Condominiums and Multi-Family Dwellings
Nuts & Bolts: ACE USA enhanced its disaster mortgage protection program by adding coverage for condominiums and multi-family dwellings through its ACE select markets division. ACE select markets provide specialty personal lines products, which are distributed through large specialty agents, alliances and affinity groups, utilizing Internet technology. Disaster mortgage protection is insurance that pays monthly mortgage payments should one's home become uninhabitable for 48 hours or more due to a covered disaster causing damage to your home. If a disaster makes the residence uninhabitable, disaster mortgage protection coverage will begin to pay your mortgage payments. Payments may be payable for up to two full years while your home is repaired or rebuilt. Additionally, disaster mortgage protection provides added coverage by reimbursing an insured the deductible amount under their primary homeowner policy when there is a reported and covered loss to their property.
Dollars: There are no dollar deductibles. It is required that one be displaced 48 hours before the coverage kicks in. The deductible reimbursement is paid upon validation (proof that the primary homeowners carrier paid a claim). The mortgage payoff is paid once a government agency deems the land uninhabitable. Premiums are based on a percentage of the mortgage amount. The policy limit is up to two years reimbursement of monthly mortgage payments while home is repaired, or up to $100,000 toward outstanding mortgage amount if home is permanently uninhabitable.
Carrier: Affiliated companies of The ACE Group of Companies, rated "A" (excellent) by A.M. Best Company and "A+" (strong) by S&P.
States Available: All except Connecticut.
Contact: Kim Kennedy, (215) 640-5790.
Primary Flood Coverage
Nuts & Bolts: Monarch E&S announces a new program for primary flood coverage, both personal and commercial lines.
Dollars: Limits of $250,000 per dwelling, $100,000 for personal property for personal lines and $500,000 per building, $500,000 business personal property for commercial lines. Excess limits also available with Lloyds market. Deductibles and premiums vary.
Carrier: American Bankers rated "A," admitted.
States Available: California.
Contact: Silvia Marquez or Genette Nice, (818) 249-0100.
All-Risk Manufacturing
Nuts & Bolts: Commercial property insurer Affiliated FM has added a new all-risk manufacturing policy to its line of products written specifically to meet the property coverage needs of manufacturers. The policy includes a combined business interruption/extra expense form and customized extensions of coverage. Additionally, the policy's embedded coverage for flood, earth movement, boiler and machinery streamlines the binding process, reducing the number of endorsements needed. Policyholders also receive customized loss prevention engineering services that focus on the risks unique to clients' manufacturing facilities.
Dollars: Target accounts for Affiliated FM are premiums greater than $100,000. Deductibles will vary depending on the occupancy and can range from a minimum of $10,000 per occurrence to whatever might be called for, 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 states.
Contact: Corporate Headquarters, (401) 275-3000 or www.affiliatedfm.com.
Professional Liability for Consultants
Nuts & Bolts: National Union Fire Ins. Co., a member company of AIG, launched a new product designed to address the professional liability exposures of consultants in a variety of industries. The consultants preferred professional liability insurance policy, "Consultants Preferred," insures 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 insureds enhanced protection against claims alleging errors and omissions. In addition to providing coverage for legal defense and damage awards, the policy 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: There is a minimum retention of $5,000 and a minimum premium of $3,000 per million. The policy has a maximum limit of $25 million.
Carrier: American International Specialty Lines Ins. Co., rated "AAA / A++," nonadmitted.
States Available: All states.
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, a division of NIF Risk Management. NIF Group along with General Star Management Co. will offer this program countrywide, 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 states.
Contact: Ed Velasquez, (908) 508-9696, ext. 16, evelasquez@nifgroup.com or www.nifgroup.com.
Workers' Compensation
Nuts & Bolts: Appleby & Sterling Inc. is now offering workers' comp insurance.
Dollars: Minimum premium of $3,000, 36 classifications.
Carrier: Rated "B++" VIII, admitted.
States Available: California.
Contact: Christa Phenice, (805) 583-9828, ext. 26, or www.applebyandsterling.com.
