All-Risk Manufacturing
Nuts & Bolts: Commercial property insurer Affiliated FM has added a new all-risk manufacturing policy to its line of products written specifically to meet the property coverage needs of manufacturers. The policy includes a combined business interruption/extra expense form and customized extensions of coverage. Additionally, the policy's embedded coverage for flood, earth movement, boiler and machinery is aimed at streamlining the binding process and reducing the number of endorsements needed. Policyholders also reportedly receive customized loss prevention engineering services that focus on the risks unique to clients' manufacturing facilities.
Dollars: Target accounts for Affiliated FM are premiums greater than $100,000. Deductibles will vary depending on the occupancy and can range from a minimum of $10,000 per occurrence to whatever might be called for, based on the size of the company and its exposures. There are 25 extensions of coverage with automatic limits.
Carrier: Affiliated FM, rated "A+" (superior) by A.M. Best.
States Available: All.
Contact: Affiliated FM corporate headquarters, (401) 275-3000, or www.affiliatedfm.com.
Professional Liability for Consultants
Nuts & Bolts: National Union Fire Insurance Co., a member company of AIG, launched a new product designed to address the professional liability exposures of consultants in a variety of industries. The consultants preferred professional liability insurance policy, "Consultants Preferred," insures consultants for claims alleging negligence arising from consulting services. Coverage can be extended to cover the economic losses sustained by others as a result of the insured's alleged negligence. The policy includes a broad definition of consulting services and offers insureds enhanced protection against claims alleging errors and omissions. In addition to providing coverage for legal defense and damage awards, the policy offers coverage for computer attacks arising from the provision of consulting services. Subject to a sublimit of liability, the policy also permits the insured to retain a public relations firm for specific crisis events, such as bankruptcy, mass tort, management crisis, regulatory crisis or other crisis events.
Dollars: There is a minimum retention of $5,000 and a minimum premium of $3,000 per million. The policy has a maximum limit of $25 million.
Carrier: American International Specialty Lines Insurance Co., rated "AAA / A++," nonadmitted.
States Available: All.
Contact: James Sheldon, james.sheldon@ aig.com.
Specified Professions E&O
Nuts & Bolts: NIF Group Inc. introduced a new program for specified professions called "Miscellaneous E&O." The program will be administered by NIF Professional Liability Risk Solutions, a division of NIF Risk Management. NIF Group, along with General Star Management Co., will offer this program countrywide, designed for a diverse set of professions including many types of consultants, media related, and real estate classes. The policy is a right and duty to defend form. Personal-injury coverage is provided and full prior acts are available.
Dollars: A limit of $2 million is available with a minimum $2,500 deductible. Premiums start at $2,500.
Carrier: General Star Management Co., rated "A++ IX" by A.M. Best, nonadmitted.
States Available: All.
Contact: Ed Velasquez, (908) 508-9696, ext. 16, evelasquez@nifgroup.com, or www.nifgroup.com.
Workers' Compensation
Nuts & Bolts: Workforce Safety and Insurance announced that North Dakota employers can now purchase a workers' compensation policy to cover their employees who work temporarily outside the state. In partnership with the Michigan-based Accident Fund Insurance Company of America, WSI will sell a policy that covers all an employers' workers who must travel out of state on a temporary or incidental basis. The state legislature passed a law allowing WSI to offer the coverage, which is aimed at helping businesses along the Red River Valley that often go back and forth between North Dakota and Minnesota. North Dakota employers with active accounts in good standing may purchase the All States' coverage that will cover all of an operation's employees for a flat rate of $600 per year.
Dollars: The annual premium is $600. No deductibles.
Carrier: Accident Fund Insurance Company of America, admitted.
States Available: All except Ohio, Washington, West Virginia and Wyoming.
Contact: www.workforcesafety.com.
