NIP Specialty Launches New Facility for Businesses in Bankruptcy

March 19, 2009

NIP Specialty Brokerage, a division of New Jersey-based NIP Group, Inc., launched a new facility to help agents/brokers replace business insurance policies cancelled or non-renewed because their clients have filed for reorganization or liquidation under the federal bankruptcy laws.

According to a recent news release from the U.S. Courts government office, total bankruptcy filings in the federal courts rose 31 percent in the calendar year 2008, with filings involving business debts up 54 percent in 2008 compared to 2007. Businesses forced to file Chapter 7 or Chapter 11 bankruptcy often find it extremely difficult to gain or keep the necessary insurance coverage required to protect the business such as directors & officers (D&O), general liability (GL), property, and workers’ compensation (WC).

NIP Specialty is seeking Chapter 7 and 11 risks. Working with A-rated carriers with a broad appetite in terms of industries, as well as policy types, NIP Specialty is able to place these difficult risks, including: professional liability (E&O, D&O, EPLI, Financial Institution and Commercial Fiduciary Liability); commercial packages (GL/Auto/Property); casualty (GC, E&S); and umbrella. Targeted classes include insurance companies, investment advisors, security broker/dealers, banks, financial and non-financial institutions, and more.

Source: NIP Specialty Brokerage

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