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Instec
Instec Releases Businessowners and General Liability Multistate
Rules and Rates Changes
Rates and Rules Support Delivered
Over One Hundred Days Ahead of Effective Date
Naperville, IL, June 6, 2011 - Instec, a leading provider of software and services to the Commercial Property and Casualty insurance industry, announced inclusion of ISO's revision to the Businessowners Multistate Rules, which contains the introduction of separate Building and Business Personal Property Relativities.
In conjunction with supporting separate Building and Business Personal Property Relativities for the Businessowners Multistate Rules, Instec's quicksolver 3 also includes revisions for:
- Liability Relativities
- Increased Limit Factors
- Rate Number Relativities
- Construction Relativities
- Public Protection (Fire) Classification Relativities
- Sprinklered Factors
- Loss Costs
State adoptions were implemented with an ISO Effective date of August 1, 2011. Instec delivered these changes to clients on April 15, 2011, which was 105 days prior to the effective date.
Additionally, Instec also released the ISO General Liability Multistate revisions to support new alternative energy and nanotechnology classifications. Instec's support for the ISO General Liability Multistate Classification Table revisions includes new alternative energy and nanotechnology classifications. These were implemented with an ISO effective date of September 1, 2011. Instec delivered these revisions on April 15, 2011, which is 108 days prior to the effective date.
"We're a long-standing ISO partner, and we make sure our clients receive the updated rates, rules, and forms so they have lead time to analyze the impact on their book of business and ensure their compliance," said Kevin Mason, VP of Product Development and Maintenance for Instec.
About Instec
Instec is a leading provider of software and services to the Commercial Property and Casualty insurance industry. Founded in 1982, Instec's flagship product, quicksolver, is a best-of-breed rating and policy administration solution that supports the full lifecycle for all major lines of business, in all 50 states, and with native bureau rate, rules, forms, and statistical content. As a Microsoft Gold Certified Partner, Instec delivers insurance software solutions that enable our clients to drive competitive advantages in rating, issuing, and reporting to maximize profitability.
For more information, visit www.instec-corp.com. Media Contact: Carey Straetz, Instec, cstraetz@instec-corp.com, 630.799.6485
Markel Corporation
Markel Corporation Releases Updated DataBreachSM Policy
Richmond, VA, June 20, 2011 - Markel Corporation has announced a timely update to their DataBreachSM cyber liability policy amidst recent reports of increased hacking activity.
The new form will offer broader coverage and higher limits while maintaining the current structure, which is ideal for small to medium-sized accounts. The Breach Mitigation Expense coverage has been expanded in two key areas. First, the amount of coverage automatically included in the policy has increased to $250,000, while remaining outside of the limit of liability and not subject to a deductible or co-pay obligation. The second key enhancement to the Breach Mitigation Expense coverage is the inclusion of data compromise at a third party or outside vendor. Markel will continue to offer the option to purchase higher Breach Mitigation Expense coverage. Other policy enhancements include a $250,000 dedicated fines or penalties sublimit, forensic costs specifically included in the first party coverage option, and available policy limits as high as $10 million.
Target classes include medical facilities, insurance agencies, regional banks, and Internet-based companies; however, underwriters welcome submissions for all classes.
"We're very excited to bring our updated DataBreach policy to the marketplace. It's uniquely suited to meet the needs of all organizations with a particular focus on small and middle market firms by providing broad coverage in a straightforward, easy to understand structure. The policy is backed by a powerful combination of our underwriting and information security expertise at Markel," said Jake Kouns, Markel's director of cyber security and technology risks.
Kouns joins Inga Goddijn, Markel's managing director of Miscellaneous E&O, in leading the Markel DataBreach product line team. Jake joined Markel in 2005 in Information Security and has more than ten years experience in information systems. As a recognized expert in the field of data security, Jake has presented at various information security conferences, co-authored two books on security and risk management, and was interviewed by CNN regarding the recent Epsilon security breach. Inga has been underwriting professional liability risks for Markel for 13 years, the past five in a product management role. Kouns, Goddijn, and a team of seasoned underwriters put Markel in a unique position in the industry, providing both solid underwriting expertise and technical, real world knowledge of data security.
Markel DataBreach coverage is accessible through Markel's network of appointed wholesale brokers, which can be found on markelcorp.com under "Find a Broker."
ABOUT MARKEL CORPORATION
Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.
Markel Programs
Markel Programs Expands Mobile Crane/Boom Truck Program
Richmond, VA, - Markel Programs announced today that it has expanded classes and coverages for its specialty Mobile Crane/Boom Truck program to offer new growth opportunities for producers and to effectively address the unique needs of this niche market.
