New Markets
Motor Carriers Suite
Nuts & Bolts: Lexington Insurance Company, a member company of American International Group Inc., introduced Lex TransportPlus, a new product suite encompassing two policies: Motor Truck Cargo and Vehicle Physical Damage insurance. The two policies offer broad, flexible coverage for motor carriers and are available together with a single aggregate deductible and limit, or on a stand-alone basis with a variety of optional enhancements that address key industry exposures, including employee theft.
Motor Truck Cargo insurance covers the legal obligations of both common and contract carriers with revenues. Scheduling of individual vehicles or operators under the cargo policy is not required, and coverage can be tailored for motor carriers hauling virtually any type of commodity. Vehicle Physical Damage insurance is designed to meet the needs of scheduled owned vehicles of most types of over-the-road vehicles, including buses, rescue vehicles, cherry pickers, ready-mix units and dump trucks. A range of available coverage options include specified perils and collision, and coverage can be extended to include temporary transportation rental expenses and temporary replacement vehicle physical damage. Optional additional limits are available for towing, storage and debris removal expenses.
Dollars: Deductibles and limits vary per risk with no absolute regarding minimums or maximums.
Carrier: Lexington Insurance, nonadmitted.
States Available: All states except Delaware.
Contact: Steve.Silverman, (617) 330-8492 or e-mail lexproperty@aig.com.
Security Guards
Nuts & Bolts: Brownyard Group recently expanded Brownguard, its flagship package program for security guard firms, to include limits up to $5 million. Brownguard provides broad coverage, which includes general liability, excess/umbrella liability, workers’ compensation, property, auto and first- and third- party dishonesty coverage. Brownguard is underwritten by Arch Insurance Group and is available throughout the United States except Wyoming. It is distributed solely through independent insurance agents.
Dollars: Limits go up to $5 million. There are no deductibles and the minimum premiums start at $2,500.
Carrier: Arch Ins. Co. rated “A-” XV, nonadmitted in all states except New York.
States Available: All except Wyoming.
Contact: Torrence Brownyard, (800) 645-5820 or tbrownyad@brownyard.com.
Non-Franchised Auto Dealers
Nuts & Bolts: DMI Insurance Services Inc. expanded the range of markets it supplies to producers serving non-franchised auto dealers and automotive specialty shops. The new markets are available through admitted and nonadmitted carriers in select states. Burlington Insurance Group and Western Heritage Insurance Company (a Nationwide Company rated A+15) are new markets for DMI. The new markets will supply coverage that has not been readily available to many producers due to low volume, certain classes of business, or characteristics unique to specific businesses within the non-franchised auto dealers and automotive specialty shops industries.
Dollars: Deductible $500, minimum premium $1,500.
Carrier: Burlington Insurance Group and Western Heritage Ins. Co. rated “A+” XV, admitted and nonadmitted. Clarendon Insurance, admitted.
States Available: Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Mexico, New York, Ohio, Oregon, Pennsylvania, North Carolina and South Carolina.
Contact: Tina Evans, (800) 877-2525 ext. 2012.
Luxury Condos and Co-ops
Nuts & Bolts: The Chubb Group of Insurance Companies rolled out insurance packages for the owners of luxury condo and co-op apartments in Illinois and New York. The policies address coverage gaps created by building associations reducing their commercial insurance limits and increasing their deductibles during the last few years.
Masterpiece Condominium Preference and Masterpiece Cooperative Preference provide high limits of property and liability insurance coverage. They include $100,000 in coverage for assessments to all unit owners for incidents that may not be adequately addressed by a building association or its master insurance policy. Separate $10,000 limits apply for assessments resulting from deductibles under the association’s policy.
Dollars: Deductibles range from $500 to $50,000. The minimum limit is $300,000 for alterations and additions, $400,000 for contents.
Carrier: Several Chubb Group of Companies members including Federal and Vigilant, all rated “A++” by A.M. Best; admitted in New York.
States Available: Illinois and New York.
Contact: www.chubb.com/personal.
Residential General Contractors Liability
Nuts & Bolts: Jack Nebel Companies offers residential general contractors liability in Illinois, Indiana, Michigan, Minnesota and Wisconsin. Policy limits are $5 million/$5 million. The carrier is the nonadmitted Nautilus Ins. Co., rated “A” VIII. The market caters to the smaller general contractor with revenues less than $10 million. Jack Nebel Companies offer fast service by known contracting specialists and an experienced staff.
Dollars: Limits are $5 million/$5 million. The deductible is $1,000 and the minimum premium $3,500.
Carrier: Nautilus Ins. Co. rated “A VIII,” nonadmitted.
States Available: Illinois, Indiana, Michigan, Minnesota and Wisconsin.
Contact: Jack Nebel, (847) 934-2900 or www.jnebel.com.
Energy Risk
Nuts & Bolts: ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, formed ACE Energy, a new retail business unit focusing on the needs of the U.S. energy marketplace.
The business will offer a full suite of property and casualty products for energy related entities, including coverage for: Onshore and offshore oil and gas facilities; Power and utility generating facilities; Inland marine, on a retail basis; High-challenge facilities, such as mining; Custom and excess casualty lines.
Dollars: Property maximum limit of $50 million. Casualty maximum limit up to $25 million in capacity available. Primary and excess coverage also available. Environmental coverage options also available up to $25 million limit for select classes. Deductibles and sublimits will vary with individual risk characteristics.
Carrier: ACE American Ins. Co. rated “A+” (superior) by A.M. Best, admitted and Illinois Union, nonadmitted.
States Available: All.
Contact: Paul O’Neill, (678) 795-4339 or paul.o’neill@ace-ina.com.Keith Mattheessen, (713) 403-3020 or keith.mattheessen@ace-ina.com.