Fireman’s Fund Debuts High Limit Excess Policy for Affluent Clientele

August 2, 2005

Fireman’s Fund Insurance Company has begun the national roll-out of a very high-limit excess policy tailored to the unique needs of affluent and high-net-worth clients with special liability coverages for nonprofit directors and officers as well as for those involved in managing family trusts. The policy includes up to $25,000 coverage for professional public relations counsel to manage reputational damage stemming from a lawsuit.

“Our new policy is Prestige Excess, a significant expansion of our former Personal Catastrophe Coverage with much higher limits — from $1 million up to $100 million if needed,” said Bob Courtemanche, president of Fireman’s Fund Personal Insurance. “With newspaper headlines commonly showing jury awards ranging into eight figures, the enhanced Prestige Excess limits are designed to protect individuals with substantial assets at risk.”

Effective Aug. 1, Prestige Excess has already debuted in Arizona, Idaho, Illinois, Kansas, Pennsylvania, Utah, Wisconsin, and Wyoming with 32 new states expected to come on-line by year-end.

“We’ve also expanded the asset protection limits on our Employment Practices Liability endorsement to up to $5 million over and above the limits of the insured’s main Excess policy,” said Courtemanche. “This is very important to our customers with domestic employees who may be tempted to bring a claim against them. With the increasing amount of lawsuits, a growing share of employment practices cases are brought against smaller employers.”

Prestige Excess offers higher limits on private counsel and crisis management coverages, liability coverage for individual nonprofit directors & officers (which includes defense against allegations of mismanagement of funds), and liability coverage for alleged mismanagement of a family trust.

Prestige Excess aligns with the Fireman’s Fund Prestige Home policy on a common set of conditions and definitions allowing greater customer flexibility. For instance, in addition to resident relatives, the definition of “insured” now includes domestic partners, and any other person under parental care up to age 25 (previously age 21).

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