New Markets

Architects & Engineers
Nuts & Bolts: NAS Insurance Services Inc. offers architects and engineers errors and omissions insurance through qualifying wholesale brokers. The classes include, but are not limited to, architects/building design, civil engineers, construction staking, electrical engineers, HVAC, interior designers (industrial), land surveyors, landscape architects, mechanical engineers, and process engineers.

Dollars: Limits up to $5 million; deductible $5,000; minimum premium $5,000.
Carrier: Admitted; rated “A” by A.M. Best. Contact NAS Insurance Services, Inc. for more information.
States: All except Alaska.
Contact: Robert Speak, (818) 808-4476, or e-mail: rspeak@nasinsurance.com.

Biotech & Medical Device Manufacturers
Nuts & Bolts: Venture Insurance Programs offers an all-line program for agents of research and development firms, and pharmaceutical and medical device manufacturers through its Venture Life Sciences program.

Dollars: Minimum premium $25,000; deductible varies; limits varies.
Carriers: Multiple, rated “A” to “A++” by A.M. Best. The program utilizes Chubb Group of Insurance Companies, Discover Re, The Hartford, OneBeacon Insurance Company and Zurich North America.
States: All.
Contact: Annamarie Keen, (800) 282-6247 ext. 278 or e-mail marketing@ventureprograms.com.

Collectibles
Nuts & Bolts: American Collectors Insurance offers coverage for precious collectibles. This policy supplements homeowners insurance. Once homeowners insurance limitations are explained to a collector, with regard to full value replacement, this product is itself easy to write as the firm does not require professional appraisals or inventories. The collectible policy is affordable and covers most household collections.

Dollars: Minimum premium, $75; deductible $100.
Carrier: American Banker, admitted and rated “A excellent” by A.M. Best.
States: All states except Alaska and Hawaii.
Contact: Erica Maurer, (800) 360-2277 or e-mail, erica.m@americancollectors.com.

Employment Practices Liability
Nuts & Bolts: Rockwood Programs has announced significant changes to its existing employment practices liability insurance policy. The enhanced coverage form is available in all jurisdictions with the exception of California on April 17, 2006.

Among the changes implemented: inclusion of legal expense coverage for wage and hour claims, subject to a sub-limit; removal of failure to comply, major stockholder, and dishonest acts exclusions; addition of a “soft hammer” provision with a 50/50 insured/insurer split; expanded definition of “employee” expanded to include independent contractors and leased employees under the direction of the insured; defense cost outside of and equal to the limits of liability, with certain restrictions.

Policyholders are given exclusive access to a broad array of loss control tools via the Internet. The online service provides step-by-step Human Resources procedures, recommended policies, training programs, and employee handbook templates.

Dollars: Minimum premiums start at $1,250. There is a wide range of liability limit and retention options available.
Carrier: Avemco Insurance Company, an affiliate of HCC Holdings Inc. All companies are rated “A” (Superior) or better by A.M. Best.
States: All, except Alaska, California and Washington.
Contact: Thomas Caputo, (800) 588-8808, www.rockwoodinsurance.com.

Employment Practices, Smaller Employers
Nuts & Bolts: Rockwood has also developed an EPLI product specifically designed to meet the needs of companies with 15 or fewer employees. This initiative is being marketed under the name of The Rockwood Guardian EPLI Program. The product offers meaningful coverage for as little as $500.

Dollars: Liability limit options of $50,000 and $100,000 are available. All polices are issued with a $5,000 retention.
Carrier: Lloyd’s of London, rated “A” by A.M. Best.
States: All.
ontact: Thomas Caputo, (800) 588-8808, www.rockwoodinsurance.com.

Fertility Clinics Liability Nuts & Bolts: Chicago-based Avreco has introduced several new products based on what the company calls the demand for increased in-vitro fertilization, new related products and an increase in the number of fertility clinics and the physician specialists who staff them. The products include products liability, product liability with or without GL, and incidental professional liability.

Dollars: $5 million/$5 million for physicians, PL. Limits also available at $1 million/$3 million (some state restrictions may apply). Clinics professional liability with or without general liability are also available at $5 million/$5 million.

Carrier: Rated “A” by A.M. Best. Contact Avreco for more information.
States: All, except for Kansas.
Contact: Charles Becker at (312) 294-6311 or cbecker@avreco.com.

Printers’ Errors & Omisions
Nuts & Bolts: The Hartford’s new printers’ errors and omissions coverage pays the insured’s legal liability for an economic loss resulting from a negligent act, error or omission in connection with printing services performed by the insured. Printing services errors are usually found in copy, printing, assembly and distribution. The basic policy covers: cost to recover work containing errors; cost to correct the work of subcontractors; cost incurred to withdraw or inspect work because of known or suspected deficiencies; and cost of paid postage, where properly applied. A “correction of work” coverage is also available.

Dollars: $1,000,000 primary/umbrella available up to $25,000,000. Deductible: $1,000/$2,500/$5,000/$10,000.
Carrier: The Hartford.
States: All.
Contact: Allan Sague, (860) 547-6582 or www.hfpinsurance.com.

Topics AM Best Alaska