London American Risk Specialists, Inc., headquartered in Houston, Texas, announced the formation of London American Professional Liability LLC, based in Fort Lee, N.J.
LAPL is a program administrator and MGA specializing in professional liability. Ed Velasquez, formerly executive vice president of NIF Risk Management Solutions, a division of NIF Group, Inc.
in Murray Hill, N.J., has been appointed president.
LAPL will initially launch a Miscellaneous Professional Liability program that will be offered in most states and underwritten by an “A (Excellent)” A.M. Best rated insurance carrier.
This Miscellaneous Professional Liability program is designed for a diverse set of professions, including many types of consultants, insurance services, media and real estate classes. Coverage is offered on both a primary and excess basis for risks with up to $250 million in revenue. The staff’s specialized knowledge allows them to handle complex and hard to place risks.
Policy highlights include:
–Primary and Excess coverage available
–Claims made and reported policy
–Company has right and duty to defend
–Coverage is extended to employees while acting within the scope of their employment duties
–Personal injury coverage
–Prior Acts” coverage provided for insureds who have carried continuous coverage
–Predecessor and successor firm coverage
–Automatic 60-day Extended Reporting Period
–Worldwide coverage for suits brought in the U.S.
Limits/Deductibles/Premiums: Up to $5,000,000 each claim / $5,000,000 annual aggregate limit; minimum deductible $5,000 each claim; minimum premium $5,000.
For more information, contact: Ed Velasquez, president, 201-944-7000 or firstname.lastname@example.org.
Source: London American Risk Specialists
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