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NAS Insurance
NAS EXPANDS ABUSE/MOLESTATION COVERAGE
NAS is expanding Abuse or Molestation Legal Expense coverage beyond the traditional risks to include individuals, groups and businesses that sponsor events on their premises, such as:
- Homeowners associations
- Property managers
- Land owners
They join the following entities already benefiting from AbMol coverage:
- Mental Health Services
- Nursing Homes
- Schools and Tutoring Services
- Churches
- Community Theater/Arts Programs
- Camps
- School Bus Companies
For additional information on Abuse/Molestation insurance, please contact Allison Hayase, Underwriter, at (818) 808-4468, ahayase@nasinsurance.com, or click on Abuse/Molestation Legal Expense and Loss Reimbursement. For more information on all of NAS' products, please visit our website at:www.nasinsurance.com.
NAS Insurance Services
Attn: Wholesale Brokers
NAS ACCEPTS OTHER CARRIERS' APPLICATIONS
NAS Insurance Services is now accepting other carriers' applications for the following coverages:
a) Managed Care - (Managed Care Webpage)
b) Miscellaneous Errors & Omissions - (Miscellaneous E&O Insurance Webpage)
c) Computer and Technology Errors & Omissions - (Computer/Technology Liability Webpage)
d) d.. NetGuardT Plus - (NetGuard Plus Webpage)
Subject to all pertinent information being provided on another carrier's application, NAS will accept a currently signed and dated application, along with a signed NAS Warranty Statement.
For additional information on application submissions and/or the above coverages, please contact:
a) Anita Ching-Bryant, Senior Underwriter at (818) 808-4474, or abryant@nasinsurance.com.
b) Kim Nibbe, Senior Underwriter at (818) 808-4460 or knibbe@nasinsurance.com.
c) Sandra Casas, Underwriter at (818) 808-4476 or scasas@nasinsurance.com.
For more information on all of NAS' products, please visit our website at: www.nasinsurance.com.
NAS Insurance Services
Attn: Wholesale Brokers
MEDEFENSE PLUS PROVIDES COVERAGE FOR RACs
The Recovery Audit Contractor (RAC) audits, initially launched in three states (California, Florida and New York), have spread nationwide!
The Federal Government has hired Claims RACs in every state to aggressively pursue and investigate large Medicare and Medicaid overpayments due to situations such as incorrectly coded claims, procedures performed which were not medically necessary, and/or services billed multiple times.
By Fall 2006, improper payments had already been identified to the tune of $303.5 million and, with RAC audits spanning the country, that number will only continue to rise-rapidly.
RAC audits are immediate, overwhelming and burdensome:
a) Government inquiries allow only 30 days for response
b) Government take-backs can occur in 60 days or less
c) Resources must be dedicated to locating and submitting records
d) Compliance and documentation are critical but not always sufficient
e) Severe penalties can be incurred for those who are unprepared
MEDEFENSE Plus offers coverage for attorney and audit costs incurred in response to RAC audits, as well as reimbursement for potential fines and penalties.
For additional information on MEDEFENSE Plus, please contact Allison Hayase, Underwriter, at (818) 808-4468, ahayase@nasinsurance.com, or click on MEDEFENSE Plus.
For more information on all of NAS' products, please visit our website at: www.nasinsurance.com.
Foremost Insurance Company
Foremost's Vacant Property Program Dramatically Lowering Rates;
Accepts Properties Many Carriers Don't Want
Grand Rapids, MI - Foremost agents can offer vacant property owners a quality product at dramatically lower rates.
Effective June 1, 2008 Foremost Insurance Company, the leading specialty insurer, is dramatically lowering rates in their vacant property program in a gradual rollout of lower rates in over 20 states through October. In some states the reduction is up to 60%.
"Many competitors don't want to insure vacant and rental homes, but Foremost does. We offer a solid policy that takes into account the type of property and how it's used," says Jeff Bair, Zone Executive Director, Foremost. "When you add significantly lowered rates and the 50+ years of specialty insurance expertise, a Foremost vacant home policy is a smart choice."
All vacant policies are full-year policies with pro-rated cancellation, subject to minimum earned premium. A new underwriting guideline also accepts vacant properties valued up to $1 million with no restriction on the age of the home.
