New Markets
Wedding Insurance
Nuts & Bolts: Travelers recently launched Wedding Protector Plan, which provides coverage with no deductible for a variety of unfortunate occurrences associated with a wedding event. For example, coverage is provided if a hurricane causes the necessary and unavoidable cancellation or postponement of the event. Other coverages include postponement for withdrawal of military leave, forfeited and lost deposits, extra expenses associated with special attire, transportation, photographs and entertainment expenses. The top wedding claims typically include damage to wedding attire, mishaps with event photography, cancellation due to illness or bereavement, and no-shows by contracted vendors. Travelers created www.AgentProtectMyWedding.com, which offers a Risk Quiz to help consumers determine how much risk surrounds their wedding, plus examples of coverages. Consumers can then use the online agent locator to find a nearby Travelers independent agent. Coverage is available as long as the wedding is more than 14 days away.
Dollars: Up to $261,000 core coverage/$1 million liability/$1 million physical damage.
Carrier: The Travelers Cos. Rated “A+” by A.M. Best. Admitted.
States: All, except Alaska, Calif., Fla., Hawaii, La., Mass. and Wash. Events will be covered in Puerto Rico, Canada, United Kingdom, Mexico, Bermuda, Bahamas, Turks and Caicos, and Caribbean Islands (excluding Cuba and Haiti) and cruise ships leaving from a port within those territories (some restrictions apply).
Contact: Alan Tuvin at 860-954-1710 or e-mail atuvin@travelers.com.
Accountants Professional Liability
Nuts & Bolts: The Herbert H. Landy Agency is offering professional liability insurance for small to large, simple to complex accountant practices. The Accountants Basic Coverage provides an alternative for tax preparers, bookkeepers and small accounting firms. The CPA Advantage provides coverage for larger firms, and more complex practices. The Landy Agency serves as the national administrator for the programs.
Dollars: Up to $5 million.
Carrier: General Star rated “A++” by A. M. Best. Admitted.
States: All.
Contact: John Torvi at 781-292-5417 or e-mail johnt@landy.com.
Diagnostic Radiology Facilities
Nuts & Bolts: A.I. Risk Specialists Insurance Inc., a member company of American International Group Inc. (AIG), has introduced AI Risk Radiology Solutions, a portfolio of property and casualty insurance coverages that address risks of diagnostic radiology facilities. Coverages will be underwritten by the AIG Healthcare Department of AI Risk. Radiology Solutions will offer customized insurance policies for diagnostic radiology providers, which include, but are not limited to: property insurance, which can be extended to include equipment breakdown insurance. Equipment breakdown insurance is underwritten by Hartford Steam Boiler and gives policyholders access to the loss control and consulting services of HSB Professional Loss Control, which concentrates on helping businesses to address issues associated with equipment breakdown and to minimize related losses. Other coverages are individual, primary general and professional liability insurance limits and workers’ compensation insurance underwritten on a guaranteed cost basis. Radiology Solutions also offers additional risk management services including consultations services to assess exposures, address compliance issues, and avoid claims. No catastrophe coverage.
Dollars: Professional general liability, $1 million per occurrence/$3 million aggregate.
Carrier: Lexington Insurance Co. rated “A+” and Hartford Steam Boiler rated “A++” by A.M. Best. Non-admitted.
States: All.
Contact: Dan McGinnis at 212-770-1172 or e-mail Daniel.mcginnis@aig.com.
BOP, Beauty, Nail Salons
Nuts & Bolts: Bass Underwriters has an admitted program for BOPS targeting a varied selection of risks. The program will entertain such businesses as beauty and nail salons, clothing stores, convenience stores, electronic and video stores, fast food restaurants and taquerias, LRO, Laundromats, offices, retail liquor stores, and more. New ventures are OK. Value plus endorsement is OK. Minimum premium is $500 with low limits. Some require $0 to $500 deductibles, depending on the class.
Dollars: $1 million per occurrence/$2 million aggregate.
Carrier: Rated “A++” by A. M. Best. Admitted and non-admitted.
States: Calif., Penn., Fla., Nev., N.Y. and Texas.
Contact: Barbara Anderton at 916-929-8008 or 888-929-8008, or e-mail banderton@bassunderwriters.com.
Yachts
Nuts & Bolts: American Reliable Insurance Co. is providing nationwide coverage for yachts with values up to $1 million. Coverage includes watercraft liability and physical damage.
Dollars: $100,000 to $1 million. Deductible is $500; Minimum premium is $300.
Carrier: American Reliable Insurance Co., rated “A-” by A.M. Best. Admitted.
States: All, except Alaska, Hawaii, Louisiana and District of Columbia.
Contact: Roger Vossen, at 651-361-4016 or e-mail roger.vossen@assurant.com.
Surety and Performance Bonds
Nuts & Bolts: American Eagle Bonding is offering surety and performance bonds for clients with good and bad credit. All types of bonds, except bail bonds.
Dollars: $1,000 to $80 million.
Carrier: Capitol Indemnity rated “A” by A.M. Best. Admitted.
States: All, except Hawaii.
Contact: Kathryn White at 480-985-1618 or e-mail aebonds@msn.com.
Social Service Organizations
Nuts & Bolts: Riverport Insurance Co. provides property, general liability, professional liability, automobile, crime and excess liability coverages for social service and nonprofit organizations with flexible premium payment plans. Riverport is a Berkley company.
Limits: Varies.
Carrier: Riverport Insurance Co. rated “A” by A.M. Best. Admitted.
States: Ariz., Calif., Colo., Conn., Ga., Ill., Iowa, Kan., Md.,, Mich., Minn., Mo., Neb., Nev., N.M., N.C., N.D., Ore., Penn., S.C., S.D., Tenn., Utah, Va., Wash., D.C., Wis.
Contact: Kathryn Benvenuiti at 612-766-3331 or e-mail kbenvenuti@riverportinsurance.com