All-Risk Manufacturing
Nuts & Bolts: Commercial property insurer Affiliated FM added a new all-risk manufacturing policy to its line of products written specifically to meet the property coverage needs of manufacturers. It includes a combined business interruption/extra expense form and customized extensions of coverage. Also, the policy's embedded coverage for flood, earth movement, boiler and machinery streamlines the binding process, reducing the number of endorsements needed. Policy-holders also receive customized loss prevention engineering services focused on the risks unique to clients' manufacturing facilities.
Dollars: Target accounts are premiums greater than $100,000. Deductibles vary depending on the occupancy and range from a minimum of $10,000 per occurrence to whatever is appropriate 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.
Prof. Liability for Consultants
Nuts & Bolts: National Union Fire Ins. Co., an AIG member company, launched a new product designed to address the professional liability exposures of consultants in a variety of industries. "Consultants Preferred," in-sures 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 enhanced protection against claims alleging errors and omissions. It provides coverage for legal defense and damage awards, and offers coverage for computer attacks arising from the provision of consulting services. Subject to a sub-limit of liability, the Consultants Preferred 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: Minimum retention of $5,000; and minimum premium of $3,000 per million. Maximum limit of $25 million.
Carrier: American International Specialty Lines Ins. Co., rated "AAA / A++,"
nonadmitted.
States Available: All.
Contact: James Sheldon at james.sheldon@aig.com.
Specified Professions
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. NIF Group and General Star Management Co. will together offer the program countrywide. It is 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. The policy includes an automatic 60-day extended reporting period.
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.