In addition to mobile cranes, boom trucks, and concrete pump trucks, eligible classes now include steel erection, millwrights, and riggers. The program has been enhanced with flexible minimum premiums, employee benefits coverage, and a riggers limit of up to $1,000,000 in addition to the per occurrence limit, including storage and transit with a $250,000 loss of use limit, and other coverage benefits.
The program is available through a partnership with JC Stevens (JCS), a Norman-Spencer company, in all states except Delaware.
Megan Rose, Program Director at JCS, commented, "We anticipate this development to be of significant benefit for agency growth and likewise for their customers. We are constantly working to evolve our program and want to build on our producers' success by extending opportunities to grow with us through our expanding program offerings."
Frank Noyes, Executive Underwriter with Markel, stated, "Markel is proud to partner with JCS in expanding coverages for our small crane insureds. The JCS staff of professionals has consistently demonstrated their expertise in working with Markel to respond effectively to the needs of this specialized industry niche."
ABOUT JC STEVENS
With roots back to the 1960s, JC Stevens (JCS) was formed in 1993 and provides extensive experience as insurance program underwriters, managers, and administrators. The company has developed a strong base of over 200 brokers who identify companies with niche insurance needs. In 2005, JCS formed a separate entity, Underwriting Service Management Company, LLC, to be the program administrator, along with JCS, of the Markel small cranes program. In January, 2010, Norman-Spencer, a national provider of property and casualty insurance services to retail and wholesale, agents and consumer clients, acquired the operations of JCS.
For more information about JCS, visit www.jcstevensins.com
ABOUT NORMAN-SPENCER
Norman-Spencer Agency, Inc. is a leading provider of property and casualty insurance services to clients countrywide, and has been developing and administrating industry-specific programs since 1981. The agency provides comprehensive, competitive programs and general wholesale insurance services that address the insurance needs of selected niche markets and a dedicated distribution network of over 1,500 agents.
For more information about Norman-Spencer, visit www.norman-spencer.com
ABOUT MARKEL PROGRAMS
A division of Markel Corporation, Markel Programs develops partnerships with managing general agents to offer single-source, admitted and non-admitted programs for a specific class or line of business. Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.
To learn more about Markel Programs, visit markelprograms.com
Rockwood Programs
ROCKWOOD ADDS GENERAL LIABILITY TO ITS LIFE AGENTS E&O PRODUCT
Rockwood Programs, Inc. has made substantial revisions to its Life/A&H Insurance Agent's E&O offering by embedding general liability coverage to the product. These coverage additions are being included at no cost to the policyholder. The changes will go into effect immediately. The general liability coverage enhancement will be available in all states except Illinois.
"Rockwood Programs has earned a reputation as being an innovator and pioneer in the professional liability insurance arena," says Glenn Clark, the agency's President. "Embedding meaningful levels of general liability coverage to our existing Life Agent's E&O offering demonstrates our continued commitment to providing leading edge products for our customers. No other market can match the unique combination of insurance coverages we can now provide."
"Our Life Agents E&O product now provides a separate $100,000 general liability limit," continues Glenn. "Coverage includes up to $100,000 in personal and adverting injury, $50,000 for damages to premises rented by the policyholder, and $5,000 in medical expense. Rockwood will also continue to provide up to $25,000 in Identity Theft protection. Both the general liability and Identity Theft coverages are provided at no cost to the insured.
"It is important to keep in mind that Rockwood has been a provider of Life Agent's E&O protection for over a decade. There are new 'players' in the market today who are NOT selling an agent their own policy but rather a certificate to a group policy with aggregate limits. In contrast, our policy is fully portable and helps agents maintain their retroactive dates. The agent's loss experience is not pooled with others and subject to an aggregate limit. We also have the flexibility to provide unique coverage and rating accommodations for sponsored/group programs."
The Rockwood Insurance Agent's E&O programs offer professional liability coverage for both Life/Accident & Health and Property & Casualty agents. Limits of up to $1 million per claim and $2 million in the aggregate are available. There are several different deductible options as well. Both programs are placed through Certain Underwriters at Lloyds.
Interested parties can learn more about this program as well as the other products and services offered by accessing Rockwood's website at www.rockwoodinsurance.com. The company can also be contacted directly by calling toll-free 800-558-8808. The fax number is 302-764-5477.
