Contractors and Artisan Excess Liability
Nuts & Bolts: Salmen Insurance Services announced it now offers excess liability coverage. Writing over A, B, NON-Rated and RRG underlying policies. Contractors and artisan GL only.
Dollars: Policy limit of $1 million, $1,000 -$5,000 deductibles available and a minimum premium of $2,000.
Carrier: Golden Insurance Company (not yet rated).
States Available: All.
Contact: Hadley Wood, (760) 536-0520 or www.goldenexcess.com
California Custom Home Builders
Nuts & Bolts: Hull & Company announced its new GL product (occurrence form) for California custom homebuilders. Target businesses include high-end custom homebuilders and builders with less than 10 individual homes per year. Underwriting information required: ACORD form, JHI 2004 construction supplemental application, five year loss record (supported by currently valued loss run), some risks with less than five years experience may be considered with a resume, statement of qualification.
Dollars: Minimum premium of $25,000, policy limits of $1 million to $2 million, and various deductibles.
Carrier: Domestic insurer rated "A VIII" by A.M. Best.
States Available: California.
Contact: Jeff Case (866) 434-2210 or jcase@hullco.com
Weather Product Series
Nuts & Bolts: NIF Weather Risk Management, a division of NIF Group Inc. of Manhasset, N.Y., introduced a new series of financial weather products for companies and municipalities in all 50 states. The coverage is priced based on deviations from expected or ideal weather conditions. It pays in stipulated or incremental values as financial protection against non-catastrophic weather. The product is designed as a method to price, bind and settle financial weather risk. The groups targeted to this coverage are retail, construction, leisure, agriculture, transportation, manufacturing and event planning risks. Products are being underwritten by several markets.
Dollars: Targets accounts in $5,000 and above. Limits of insurance start at 50,000.
Carrier: Financial institutions and reinsurers.
States Available: All.
Contact: Dan Parker, ( 908) 508-9699 ext. 13, or dparker@nifgroup.com
Commercial Property
Nuts & Bolts: AXIS U.S. Insurance's excess and surplus property unit is now offering property insurance coverage for U.S.-based lumber, wood products and furniture risks. The underwriting of this specialized business includes logging operations, sawmills, planing mills, manufacturers of wood building and structural materials, lumber yards, dimensional wood products manufacturers, modular housing manufacturers, manufacturers of wood furniture and fixtures, and wholesale and retail distributors of lumber and wood products. Primary and excess property insurance is available, and coverage may be arranged on either a first dollar (100 percent written) or a quota share basis.
Dollars: Up to $100 million of in-house property capacity, minimum premiums up to $15,000 and minimum deductibles available up to $5,000.
Carrier: AXIS U.S. Ins. Cos., rated "A" (excellent) by A.M. Best and "A" (strong) by S&P.
States Available: All.
Contact: Jeffrey Berkshire, (678) 746-9374 or jeffrey.berkshire@axiscapital.com
Contractors
Nuts & Bolts: Sandy, Utah-based Prime Ins. Syndicate Inc. is offering excess and surplus lines products to contractors and developers, including contractor's liability coverage for property/casualty in both residential and commercial business and general liability coverage for premises, work performed and general operations.
Dollars: Deductibles range from $1,000 to $100,000 or more. Premiums start as low as $500 and limits range from $1-2 million and upwards.
Carrier: INEX guaranty fund, nonadmitted.
States Available: Arkansas, Delaware, District of Columbia, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming.
Contact: Rick Lindsey, (800) 456-4576 ext.7801 or rjl@primeis.com
Amateur Sports Facilities
Nuts & Bolts: Philadelphia Ins. Cos. has a new "Amateur Sports Facilities" program. This product joins a series of products designed for the sports and recreation market including Fitness Centers, Martial Arts Schools and Bowling Centers. The policy provides coverage for facilities where amateur and youth sport leagues or teams lease space for practice and games.
Dollars: General liability limits are available up to $1 million, umbrella liability limits of up to $10 million. No minimum premium; retentions start at $1,000.
Carrier: Philadelphia Indemnity Insurance rated "A+," admitted and Philadelphia Insurance Companies, rated "A+," nonadmitted.
States Available: All except Louisiana.
Contact: Marisa Burke, (800) 873-4552 or phlysales@phlyins.com
Visitors to U.S. - Health Coverage
Nuts & Bolts: Florida-based XN Financial Services announced it will offer health insurance products and services to foreign nationals traveling in the U.S. through RCM&D, an Assurex Partner located in Baltimore, Md. The "Visitors From Abroad" program is reportedly designed to benefit individuals under age 65 and their families coming into the U.S. from another country and staying from one to 12 months. This product is ideal for the person who is concerned that home country medical plans will not properly pay the cost of an unexpected illness or injury incurred in the United States. The coverage is described as providing for unexpected illness and injury incurred after arrival in the U.S. up to $25,000 or $75,000 per condition, depending on the plan option chosen. Normal charges like hospitalization, surgery, doctor visits and prescription drugs are covered at 80 percent up to an out-of-pocket maximum of $10,000, and then paid at rate of 100 percent up to the medical maximum amount. Repatriation of remains and medical evacuation is also provided.
Dollars: Premiums vary on age and policy option. Deductible of $150 is available.
Carrier: Lloyd's of London, rated "A" (excellent) by A.M. Best, nonadmitted.
States Available: All.
Contact: Ginny Rison, (410) 339-7263 ext.1416 or rrison@rcmd.com
Evacuation Coverage
Nuts & Bolts: ACE USA's Global Terrorism Unit is introducing a new insurance policy that protects businesses from losses caused by the need to evacuate their premises due to a threatened terrorist attack. The policy protects companies from loss of business income and mandatory evacuation expenses, even if there is no physical damage sustained. The ACE Threat-Protect policy helps safeguard those companies that may not be the target of the attack but are included in a mandatory evacuation because of their proximity to an event. The policy will cover loss of business income and evacuation expenses from the threat of an act of terrorism, whether certified or non-certified under the TRIA Act of 2002. The coverage will be marketed through both retail and wholesale insurance brokers. Wholesale distribution will be coordinated through ACE Westchester Specialty Group, one of The ACE Group of Companies.
Dollars: Policy limit is $25 million and there is no minimum premium.
Carrier: Illinois Union, rated "A" by A.M. Best, nonadmitted.
States Available: All.
Contact: Bill Wise, (215) 640-5242 or william.wise2@ace-ina.com
