Venture Programs Expands Hospitality Program with Package Solution

June 20, 2005

Venture Insurance Programs announced that its hospitality program — Venture Hospitality — has added a package solution to complement its workers’ compensation products.

The package is underwritten by The Hanover Insurance Company, rated “A-” (Excellent), Financial Size Category XII by A.M. Best Co. The package is ideally suited for full-service restaurants, hotels and resort properties, and is available in all states.

The new package includes property with limits up to $20 million per location, general liability available on a mono-line basis, liquor liability, commercial auto, and umbrella coverage with limits to $25 million. Minimum premium is $100,000 for any one or all-lines, with deductible options available.

Hanover’s underwriting requirements include specific guidelines for coastal properties, and ineligible risks that include: fast food and 24-hour restaurant operations; bars and nightclubs; restaurants with cooking at customer tables; independently owned motels; and select ancillary operations including skiing, diving boards, horseback riding and day care facilities.

Hospitality risks insured through Venture Hospitality will have access to Venture’s risk management services including loss control and claims management specifically designed for the hospitality industry.
Currently, Venture Hospitality also includes a workers’ compensation product designed exclusively for the hospitality industry. Workers’ compensation coverage is provided through Alea North America Insurance Company and the Chubb Group of Insurance Companies and is available in all states.

“The addition of this package marks the continuing expansion of the Venture Hospitality program as an all-lines solution for upscale hospitality risks,” said Susan Kearney, vice president of Venture Hospitality. “This package is a perfect complement to our industry leading workers’ compensation products.”

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