Commercial Agribusiness
Nuts & Bolts:
The Seattle, Wash.-based Mattei Companies is offering a new market for commercial agribusiness. The program has now expanded into 30 states targeting operations after the product has left the fields, such as storage, packers, processors and suppliers, for grain, cotton/fiber, and fruits and vegetables.
Dollars:
Policy limit for general liability is $1 million per occurrence, $2 million aggregate. Policy limit for auto is $1 million per occurrence. Deductibles vary by request. No minimum premiums.
Carrier:
Stonington Ins. Co., rated "A IX," admitted.
States Available:
West, Midwest and Northeast.
Contact:
Renee Torobin, (206) 676-3525 or reneetorobin@matteicos.com.
Excess Liability
Nuts & Bolts:
Salmen Insurance Services is offering a new excess liability market. Writes over RRG's, bankers, non-rated and "B" rated carriers.
Dollars:
$1 million policy limit varying per policy. $1,000 to $5,000 deductibles 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.
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.
Lessors' Risks Program
Nuts & Bolts:
Appleby & Sterling Inc. is offering a lessors' risks program for older-aged apartments and buildings.
Dollars:
Policy limits are $9 million per location with spread, more with reinsurance. Minimum deductible of $1,000 and a minimum premium of $1,500.
Carrier:
Rated "B++" VIII, admitted.
States Available:
Arizona, California and Nevada.
Contact:
Mike, (805) 583-9828, ext. 27, Sue, (805) 583-9828, ext. 28 or www.applebyandsterling.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. Lawsuits are generally filed against the company and its key executives. Defending the company, however, can exhaust policy limits so personal assets are potentially left vulnerable. Also, a traditional D&O policy can be considered an asset of the company during a bankruptcy proceeding, so there may be no protection available for the directors and officers. The Hartford's Priority Protection is reportedly 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.
P/C Agent E&O Program
Nuts & Bolts:
Rockwood Programs expanded its existing property/casualty agents errors and omissions program. Coverage is now available in all 50 states and the District of Columbia. The core program, called the "Main Street P&C Agents RPG," can now accept submissions from applicants who generate up to $2 million in gross revenues annually. Agents working in specialized areas, such as crop insurance or aviation placements, may also qualify. An array of loss control tools are available for review on Rockwood's Web site, which are only accessible by policyholders. Rockwood has established relationships with several markets to assist in the placement of one-off risks that fall outside of the program parameters. Agents with incomes in excess of $2 million or those possessing underwriting authorities may be eligible.
Dollars:
Premiums start at $1,500. An array of liability limit and retention options is available.
Carrier:
Underwritten by various syndicates in Lloyds, rated "A" or better, nonadmitted.
States Available:
All states.
Contact:
(877) 242-2487 or www.rockwoodinsurance.com.
Garage Package
Nuts & Bolts:
Superior Access Insurance Services Inc. (SAIS), released a package program available to California agents writing garages. This program is designed for small to medium non-dealer automotive garage risks such as automotive repair, service, body, glass, tune-up, transmission, sound equipment, detailing, oil, electrical, brake work and self-service gasoline sales. Convenience store sales cannot exceed 20 percent and 24-hour operation and AAA towing are excluded. Both property and general liability are required.
Dollars:
Liability limits up to $15 million in sales, property up to $25 million in TIVs per location with a maximum of $50 million. Umbrella available up to $10 million and up to 25 vehicles is okay. The program is very competitive on premium ranges between $1,100 low to $90,000 high. Coverages include: Employee tools and diagnostic equipment, theft of employee tools, employee dishonesty, forgery, alteration and theft of money and securities. Business income is available on an optional basis.
Carrier:
Rated "A+," admitted.
States Available:
California.
Contact:
(800) 272-7550 ext. 706 or www.superioraccess.com.
