New Markets
Employed Lawyers Protection
Nuts & Bolts: Philadelphia Insurance Cos. launched Employed Lawyers Protection Plus, a product that protects attorneys working as in-house counsel, their support staff and eligible independent contractors from claims arising out of their work in providing legal services to the insured, including moonlighting and pro bono services. Protection is provided to the in-house attorney including matters where indemnification by the employer is not permitted or withheld. Claims alleging malpractice against the in-house attorney, which are excluded under many directors and officers policies are covered and may be brought by third parties as well as their employer and shareholders. Acceptable classes include most types of privately held and non-profit organizations, as well as publicly traded companies with less than $1 billion in market capitalization. Other underwriting criteria and restrictions apply.
Dollars: Up to $10 million available.
Carrier: Philadelphia Insurance Companies, rated “A+” by A. M. Best. Admitted.
States: All, except in Louisiana. Available on admitted paper in 45 states. Check with company for more information.
Contact: James Sheldon, product development manager and counsel, 610-538-2138 or e-mail, jsheldon@phlyins.com
Primary Products & General Liability
Nuts & Bolts: Axiom Speciality announces new products that include small to medium-sized accounts targeting several manufacturing/importing/distributing classes, i.e. alarm manufacturing, auto part manufacturing (non-operating), commercial GCs, commercial roofers, playground manufacturing, and medical equipment and computing manufacturing. Call or e-mail for additional classes.
Dollars: $1 million/$2 million/$2 million. Minimum premium, $7,500; minimum deductible $2,500 per claim.
Carrier: United National Insurance Co., rated “A” IX by A. M. Best. Non-admitted.
States: California
Contact: Eirik Fulton at 760-245-6999 or e-mail efulton@axiomspecialty.com
City Homes Insurance Program (CHIP)
Nuts & Bolts: Most major insurers see the small condo and apartment buildings that dominate the residential neighborhoods of many American cities as bad business. The premiums are simply too low and the risk level too high. What has traditionally been an undesirable segment for top insurers is proving to be fertile ground for real estate insurance program developer — Distinguished Programs. Earlier this spring, the firm began testing the waters with CHIP (City Homes Insurance Program) — their new property, liability and umbrella program for condo and apartment buildings with 20 units or less and up to $5 million in insured values. The program, which is available exclusively through agents and brokers, gives small building owners the same level of coverage and deductible options available to larger property owners.
Dollars: Up to $5 million.
Carrier: AIG, rating “A+” by A. M. Best. Admitted.
States: Albany, N.Y. Alexandria, Va., Baltimore, Chicago, Denver, Los Angeles, Milwaukee, Minneapolis, Philadelphia, Portland, Ore., Seattle, St. Louis, and Washington, D.C.
Contact: Jim Tesoriero, at 888-355-4626 or jtesoriero@distinquished.com
Land Surveyors Professional Liability
Nuts & Bolts: Victor O. Schinnerer & Company announced its new online application for Land Surveyors professional liability. This latest technological development helps to simplify the application process by saving time and effort for both brokers and clients. In addition to quotes being delivered and processed more quickly which ultimately improves customer service the new online application has many time saving features: • Pause allows the applicant to save the application mid-stream if they are interrupted and come back to it later with a tracking number; Forward allows the applicant to e-mail the application to others for help in completing certain sections; Submit sends the application directly to Schinnerer. Copies are automatically sent to all e-mail addresses included on the application, including the broker and the prospective insured. • Attachment allows documents of all kinds<\m>biographies, financials, resumes, etc. to be attached to the online application instead of mailing them separately. Coded Links are links customized for the broker that, when accessed, pre-fills the application with the brokerage information. When the application is submitted, you get a copy and we know who to send the quote to. Brokers can send the coded links to prospects via e-mail, providing an easy and efficient way to attract smaller businesses. Brokers can request a coded link through Schinnerer’s Broker Launchpad. Access the Land Surveyors E&O Application at: www.Schinnerer.com and select Land Surveyors E&O.
Dollars: Up to $10 million for professional liability
Carrier: CNA Insurance, rated “A” by A. M. Best. Admitted.
States: All, including the District of Columbia and U.S. Territories.
Contact: Kevin Collins, 301-951-5412 or e-mail Kevin.j.collins@Schinnerer.com
Real Estate Construction
Nuts & Bolts: New York City and New York real estate construction coverage for owners is available from Atlantic Risk Specialists in amounts of from $1 million for general loss; $5 million for builders risk; and $10 million for umbrella.
Dollars: Up to $10 million
Carrier: Atlantic Risk Specialist, rated “A” by A.M. Best. Non-admitted.
States: Conn., Del., N.J., N.Y., Penn., and Va.
Contact: Darren Dooskin, director, Marketing, at (201) 661-2340 or e-mail ddooskin@arspecialists.com.
E&O Program ProSlip
Nuts & Bolts: ProSLIP, the insurance wholesaler errors and omissions program is marking its 15th anniversary. Since its first offering in 1991, ProSLIP, the exclusive E&O program of Quadrant Insurance Managers. ProSLIP was designed to provide a superior choice for errors and omissions coverage for insurance wholesalers, managing general agencies (MGAs), third party administrators (TPAs), program administrators, reinsurance intermediaries, and excess and surplus lines agencies. Quadrant is selective with the risks introduced to the program which brings added security for existing clients and stability of the entire program. ProSLIP is further distinguished in its Quality Assurance Program, a loss control plan that helps promote a more efficient and effective insurance operation. More effective and efficient businesses mean more risk awareness and fewer risk exposures and claims. Any E&O program with measurable longevity represents a stable and solid market presence.
Dollars: $1 million to $10 million.
Carrier: Rated “A-” by A.M. Best. Non-admitted.
States: All.
Contact: Douglas Ruml, Quadrant Insurance Managers, at 614-814-1425 or e-mail druml@quadrant-us.com