Amateur Sports Facilities
Nuts & Bolts: Philadelphia Insurance Cos. has a new amateur sports facilities program. This product joins a series of products designed for the sports and recreation market including Fitness Centers, Martial Arts Schools and Bowling Centers. The policy provides coverage for facilities where amateur and youth sport leagues or teams lease space for practice and games.
Dollars: General liability limits are available up to $1 million, umbrella liability limits of up to $10 million. No minimum premium; retentions start at $1,000.
Carrier: Philadelphia Indemnity Insurance rated "A+," admitted and Philadelphia Insurance Companies, rated "A+," nonadmitted.
States Available: All except Louisiana.
Contact: Marisa Burke, (800) 873-4552 or phlysales@phlyins.com
Commercial Property
Nuts & Bolts: AXIS U.S. Insurance's excess and surplus property unit is now offering property insurance coverage for U.S.-based lumber, wood products and furniture risks. The underwriting of this specialized business includes logging operations, sawmills, planing mills, manufacturers of wood building and structural materials, lumber yards, dimensional wood products manufacturers, modular housing manufacturers, manufacturers of wood furniture and fixtures, and wholesale and retail distributors of lumber and wood products. Primary and excess property insurance is available, and coverage may be arranged on either a first-dollar (100 percent written) or a quota share basis.
Dollars: Up to $100 million of in-house property capacity, minimum premiums up to $15,000 and minimum deductibles available up to $5,000.
Carrier: AXIS U.S. Insurance Cos., rated "A" (excellent) by A.M. Best and "A" (strong) by Standard & Poor's.
States Available: All.
Contact: Jeffrey Berkshire, (678) 746-9374 or jeffrey.berkshire@axiscapital.com
Contractors
Nuts & Bolts: Sandy, Utah-based Prime Ins. Syndicate Inc. is offering excess and surplus lines products to contractors and developers, including contractors' liability coverage for property/casualty in both residential and commercial business and general liability coverage for premises, work performed and general operations.
Dollars: Deductibles range from $1,000 to $100,000 or more. Premiums start as low as $500 and limits range from $1-2 million and upwards.
Carrier: INEX guaranty fund, nonadmitted.
States Available: Arkansas, Delaware, District of Columbia, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming.
Contact: Rick Lindsey, (800) 456-4576 ext.7801 or rjl@primeis.com
E&O for Broker-Dealers
Nuts & Bolts: CalSurance launched a specialized errors and omissions program for broker-dealers with 75 or fewer registered representatives. CalSurance and Quanta Specialty Lines Insurance Co. have teamed up to offer this program. The E&O program provides protection against claims arising out of acts, errors or omissions in the rendering of professional services by a broker-dealer, its registered representatives, RIAs or insurance agency. It is designed as a shared-risk arrangement written as a master policy with an aggregate limit of liability encompassing all risks. Other select features of the program include duty to defend civil proceedings, supervisory coverage for the broker-dealer that extends to terminated, retired and disabled registered representatives, and coverage for libel, slander and defamation. In addition, CalSurance can offer the fidelity bond coverage that every broker-dealer is required to carry. Written through Quanta, the basic policy includes coverage for fidelity, on premises, in transit, forgery/alteration, securities forgery and counterfeit currency. Computer fraud and extortion are available for an additional charge. By offering both the E&O and the bond, CalSurance provides broker-dealers with one-stop shopping for these two critical coverage needs.
Dollars: The program offers up to $1 million in limits of liability and has deductibles starting at $25,000 for broker-dealers and $5,000 for registered representatives, with a $20,000 minimum premium.
Carrier: Quanta Specialty Lines Insurance Co., rated "A" by A.M. Best, nonadmitted.
States Available: Alaska, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Montana, Nebraska, New York, Ohio, Oregon, South Dakota, Texas, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Contact: Mary Serafino, (800) 280-7250, ext. 340, or mserafino@calsurance.com. Becky Harris, (800) 280-7250, ext. 440, or bharris@calsurance.com
Evacuation Coverage
Nuts & Bolts: ACE USA's global terrorism unit is introducing a new insurance policy that protects businesses from losses caused by the need to evacuate their premises due to a threatened terrorist attack. The policy protects companies from loss of business income and mandatory evacuation expenses, even if there is no physical damage sustained. The ACE policy is designed to help safeguard those companies that may not be the target of the attack but are included in a mandatory evacuation because of their proximity to an event. The policy will cover loss of business income and evacuation expenses from the threat of an act of terrorism, whether certified or non-certified under TRIA. The coverage will be marketed through both retail and wholesale insurance brokers. Wholesale distribution will be coordinated through ACE Westchester Specialty Group.
Dollars: Policy limit is $25 million and there is no minimum premium.
Carrier: Illinois Union, rated "A" by A.M. Best, nonadmitted.
States Available: All.
Contact: Bill Wise, (215) 640-5242, or william.wise2@ace-ina.com
Restaurants Serving Liquor
Nuts & Bolts: Midlands Management Corp. is offering a new market for restaurants that serve liquor.
Dollars: Policy limits of $750,000 property per location are available and $1 million-$2 million limit for liability. Deductibles of $1,000 on property ($2,500 wind and hail); various business interruption/property damage per class, $250 minimum. Minimum premiums are $1,000 for property and $1,250 for general liability.
Carrier: Rated "A" by A.M. Best, nonadmitted.
States Available: Arkansas, Kansas, Oklahoma and Texas.
Contact: Sonya Purvis, (800) 800-4007, Nettie Gober, (800) 800-4007 or Dewey Isham, (888) 743-2628. Web site: www.midlandsmgt.com
