Weather Product Series
Nuts & Bolts: NIF Weather Risk Management, a division of NIF Group Inc. of Manhasset, N.Y., introduced a new series of financial weather products for companies and municipalities in all 50 states. The coverage is priced based on deviations from expected or ideal weather conditions. It pays in stipulated or incremental values as financial protection against non-catastrophic weather. The product is designed as a method to price, bind and settle financial weather risk. The groups targeted to this coverage are retail, construction, leisure, agriculture, transportation, manufacturing and event planning risks. Products are being underwritten by several markets.
Dollars: Targets accounts in $5,000 and above. Limits of insurance start at 50,000.
Carrier: Financial institutions and reinsurers.
States Available: All.
Contact: Dan Parker, ( 908) 508-9699 ext. 13, or dparker@nifgroup.com
Restaurant Package
Nuts & Bolts: Venture Programs Inc. added a restaurant package through Alea North America Ins. Co. to its Venture Hospitality program. The restaurant package includes property, general liability, liquor liability, automobile, inland marine and crime. Restaurants insured through Venture Hospitality will have access to Venture Program's risk management services, including loss control and claims management specifically designed for the hospitality industry. Currently, Venture Hospitality also includes a workers' compensation product designed exclusively for the hospitality industry. In addition to restaurants, target business classes for the workers' comp product include hotels, resort properties and spas. Workers' comp coverage is provided through Alea North America Ins. Co. and the Chubb Group of Ins. Cos.
Dollars: Property liability limits up to $3 million, general liability up to $2 million aggregate, liquor liability up to $1 million, $1 million combined single limit for commercial auto liability and $100,000 physical damage per vehicle. Annual workers' comp premiums as low as $10,000 for smaller restaurants.
Carrier: Alea North America Insurance Co., rated "A- X" by A.M. Best.
States Available: Alabama, Arizona, California, Colorado, Delaware, Georgia, Illinois, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, Nevada, South Carolina, Tennessee and Virginia.
Contact: Annamarie Keen, (800) 282-6247 ext.278 or marketing@ventureprograms. com
Wholesale Distributors
Nuts & Bolts: The Mattei Cos. is offering a new market for wholesale distributors. Targeted accounts include distributors of beer, wine, soft drinks, water, paper, grocery and auto parts. Coverage includes property, general liability, auto, inland marine, crime and umbrella.
Dollars: Deductibles vary per request. No minimum premiums. Limits for general liability are $1 million per occurrence, $2 million aggregate, for auto $1 million per occurrence.
Carrier: Stonington Ins. Co., rated "A IX."
States Available: All except Alaska and Hawaii.
Contact: Boyd Blanchard, (800) 711-6128, or boydblanchard@matteicos.com
