Wedding Cancellation
Nuts & Bolts: Abacus Insurance Brokers announced the availability of an online wedding cancellation program, exclusively for brokers, powered by the APM Platform. Brokers are able to quote and bind in real-time, accept payments online, and issue policies immediately. Coverage includes: wedding cancellation (cancellation, postponement, abandonment of the wedding due to weather, terrorism, military deployment, illness, and many other perils), supplier deposits, photographs, videos, rings, transportation, honeymoon luggage, gifts, cakes, flowers, attire, documents and professional counseling. Coverage includes both the ceremony and reception.
Dollars: Limits up to $50,000.
Carrier: "A" rated, non-admitted.
States Available: All U.S. states and territories, Canada and cruise ships.
Contact: Darren Lewin, (310) 207-5432 ext. 138, darren.lewin@abacusins.com or www.apmplatform.com.
Excess Liability
Nuts & Bolts: Salmen Insurance Services is offering a new excess liability market. Writes over RRGs, bankers, non-rated and "B" rated carriers.
Dollars: $1 million policy limit varying per policy. $1,000 to $5,000 deductibles are available with a minimum premium of $2,000.
Carrier: Golden Ins. Co., not yet rated.
States Available: All states.
Contact: Hadley Wood, (760) 536-0520 or www.goldenexcess.com.
D&O Coverage
Nuts & Bolts: The Hartford Financial Services Group Inc. has created Priority Protection, a new D&O product that protects individual directors and officers. The company said Priority Protection is a highly flexible, non-rescindable policy designed for public and private organizations of all sizes. It can be purchased to supplement a traditional D&O policy or by itself. Severability of the application and the conduct exclusions preserves coverage for "innocent" insureds by not imputing one individual's knowledge to another. The "non-rescindable" language ensures that the insurance remains in place throughout the policy term. A broad definition of "claim" includes coverage for written demands for civil and criminal proceedings, formal administrative or regulatory proceedings, such as target letters from investigative authorities; and subpoenas from the U.S. Securities & Exchange Commission. Other features include the flexibility to choose defense counsel and the "Difference in Conditions" feature, which is available to provide first-dollar protection for non-indemnifiable claims when an individual insured is unable to access D&O coverage due to cancellation of underlying policies, denial of coverage, or if bankruptcy proceedings prohibit the company from advancing defense costs.
Dollars: Premiums and deductibles/retention vary. Limits up to $25 million.
Carrier: The Hartford, rated "A+," admitted.
States Available: Most states.
Contact: Patricia Fitzgerald, (212) 277-0457 or www.patricia.fitzgerald@thehartford.com.
