Venture Launches Resort Program

September 2, 2008

Venture Insurance Programs, launched the SuiteLife program, an all-lines insurance solution for resort properties.

SuiteLife combines Venture’s Preferred Club Program – one the industry’s largest programs for golf and country clubs – and the Venture Hospitality program, which has written hotels and resorts since 1998.

SuiteLife initially is targeting golf destination resorts and private resort communities designed to attract the business conference trade, sports enthusiast (golf, tennis, fitness, etc.), and the adult leisure market. Multiple “A” to “A++” carriers will provide primary, excess property and umbrella capacity to the program, including, but not limited to The Chubb Group of Cos. and OneBeacon Insurance.

SuiteLife is available in all states.

SuiteLife features customized coverages related to exposures of destination resort risks, including: commercial property, including outdoor property, with limits up to $100 million per location, umbrella coverage with limits up to $50 million, and general liability available as mono-line coverage. Additional coverage includes crime; innkeeper’s liability; liquor liability; commercial inland marine; commercial automobile; professional liability; herbicide/pesticide/pollution; boiler & machinery; electronic data processing; and workers’ compensation.

In addition, Venture offers in-house capabilities to handle catastrophe property typical of many resorts through its new specialty property unit. This program specializes in the production and management of a property and inland marine book of business, with a primary focus on coastal property.

Risk management oversight for SuiteLife will be provided through IRISK Solutions LLC, an independent risk management firm that applies an enterprise risk management (ERM) approach and tools to a company’s risk control efforts.

Source: Venture Programs

Topics Property Risk Management

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