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MarketScout
Gulf Coast oil spill cleanup delayed due to contractor insurance requirements
DALLAS, TX - Many contractors stand ready to help save the Gulf of Mexico, but rigid insurance requirements are thwarting their efforts. Contractors are required to purchase specific liability, pollution and federally mandated workers' compensation coverages designed for employees working on, around or near waterways. To aid contractors with the requirements, MarketScout has developed OSCAR (Oil Spill Cleanup and Remediation) to provide a comprehensive insurance solution for contractors working to clean the British Petroleum oil spill. Four leading energy insurance companies are participating in OSCAR. MarketScout is the manager and founder of OSCAR.
According to Richard Kerr, MarketScout's Chief Executive Officer, "Many contractors strive to help the BP cleanup; but, federal insurance statutes require complex insurance policies not available from most insurers. Oil spill cleanup contractors must show proof of insurance with policies designed to provide pollution, third party liability and federally mandated workers' compensation coverages. These insurance requirements slow down the process of getting contractors for these jobs. The more quickly oil is cleaned the more quickly the Gulf Coast economy will recover and less likely our beautiful wetlands and beaches will be soiled. Contractors now have a one stop solution for adhering to the federally-mandated insurance provisions."
For access to OSCAR, contractors should contact their licensed insurance agent, or visit www.marketscout.com/oscar.
About MarketScout
MarketScout is a Dallas, Texas-based insurance exchange with specialty expertise in energy, environmental and remediation industries. MarketScout represents dozens of insurance companies specializing in protecting on, and offshore energy and environmental contractors. OSCAR is a division of MarketScout. To learn more about MarketScout, please visit www.marketscout.com.
Media Contact: Vilma Scott, (972) 934-4224, vscott@marketscout.com
Wells Fargo Special Risks
This is a SPECIAL ANNOUNCEMENT from Wells Fargo Special Risks - THE 2010 HURRICANE SEASON IS HERE!
The Atlantic hurricane season starts June 1 and lasts until Nov. 30. The most active weeks are typically in late August and early September.
Heightened awareness and preparation are the keys to weathering the windstorm season. For additional information, visit www.hurricanes.gov/prepare.
Floods are the nation's No. 1 natural disaster and conservative estimates show that only one-third of residents living in high risk areas (SFHA) purchase flood insurance. Flood insurance can help a homeowner or business owner recover from nature's fury and help prevent financial ruin so it's a good idea for your insured's to consider such insurance before the storms begin.
The WFSR Flood Team can assist with flood risk analysis and flood insurance placement. To better prepare your clients for the storm season please click on the title to review our Guide to Hurricane and Flood Preparation.
We hope you find the enclosed useful in managing your business and insurance needs.
For inquiries, contact:patrick.small@wellsfargo.com
312.423.2500 Voice / 312.423.2512 Fax
www.wfsrflood.com
News
A Rising Need for Flood Insurance Is in the Forecast
The Institutes
Donna J. Popow, JD, CPCU, AIC
Colorado State University's hurricane forecasters predict an active 2010 hurricane season with 15 named storms, eight hurricanes and four major hurricanes. This prediction is in contrast to an average season of 10 named storms, six hurricanes and three major hurricanes. more >>
I.I.I. Offers Lessons Learned From Hurricanes To Help Coastal Residents Prepare For 2010 Season
Insurance Information Institute
"Those who take the time to prepare for a hurricane stand the best chance of surviving the storm and getting back to their normal lives in a timely manner," stated Ms. Salvatore, who is the I.I.I.'s national consumer spokesperson. more >>
PCI Encourages Homeowners to Consider Flood Insurance
Propert Casualty Insurers of America
As a lead up to the June 1st start of hurricane season, the Property Casualty Insurers Association of America (PCI) is reminding Louisiana property owners that they can purchase flood insurance from many insurers as a separate policy through the National Flood Insurance Program (NFIP).
National Interstate Insurance Company
National Interstate Named Forbes 100 Most Trustworthy Small-Cap Company
Richfield, OH, April 22, 2010 - National Interstate Corporation today announced that it has been chosen as the most trusted small-cap company on the Forbes 2010 Most Trustworthy Companies list. The Forbes list recognizes companies that consistently demonstrated transparent and conservative accounting practices and solid corporate governance and management.