Foremost offers a wide variety of specialty insurance products for manufactured homes, specialty homeowners, motor homes, travel trailers, motorcycles, off-road vehicles, personal watercraft, boats and collectible autos. To find out more and to book a vacant policy, agents log onto ForemostStar.com
To become appointed with Foremost, call (800) 237-6136 of visit ForemostStar.com
Oak Street Funding
Oak Street Funding, Preeminent Insurance Lender,
Receives Another $20 Million from M&I Bank
Oak Street Flourishes While Other Lenders Struggle Amid Credit Crunch
INDIANAPOLIS, IN - Oak Street Funding announced it has received $20 million from M&I Bank, Indianapolis, strong evidence that banks continue to support the company despite a severe credit crunch that has seen other lenders default on loans and drop out of the business. The Indianapolis-based Oak Street Funding, (www.oakstreetfunding.com), which is fast emerging as the preeminent lender for the insurance industry, pioneered commission-based lending for agents and agencies.
Rick Dennen, Oak Street's CEO, said that the new credit facility now gives the company upwards of $275 million in capital to fund insurance professionals. "The latest $20 million will allow us to continue our product expansion and offerings to the insurance industry and is a testament to our firm's strength amid the serious lending crisis."
He added that, "Oak Street continues to flourish - because we've always done the right thing for agents - by not overleveraging them." Since its founding in 2003, Oak Street has been a responsible lender, said Dennen. "We'll continue to help insurance agents and agencies achieve their goals in the coming years."
"M&I Bank is pleased to support the Indiana business community by providing credit to strong organizations like Oak Street," said Bill Bower, senior vice president, commercial lending, M&I Bank. "Prior to First Indiana Bank's merger with M&I Bank, First Indiana had a lending relationship on a smaller scale with Oak Street. As M&I, we now have the capital backing to increase our funding, supporting their growth."
About Oak Street Funding
Oak Street Funding is an Indianapolis, Indiana-based commercial finance company that offers commission-based capital through lending or purchasing commissions to insurance agents. As a result, agencies can obtain the financial resources they need to achieve strategic goals such as expansion, growth and succession planning. Oak Street has entered into more than 100 partner programs with agencies, brokerage firms and insurance marketing partners, all tailored to maximize specific opportunities. Plus, it has lent millions to insurance professionals, both public and private, across the United States. Through proprietary technology, Oak Street can accurately evaluate the risks of lending.
For more information, visit www.oakstreetfunding.com or call Lisa Nordhoff at 866-625-3863.
Euclid Managers, LLC
Euclid Managers Enhances Media Liability Policy with Privacy/Security Coverages
and Announces New Admitted Capabilities
Kansas City, MO-April 7, 2008-Underwriting manager and claims administrator Euclid Managers, LLC is pleased to now offer privacy and security coverage enhancements on its media liability policy form, The Disseminator. These optional enhancements address coverage concerns like laptop theft, privacy regulatory actions and fines and crisis management/privacy notification expenses. In addition, Euclid Managers is now able to offer The Disseminator on an admitted basis through a national risk purchasing group.
The Disseminator media liability coverage is primarily offered on an occurrence form which features E&O, intellectual property (copyright/trademark infringement), confidential source, personal injury and privacy coverages. Similar coverage is available under a claims made policy form, when appropriate. Enhancements are available not only for the privacy/security exposures but also for contingent bodily injury/property damage exposures. In addition, an advertising injury/personal injury enhancement is available to help fill the gap between general liability and professional liability policies.
"Our basic form has always been robust," says Mark Hutchins, vice president, Euclid Managers, LLC, "but we are excited to make our offering even more appealing with these new enhancements and the admitted capabilities."
Euclid Managers offers a free media liability white paper aggregating claim examples, industry news and coverage analysis from its blog. To get a copy, visit the Euclid blog at www.euclidmanagerskc.com/blog.
Euclid Managers has two offices: one in Kansas City and one in Itasca. The Kansas City-based Euclid Managers, LLC is an underwriting manager and claims administrator specializing in internet, tech, media, manufacturing and miscellaneous professional liability coverages. Euclid Managers, via their Itasca, IL office, underwrites architects & engineers professional liability and public entity property/casualty and professional coverages.
For more information, contact: Marcia Sutton, 816.778.0713 or e-mail msutton@euclidmanagerskc.com
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