New Markets

Banking Engagement Insurance

Nuts & Bolts: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union), a member company of American International Group Inc. (AIG), announced the launch of its Investment Banking Engagement Insurance (IBEI) policy, a new type of professional liability insurance policy for investment banks to insure a specific transaction against errors and omissions (E&O) claims. IBEI can be used for any type of investment banking engagement including raising equity and debt in the capital markets and providing advisory services for mergers, acquisitions and other types of financial transactions. IBEI’s transaction-based approach allows investment banks, especially those mid-tier banks which may be most vulnerable to an adverse E&O event, to secure customized coverage for a specific transaction.

Dollars: Limits up to $25 million.

Carrier: AISLIC and Lexington, both rated “A+” by A. M. Best. Non-admitted.

States: All.

Contact: William Vreeland at 212-458-1816 or e-mail William.vreeland@aig.com.

Nursing Home Liability

Nuts & Bolts: Quadrant Insurance Managers, a national management general agency, has expanded its Nursing Home Liability product into Texas. This product offers professional and general liability coverage to Texas and Florida nursing homes (skilled nursing facilities); subacute care facilities; rehabilitation facilities; and intermediate or continuing care retirement communities. Previously, Quadrant’s Nursing Home Liability product was available only in Florida. Premium financing is available to qualified Texas insureds. The Nursing Home Liability product offers PL/GL coverage on a claims made policy. There is no limitation on the number of beds per location and there is no deductible. This product is available on a surplus lines basis.

Dollars: Up to $100,000 per claim; $100,000 aggregate.

Carrier: Rated “A-” VIII by A. M. Best. Non-admitted.

States: Texas, Florida.

Contact: Mark Harris at 614-841-1425 or e-mail mharris@quadrant-us.com.

Apartments, Habitational, Condominiums

Nuts & Bolts: A National program manager on behalf of United National Insurance Group is offering packages and mono-line general liability coverage for apartments, habitational, condominiums.

Dollars: $3 million to $25 million. Deductible is $5,000; minimum premium, $15,000. Maximum premium is $1 million. Minimum premium general liability is $7,500.

Carrier: United National Group of Insurance Cos., rated “A” by A. M. Best. Admitted and non-admitted.

States: All, except Alaska and Hawaii.

Contact: Steven Gross at 973-467-4467 or e-mail at sgross@metroins.com.

Directors’ and Officers Liability

Nuts & Bolts: Navigators Pro is offering directors and officers liability and employment practices liability for all industry sectors.

Dollars: $1million to $10 million; Minimum premium is $5,000; maximum premium, $500,000.

States: All.

Carrier: Navigators Insurance Co., “A” by A.M. Best. Admitted.

Contact: Christopher Duca at 212-613-4305 or e-mail at cduca@navg.com.

Donut Shops

Nuts & Bolts: Shoemaker & Besser Associates is offering a donut shop business owners program available for all lines.

Dollars: Up to $1 million.

Carrier: CNA Insurance Co., rated “A-” by A. M. Best. Admitted.

States: Del., Md., N.J., N.Y., Penn.

Contact: Brenda Swaltek, at 800-632-9002 ext. 8109 or e-mail bswaltek@shoemaker-besser.com.or go to www.shoemaker-besser.com.

Identity Fraud Expense Reimbursement, Small Business

Nuts & Bolts: In order to help the principals of small businesses overcome the effects of identity fraud, Travelers Select Accounts announced the addition of Identity Fraud Expense Reimbursement Coverage to its popular small commercial policies. The average time needed to resolve identity fraud problems can take at least 30 to more than 60 costly hours. Staying in-synch with this growing problem and the evolving needs of its customers, Travelers Select Accounts is one of the first to provide small business owners with Identity Fraud Expense Reimbursement Coverage to cover the time and out-of-pocket expenses incurred while restoring their identities. The coverage is also embedded in the Travelers enhancement endorsements for accountants, lawyers, technology office, technology manufacturers, medical and dental offices and eating establishments. Identity Fraud Expense Reimbursement Coverage covers small business principals including sole proprietors or individuals with greater than 20 percent ownership interest in a corporation.

Dollars: Up to $15,000 of identity fraud expenses per principal.

Carrier: St. Paul Travelers, rated “A+” by A.M. Best. Admitted.

States: All.

Contact: Bob Harrington at 312-017-1340 or e-mail at rharring@travelers.com.