & Bolts: General Casualty Ins. Cos. enhanced their commercial coverages and capacity becoming a market for additional manufacturing lines of business. The Sun Prairie, Wis.-based property and casualty insurer is now looking to write accounts with property values up to $60 million. Risks must fall within targeted classes and have adequate private and public fire protection. The company said it would consider increasing those limits to $75 million or more based upon class of business and an underwriting review.
As a regional carrier, they’ve historically written smaller property accounts with less emphasis on manufacturing business classes, however, they’ve become a billion-dollar company with a full menu of services to support this business and are now a market for larger properties striving to grow market share specifically in the manufacturing sector. They also enhanced supporting property coverages and limits, as well as a blanket coverage extension that makes its comprehensive insurance policy more flexible. They partnered with Hartford Steam Boiler to provide enhanced systems breakdown coverage, which can be written directly through General Casualty underwriters and covers a wide variety of mechanical or electrical failure of equipment, machines, computers and heating/cooling systems.
They can write many manufacturing classes, including plastics, food, metalworking, printing, wood products, textiles and paper goods manufacturers. Plastics manufacturing is a new market for General Casualty, and the company is targeting the following classes: injection molding, extrusion molding, blow molding, compression molding, rotational molding, transfer molding and thermoforming.
The company does not write plastics manufacturers that perform calendaring, plastic coating, casting, laminating or reaction molding, or produce foamed plastics, reinforced plastics or fiberglass. It offers commercial customers loss control services, liability and workers’ compensation coverages, local underwriting and 24-hour claim reporting.
Dollars: A variety of deductibles are available, as well as a variety of limits for specific coverages, increased limits are also available. Per-location property limits vary by class.
Carrier: General Casualty Insurance Companies rated “A-” by A.M. Best, admitted.
States Available: Alabama, Arkansas, Connecticut, Georgia, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New York, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Virginia and Wisconsin.
Contact: Jon Borgen, (608) 837-4440.