Expanded D&O
Nuts & Bolts:
The professional lines insurance operation of XL Insurance added fiduciary liability coverage to its directors and officers policy. The expanded policy, known as 'a-plus D&O,' replaces XL's IDOL policy. The new policy also provides excess difference-in-conditions coverage above an existing D&O policy.
Dollars:
Available limits up to $50 million in capacity. Premiums determined per account.
Carrier:
XL Insurance rated "AA-" by S&P, nonadmitted.
States Available:
All states.
Contact:
Sherron Williams, www.xlcapital. com.
Flood Insurance
Nuts & Bolts:
The private client group of American International Group has a product that adds flood coverage to certain homeowners' policies. This move is aimed at properties located in low- to moderate-risk areas the government-designated B, C and X flood zones and is being launched initially in Colorado, Illinois and Massachusetts. Included in the coverage is payment for damage to basement finishes and settlement for losses on a replacement cost basis, and the new program allows for reimbursement of additional living expenses and responds to a single-location event. It will respond to damage caused by overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source and mudflow.
Dollars:
Premiums and deductibles are based on individual risk characteristics. Limits are $250,000 for dwelling and $100,000 for contents.
Carrier:
American International Insurance Company rated "A++" by A.M. Best, admitted.
States Available:
Colorado, Illinois and Massachusetts
Contact:
Keith Self, keith.self@aig.com.
Mid-sized Bank Program
Nuts & Bolts:
Venture Programs expanded its banking program with a new package of products from the Hartford Financial Services Group Inc. Hartford's insurance products will enable the Venture Banking program to reach banks and credit unions with less than $2 billion in assets, investment firms with less than $2 billion in assets under management, and insurance companies with less than $2 billion in written premium. Venture Banking will offer broad standard commercial lines coverage, including property, mechanical breakdown, general liability, commercial auto, workers' compensation and umbrella liability, in addition to several industry-specific coverages, such as foreclosure, trust, automobile repossession and mortgage holders' insurance. In addition, for institutions above the $1 billion asset level, a wide range of management liability coverages are offered through Hartford's financial products division, including directors and officers insurance, errors and omissions coverage, employment practices and fiduciary liability insurance. Venture introduced Venture Banking in 2003 with coverage for commercial banks with less than $1 billion in assets.
Dollars:
Deductibles and limits vary, no premiums.
Carrier:
Chubb rated "A++" and the Hartford rated "A+."
States Available:
All states.
Contact:
Annamarie Keen, (800) 282-6247, ext. 278, or www.ventureprograms.com.
Recreational Watercraft
Nuts & Bolts:
BVSA Marine Insurance is now offering coverage for recreational watercrafts up to 32 feet.
Dollars:
Liability limits of $500,000 are available. Deductibles range from 1 to 3 percent with no minimum premiums.
Carrier:
American Reliable rated "A," admitted.
States Available:
Arizona, California, Connecticut, Delaware, Florida, Georgia, Indiana, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia and Washington.
Contact:
Craig Schneider, (800) 224-1707, or www.bvsainsurance.com.
