New Markets
Community Banks
Nuts & Bolts: OneBeacon Insurance, working with select independent insurance agents, has developed a solution for the increasingly complex risks of community banks through a combination of coverages designed specifically for these financial institutions and broader property and casualty safeguards for the financial services industry. OneBeacon’s newest product — Professional @vantage for Financial Institutions — joins protection for emerging issues with traditional coverages such as Directors and Officers Liability, Employment Practices, Lender Liability, Cyber-Liability, and Financial Institution Bonds. To complete the picture, OneBeacon provides property and casualty coverage that is unique to banking through its @vantage for Financial Services product. This includes: foreclosed properties, mortgage errors and omissions, mortgage holder’s interest, property and liability for trust properties, and repossessed auto.
Carrier: OneBeacon
Dollars: Limits, deductibles and premiums will be based on the asset size of the bank; community banks generally have less than $3 billion in assets.
States: Pending regulatory approvals, the product will be available in all 50 states.
Contact: Gary Tannenbaum, Tel: (973) 630-6608, E-mail: gtannenbaum@ onebeacon.com
Criminal Justice System
Nuts & Bolts: U.S. Risk Underwriters Inc. offers coverage for public and privately-operated jails and prisons, as well as community corrections centers, halfway houses, electronic monitoring, prisoner transportation and virtually any other operation that has its participants directed to them by the criminal justice system.
Carrier: Nonadmitted; rated “A++” XV by A.M. Best
Dollars: Minimum premium: $15,000 secure residential facilities/$5,000 non-secure residential and non-residential operations. Deductible: $10,000 secure residential/$2,500 non-secure residential and $1,500 non residential operations
Contact: Michael L. Davis, CIC, U.S. Risk Underwriters, Inc., Scottsdale, AZ 85261
Broadcasters – Radio and Television
Nuts & Bolts: Property & Casualty coverage available to radio and television stations of all sizes including: inland marine (including tower coverage), commercial general liability, umbrella liability, broad real and personal property protection, equipment breakdown, automobile, workers’ compensation, umbrella liability, directors’ and officers liability and employee benefits liability. The program is administered through Aon Association Services, a Division of Affinity Insurance Services, Inc.
States: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
Contact: Maria Moreno, Aon Association Services, Washington, DC 20036