New Markets

November 19, 2006

New Markets

Nuts & Bolts: Philadelphia Insurance Cos. has launched Employed Lawyers Protection Plus, which protects attorneys working as in-house counsel, their support staff and eligible independent contractors from claims arising out of their work in providing legal services to the insured, including moonlighting and pro bono services. Protection is provided to the in-house attorney including matters where indemnification by the employer is not permitted or withheld. Claims alleging malpractice against the in-house attorney, which are excluded under many directors and officers policies are covered and may be brought by third parties as well as their employer and shareholders. Acceptable classes include most types of privately held and non-profit organizations, as well as publicly traded companies with less than $1 billion in market capitalization. Other underwriting criteria and restrictions apply.

Dollars: Up to $10 million available.

Carrier: Philadelphia Insurance Companies, rated “A+” by A. M. Best. Admitted.

States: All, except in Louisiana. Available on admitted paper in 45 states. Check with company for more information.

Contact: James Sheldon, product development manager and counsel, 610-538-2138 or e-mail, jsheldon@phlyins.com

City Homes Insurance Program (CHIP)

Nuts & Bolts: Most major insurers see the small condo and apartment buildings that dominate the residential neighborhoods of many American cities as bad business. The premiums are simply too low and the risk level too high.

But real estate insurance program developer Distinguished Programs has been testing the waters with CHIP (City Homes Insurance Program), a new property, liability and umbrella program for condo and apartment buildings with 20 units or less and up to $5 million in insured values.

The program, which is available exclusively through agents and brokers, gives small building owners the same level of coverage and deductible options available to larger property owners.

Dollars: Up to $5 million.

Carrier: AIG, rating “A+” by A. M. Best. Admitted.

States: Albany, N.Y. Alexandria, Va., Baltimore, Chicago, Denver, Los Angeles, Milwaukee, Minneapolis, Philadelphia, Portland, Ore., Seattle, St. Louis and Washington, DC.

Contact: Jim Tesoriero, at 888-355-4626
or jtesoriero@distinquished.com.

Errors & Omissions

Nuts & Bolts: ProSLIP, the insurance wholesaler errors and omissions program, is marking its 15th anniversary. ProSLIP, the exclusive E&O program of Quadrant Insurance Managers, provides E&O coverage for insurance wholesalers, managing general agencies, third party administrators, program administrators, reinsurance intermediaries, and excess and surplus lines agencies. Quadrant is selective with the risks introduced to the program which brings added security for existing clients and stability of the entire program. ProSLIP is further distinguished in its Quality Assurance Program, a loss control plan.

Dollars: $1 million to $10 million.

Carrier: Rated “A-” by A.M. Best. Non-admitted.

States: All.

Contact: Douglas Ruml, Quadrant Insurance Managers, at 614-814-1425 or e-mail druml@quadrant-us.com.

From This Issue

Insurance Journal West

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