Nuts & Bolts: PointSure Insurance Services launched several new specialty products, broadening its workers’ compensation capabilities and offering standard market coverage for risks often neglected due to size and class restrictions. Eligibility for these new programs encompasses more than 700 business categories, including new ventures, contractors, maritime risks, Alaskan and Hawaiian risks, and larger accounts with USL&H workers’ compensation exposure.
Dollars: The deductibles, limits and premiums vary by program.
Carrier: All coverage is placed with high-quality standard markets rated “A-VIII” (excellent) by A.M. Best.
States Available: States vary by program.
Contact: www.pointsure.com.
Architects and Engineers
Nuts & Bolts: St. Paul Travelers expanded its appetite for architects and engineers business to include a variety of construction and design consultants. Previously, only licensed or registered architects and engineers, landscape architects and land surveyors were eligible for coverage. Now, construction and design consultants such as interior designers, urban planners and audio-visual consultants are among the groups eligible for St. Paul Travelers’ insurance products. The products include but are not limited to the following: Professional liability, general liability, property, workers’ compensation, monoline auto, umbrella, employment practices liability and directors and officers liability.
Dollars: There are zero deductibles for firms under $250,000 in annual billings. For qualifying firms over $250,000 in billings, there is a deductible option that includes first dollar defense. For larger firms, deductibles are typically .75 -1.5 percent of a firm’s annual billings. The minimum premium is $1,500. Premiums vary depending on the size and characteristics of the firm. Limits are $500,000/$500,000 to $5 million/$5 million.
Carrier: St. Paul Travelers, admitted.
States Available: All except Vermont, Hawaii and Louisiana.
Contact: John Rapp, (443) 353-2262 or jrapp@spt.com.
Community Banks, Lawyers
Nuts & Bolts: OneBeacon Insurance Group in Boston, a subsidiary of White Mountains Insurance Group Ltd., is entering the community banking and the lawyers’ professional liability markets. OneBeacon will offer a broad array of professional liability coverages targeting community banks with assets of $3 billion or less and law firms employing fewer than 150 attorneys. The company also targets these customers with its commercial package product. The group will consider business from all states for community banking and select states for lawyers’ professional liability.
Dollars: Deductibles, premiums and limits for community bank policies are directly proportional to the size of the assets of the bank.
Carrier: OneBeacon Insurance, rated “A” by A.M. Best, admitted.
States Available: All.
Contact: Craig M. Collins, ccollins@onebeacon.com.
Bankers PL
Nuts & Bolts: The Chubb Group of Insurance Companies developed an errors and omissions insurance policy for large financial institutions. BPL for Financial Institutions addresses traditional banking exposures, such as the taking of deposits and loan making, but can also respond to emerging fee-for-service exposures. BPL for Financial Institutions provides customers with several options to address emerging fee-for-service operations.
Coverage options include: Securities broker dealer endorsement provides insurance for misleading sales practices and documents, improper advice, “unsuitable” customer products, inadequate disclosure, failure to execute trades properly and conflicts of interest; Insurance agents or insurance brokerage endorsements insures for conflicts of interest, misleading sales practices, improper coverage advice, errors in placing insurance overages and in determining proper coverage or coverage limits, and failures to report all insureds to the carrier; Lending liability endorsement provides insurance for breach of contract, violations of the Truth in Lending Act, failure to grant an approved loan, interference with a customer’s business, and wrongful foreclosure on a loan or repossession of collateral; Data processing services endorsement provides protection for errors in coding or in routing processed checks.
The policy also offers these coverage highlights: Definition of “customer” includes the named beneficiary of any account held by the organization’s trust department who is entitled to receive professional services; Expanded definition of “insured persons” includes directors and officers, full-time, part-time, temporary, leased or seasonal employees, and volunteers. Coverage extends to the assets of spouses or domestic partners of insured persons; Punitive or exemplary damages are insurable where allowed by law. The policy is noncancelable by the insurer except for nonpayment of premium. BPL for Financial Institutions is designed for institutions with more than $3 billion in total assets.
Dollars: Primary aggregate limits reach $15 million. Excess limits of up to $10 million are available in layered programs of $100 million. Deductibles typically exceed $100,000. Premium varies by risk.
Carrier: Chubb rated “A++” by A.M. Best, both admitted and nonadmitted.
States Available: Chubb has obtained rate and form approvals in 43 states and awaits approvals in five.
Contact: Vic Stewman, (404) 266 4181 or vstewman@chubb.com.
Topics Carriers Workers' Compensation
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