New Markets
Corporate Identity Theft
Nuts & Bolts: National Union Fire Insurance Company of Pittsburgh, Pa., a member company of American International Group Inc., released AIG Corporate Identity Protection, an insurance policy designed to protect small and mid-sized companies from financial exposures related to identity theft or the threat of identity theft. AIG Corporate Identity Protection, which is meant for companies in Main Sreet industries with revenues up to $100 million or holding up to one million identities, provides coverage to a company when the personal data of its employees or customers is compromised, regardless of whether an actual identity theft results.
The policy offers coverage to the insured company for the following: legal liability damages; defense costs; regulatory action expenses; notification costs; crisis expenses and post event services, including identity theft recovery services, such as education, assistance and credit monitoring for victims.
Dollars: $100,000 up to $5 million.
Carrier: American International Specialty Lines Insurance Co. Non-admitted.
States: All. In Alaska and New Jersey the policy is issued by Lexington.
Contact: Peter Tulupman, Public Relations manager, 212-770-3141 or e-mail:
professionalliability@aig.com or visit: www.aignationalunion.com.
Professional Liability Program
Nuts & Bolts: Professional Underwriters, a national program administrator focused on public entity insurance, has launched a new Professional Liability program, Provantage PE. Designed specifically for the public entity marketplace, Provantage PE offers brokers and agents access to monoline law enforcement professional, public pfficials professional/EPLI, and educators’ legal liability/EPLI on a nationwide basis.
Dollars: Up to $ 5 million
Carrier: Rated by “A” IX by A. M. Best. Non-admitted
States: All except West Virginia and New Mexico.
Contact: Karen Eckert, vice president, municipal programs at 888-855-4782 or by visiting www.ProvantagePE.com.
Sustainable Farm Program
Nuts & Bolts: Midlands Management Corporation, based in Oklahoma City, has launched a Sustainable Farm Insurance Program, which it says is a first-of-its-kind, multi-line insurance program designed to meet the needs of agricultural farmers following sustainable farming practices. The program was developed after field research facilitated by the Pennsylvania Association for Sustainable Agriculture, in Milheim, Pa.
The program is targeting small local farms practicing sustainable agriculture. Community supported agriculture operations are acceptable. Coverage features products liability including direct sales to consumers and limited loss of income coverage.
Dollars: Aggregate limits three times the occurrence limit.
Carrier: Markel Insurance Company, located in Glen Allen, Va. Admitted.
States: Calif., Ill., Maine, Minn., N.Y., Ohio, Okla., Ore., Penn., Ver., Wash., and Wis.
Contact Roger Park, 800-800-4007; fax, 405-840-5432; sustainableag@midman.com; or visit: www.sustainablefarminsurance.com.