New Markets
Residential Contractors General Liability
Nuts & Bolts: Quadrant Insurance Managers added two new contractor programs to be based out of its Texas office: residential homebuilders/contractors general liability and roofing contractors general liability. The programs are available in Texas on a surplus lines basis.
Dollars: The homebuilders liability program has a minimum premium of $5,000, a minimum deductible of $5,000 and primary limits ranging from $500,000 to $1 million. The roofing contractors liability program has a minimum premium of $2,500, a minimum deductible of $2,500 and primary limits ranging from $500,000 to $1 million.
Carrier: Rated “A-” by A.M. Best.
State Available: Texas.
Contact: Mark Harris, (614) 841-1425 or mharris@quadrant-us.com.
Enhanced Orthotic/Prosthetic Program
Nuts & Bolts: The Hartford Financial Services Group Inc. introduced a new supplemental property insurance coverage endorsement, The Hartford’s orthotic and prosthetic program for practitioners, manufacturers and distributors of custom-fit orthotic and prosthetic devices. The endorsement complements existing general liability, professional liability, worker’s compensation and auto and umbrella coverages. The Orthotics and Pros-thetics program features the company’s broad Property Choice insurance protection, which includes coverage for equipment breakdown and Internet-related exposures, general liability coverage for product claims and professional liability coverage for negligence in designing or providing an orthotic or prosthetic device.
In addition, the new endorsement provides up to $200,000 for lost business income. Other coverage includes up to $100,000 for business property losses, whether they occur in transit or at another location, and up to $25,000 for loss or damage to valuable papers or a laptop computer. It also provides coverage for various financial crimes committed against an insured, including forgery or alteration, counterfeit currency and stolen money and securities.
Dollars: No minimum premiums; wide range of deductibles starting at $1,000; limits vary.
Carrier: The Hartford, admitted.
States Available: All 48 contiguous.
Contact: Brian Courcy, (800) 639-1504 or programs@chittendeninsurance.
Accountants’ PL
Nuts & Bolts: Liberty International Underwriters, a division of Liberty Mutual Group, and ProTexn Inc. are offering CPAEssential, an accountants’ professional liability policy designed specifically for CPAs and CPA firms, in 34 states plus the District of Columbia. CPAEssential, available at www.cpaessential.com, is geared especially for companies employing up to 75 accounting professionals. LIU and ProTexn are working to make CPAEssential available countrywide; approvals are pending in several states.
Carrier: Liberty International Underwriters, part of the Liberty Mutual Group.
States Available: 34 states, plus District of Columbia.
Contact: Joe Barnard (800) 441-9196,
joebarnard@protexn.com or www.cpaessential.com.
Stand-Alone Terrorism
Nuts & Bolts: Insurance Company of the West announced it will offer admitted stand-alone property terrorism coverage for most states. Additional states, including New York, New Jersey, Vermont, Connecticut, Dela-ware, Maine, Massachusetts, New Hampshire and the District of Columbia will be added in the future. It covers certified and/or non-certified acts of terrorism. Excluded is loss caused by terrorism involving release or dispersal of nuclear, radioactive, biological, or chemical materials. It has business interruption coverage for 12 months (no contingent BI), including ordinary payroll. Coverage is available through appointed agents and brokers.
Dollars: Limits up to $20 million per location, subject to specific proximity guidelines. Deductibles are determined on risk specific issues.
Carrier: ICW Group is rated “A-” IX by A.M. Best.
States Available: Most.
Contact: Carol Pringle, (858) 350-2639, or cpringle@icwgroup.com.
Enhanced Spectrum BOP
Nuts & Bolts: The Hartford Financial Services Group Inc. introduced a series of enhancements to its Spectrum business owners policy. The new changes increase endorsement limits, add coverages and streamline the process of choosing an appropriate level of coverage. The Hartford further enhanced its tailored industry-specific Super Stretches by providing blanket limits of $250,000 or $350,000 (depending on the industry) that can be applied to six coverages as needed, including: Computers and media (hardware and software), debris removal, personal property of others, temperature change, accounts receivable and valuable papers and records.
The endorsement is structured into three tiers of packages: Standard Stretch, Standard Super Stretch and the tailored Super Stretch for specific industries/classes. The new Spectrum base policy broadens property coverages to reflect growing needs. It increased separate limits for both accounts receivable and for valuable papers and records, and expanded coverage to include these items when located off premises.The base policy also contains new coverage for the added costs of restoring damaged buildings to conform to current local building codes.
Dollars: Blanket limits of $250,000 or $350,000 (depending on the industry) that can be applied to six coverages as needed.
Carrier: The Hartford.
States Available: Available in most states by October.
Contact: www.thehartford.com.