To create the list, over 8,000 companies traded on the U.S. exchanges were evaluated, receiving an accounting and governance risk score. National Interstate was named the top small-cap company, and was also one of only three companies to receive a maximum score of 100.
"We are extremely pleased to be recognized by Forbes as one of the most trustworthy companies in the country," said Dave Michelson, President and Chief Executive Officer of National Interstate. "Integrity has always been one of our core values, and one we commit to in all aspects of our business. We not only take pride in this ranking, but also believe it is important to our current and prospective customers. This designation confirms the highly ethical business practices we have demonstrated since our company was founded."
To view the April 5, 2010 article, please visit www.forbes.com
About National Interstate
National Interstate Corporation (Nasdaq: NATL), is a specialty property and casualty insurance holding company with a niche orientation and focus on the transportation industry. We differentiate ourselves by offering insurance products and services designed to meet the unique needs of targeted insurance buyers. Our products include insurance for transportation companies, alternative risk transfer, or captive insurance programs for commercial risks, specialty personal lines consisting of insurance products focused primarily on recreational vehicle owners and small commercial vehicle accounts, and transportation and general commercial insurance in Hawaii and Alaska. We offer our insurance products through multiple distribution channels including independent agents and brokers, affiliated agencies and agent Internet initiatives. Our insurance subsidiaries are rated "A" (Excellent) by A.M. Best Company. Founded in 1989, we are headquartered in Richfield, Ohio with operations in Honolulu, Hawaii, Mechanicsburg, Pennsylvania, and St. Thomas, Virgin Islands.
National Interstate Insurance Company, 3250 Interstate Drive, Richfield, OH 4428, www.NATL.com, 800-929-1500
National Interstate
National Interstate Reports Another Year of Success in its
Alternative Risk Transfer Programs
Richfield, Ohio - National Interstate Insurance Company, a leader in captive insurance for the transportation industry, reports significant expansion in its Alternative Risk Transfer (ART) component. In 2009, the company added 114 companies to its group captive programs, bringing that total to 384 companies at year end. During the year the company also introduced seven new ART programs including: two for fuel distribution and transport, a specialized liability program for shortline and regional railroads, and four large account rental captive programs for clients with $1 million or more in annual insurance premiums. National Interstate's 27 specialized ART programs represent over $200 million in premium in 2009.
"We are extremely proud of the continued progress we have made in our ART component," said Dave Michelson, President. "Our success in this component proves that many consumers are ready for an innovative long-term insurance solution that offers greater control, as well as a cost-effective method of sharing risk and reward. We have an extensive list of ART prospects, and remain confident that this year will bring us even more opportunities to launch creative new programs."
"Despite the current economic environment and soft insurance market conditions, customer retention rates in our ART programs remain solid at over 95%," said Terry Phillips, Senior Vice President. "Companies that join an alternative risk program typically stay in the program allowing us, and the producer, to gain a long-term customer. We attribute our high customer retention rates to the fact that ART programs foster a partnership philosophy. Members not only have a voice in the financial, loss control, and underwriting decisions of the group, they also have the opportunity to network and interact with other best-in-class operators in their industry."
National Interstate's 27 unique ART programs represent over half of the company's gross written premiums. The company is rated "A" (Excellent) VIII by A.M. Best Company, and has a 20-year history of strong growth and financial stability.
About National Interstate
National Interstate Insurance Company, a wholly owned subsidiary of National Interstate Corporation (Nasdaq: NATL), is a specialty property and casualty insurance holding company with a niche orientation and focus on the transportation industry. We differentiate ourselves by offering insurance products and services designed to meet the unique needs of targeted insurance buyers. Our products include insurance for transportation companies, alternative risk transfer, or captive insurance programs for commercial risks, specialty personal lines consisting of insurance products focused primarily on recreational vehicle owners and small commercial vehicle accounts, and transportation and general commercial insurance in Hawaii and Alaska. We offer our insurance products through multiple distribution channels including independent agents and brokers, affiliated agencies and agent Internet initiatives. Our insurance subsidiaries are rated "A" (Excellent) by A.M. Best Company. Founded in 1989, we are headquartered in Richfield, Ohio with operations in Honolulu, Hawaii, Mechanicsburg, Pennsylvania, and St. Thomas, Virgin Islands.
To learn more about National Interstate's ART insurance programs, contact Dan Keenan, at 800-929-1500 x1413, or email dan.keenan@natl.com.
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