Lessors' Risk Program
Nuts & Bolts:
Yates & Associates Insurance Services is offering a new lessors' risk program. New ventures acceptable include buildings up to six stories. Restaurants or deli tenants are also accepted, as well as multiple occupancies and mixed residential.
Dollars:
Policy limits range from $500,000 to $2 million; deductibles are $500; and minimum premiums can be $900 to $1,000.
Carrier:
Rated "A X," nonadmitted.
State Available:
California.
Contact:
Linda Peters, (800) 660-1125 ext. 214 or www.yates-assoc.com.
Tree, Landscape Contractors
Nuts & Bolts:
Summit Insurance Services Inc. launched a new insurance program called ArborMAX designed specifically to protect tree and landscape contractors. ArborMAX offers general liability, property, inland marine, automobile and umbrella coverage, along with value added services. It also provides a wide range of coverages tailored to meet the specific needs of the tree and landscape industries, such as pesticide and herbicide applicator coverage, workmanship error (including consulting) coverage, tools and equipment coverage, per project and per location coverage and coverage for additional insureds. Ward North America will administer claim service.
Dollars:
The minimum premium is $5,000, with many payment options available.
Carrier:
Alea North America Ins. Co. rated "A-" by A. M. Best and S&P.
States Available:
California, Connecticut, Florida, Michigan, New Jersey, New York and Pennsylvania.
Contact:
Mike Rook, (800) 409-0226 or mrook@summitins.net.
Financial Institutions
Nuts & Bolts:
ISO introduced a new insurance program to protect financial institutions from employee dishonesty, forgery, computer crime, kidnap and ransom, and safe-deposit liability. The program includes policy forms and endorsements, underwriting rules, loss costs (projections of future claims) and an experience and a schedule-rating plan. It is primarily designed for banks and savings institutions, but some policy forms can be written for any financial institution. ISO has filed the program, which will take effect June 1, 2005, for regulatory approval in all U.S. jurisdictions. It consists of five separate policies available in non-aggregate and aggregate-limit versions. The policy contains fourteen separate insuring agreements that cover a host of perils related to banking. The fidelity insuring agreement is mandatory, covering losses from employee dishonesty (embezzlements) and fraudulent loans and trading.
Dollars:
No deductibles, limits or premiums available.
Carrier:
No carrier.
States Available:
Alabama, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Rhode Island, South Carolina, south Dakota, Tennessee, Utah, Washington and Wyoming.
Contact:
Dave Dasgupta,( 201) 469-2426 or ddasgupta@iso.com.
