Venture Insurance Programs introduced a mono-line umbrella liability product through its Preferred Club Program.
The umbrella coverage can be placed over any primary insurance policy as long as the underlying insurers maintain “A-” VI or better ratings through A.M. Best Co. Limits are $25 million with optional limits up to $50 million. Coverage is underwritten through the Chubb Group of Insurance Cos., rated “A++” by A.M. Best Co.
“The Preferred Club Program’s new umbrella product provides higher limits, broader coverage and greater flexibility at lower rates than most clubs are paying today,” said Michael DeMarco, executive vice president of the Preferred Club Program.
The umbrella is offered through Venture’s newly formed Risk Purchasing Group. According to DeMarco, there is no sharing of limits amongst other RPG members. Insureds receive their own dedicated limits.
Other key features of the umbrella liability product are:
• Offers Coverage A (excess) and Coverage B (umbrella) protection. This is not an excess only form.
• Offers several aggregates that are standard in the form to ensure that there is enough coverage in the event of multiple, isolated events— excess coverage other aggregate, umbrella coverages aggregate, products-completed operations aggregate, and advertising injury and personal injury aggregate.
• Excess coverage other aggregate provides separate towers of capacity, up to the policy limit (directors and officers liability/employment practices liability insurance is capped at $10 million regardless of the policy limit), for underlying coverage subject to a policy aggregate (herbicide/pesticide, D&O/EPL, liquor liability, GKLL, EBL, etc).
Source: Venture Programs
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