For additional information, contact Darryl McCallin - Vice President - at (800) 558 - 8808. E-mail address: darryl.mccallin@rockwoodinsurance.com
Rockwood Programs
ROCKWOOD REDUCES MINIMUM PREMIUMS FOR EPLI
Rockwood Programs, Inc. has reduced the minimum premiums applicable to its Employment Practices Liability Insurance (EPLI) product. Rates now start as low as $750 for limits of $250,000 per claim and $250,000 in the aggregate. Minimum premiums have been reduced on other liability limits as well. Certain eligibility parameters apply. The rating change is available on all new business and renewal accounts written after March 15, 2010.
"Rockwood has been a premier provider of Employment Practices Liability Insurance for over a decade," explains Glenn Clark, President of Rockwood Programs. "During our tenure in the marketplace, we have pioneered such product innovations as short form applications, on-line rating capabilities, and paperless compliance. The rating modifications we have recently implemented serve to further demonstrate our on-going commitment to this particular market segment."
"The recent decision to reduce our minimum premiums has had no effect on the quality of the EPLI product we offer," continues Glenn. "Our base policy form offers Wage & Hour protection, Defense Outside the Limit, and Third Party coverage for most risks. As an added benefit, we provide risk management/loss control assistance at no additional cost to our insureds."
"Not every risk fits the eligibility parameters of our EPLI program," adds Darryl McCallin, Rockwood's Operations Vice President. "In order to accommodate these unique submissions, we have secured appointments with several other insurance carriers. Maintaining these market relationships allows us to place virtually any EPLI risk we receive. All of Rockwood's carriers are rated "A" or better by A.M. Best."
The Rockwood Employment Practices Liability Insurance program offers defense and indemnity protection against claims arising from the employer/employee relationship. The policy shields employers - plus all current, former, and prospective employees, directors and officers, even the corporate entity - against a broad spectrum of employment-related claims. Multiple limit and deductible options are available. Rockwood is the national administrator for the EPLI program underwritten through Avemco Insurance Company.
Interested parties can learn more about this program as well as the other products and services offered by accessing Rockwood's website at www.rockwoodinsurance.com. The company can also be contacted directly by calling toll-free 800-558-8808. The fax number is 302-764-5477.
For additional information, contact Darryl McCalli, (800) 558 - 880 or E-mail address: darryl.mccallin@rockwoodinsurance.com
Synergy Professional Associates, Inc.
HARD TO PLACE LAWYERS MARKET
PREPARES FOR INNCREASING SUBMISSIONS
KINNELON, NJ, - Synergy Professional Associates, Inc., a specialist managing underwriter offering competitive terms and quick turn around service for Hard to Place Lawyers in the USA on behalf of an Lloyd's Syndicates announces that Thomas Dattoli, MBA, AAI has joined the firm as a Manager - Professional Liability.
Ira Dawer, President t of Synergy Professional Associates, said, "I am taking calls e every day from brokers complaining that the standard markets for Lawyers Professional Liability are imposing stricter vetting rules as their underwriting results deteriorate. As a r result, we have seen a large increase in submissions."
Michele McCrohan Senior Vice President added, "I am very happy to add Tom to my team. With more than 20 years experience in professional liability Tom has hit the ground running allowing us to increase our capacity to underwrite hard to place lawyers without sacrificing service."
Tom will be responsible for:
- Underwriting Synergy's Hard to Place Lawyers Professional Liability Program;
- Underwriting Excess Lawyers Professional Liability;
- Underwriting Synergy's Insurance Agents & Brokers Professional Liability Program for MGAs and Program Managers;
- Developing new production channels including helping retailers and wholesalers access Synergy's Professional Liability Programs;
- Helping Synergy find new strategic opportunities that fit the firm's business model.
Thomas Dattoli began his insurance career with the Continental Insurance Company in 1986. He has worked as a retail and wholesale broker, risk manager and national underwriting manager. Tom holds an MBA in insurance from St. John's
University f/k/a The College of Insurance, a BS in Mathematics from Ramapo College of New Jersey and is an Accredited Advisor in Insurance.
When searching markets for an anxious prospect or customer; brokers need fast, reliable solutions. The Synergy Professional Associates team of experienced and knowledgeable professional liability underwriters are ready to assist any agent or broker. Check with Synergy first (or last) for fast answers on your initial evaluation.
SYNERGY PROFESSIONAL ASSOCIATES, LLC, Ira Dawer, 1335 Kinnelon Rd, Kinnelon, NJ 07405, Phone (973) 995-0500, Fax (973) 995-0501
Target Markets
GEN. COLIN POWELL TO KEYNOTE TARGET MARKETS MID YEAR MEETING
Wilmington DE - General Colin L. Powell, USA (Ret.) will address The Target Markets Program Administrators Association (TMPAA) at their Mid Year Meeting April 12-14, 2010 in Baltimore, MD.
Drawing on examples garnered from his experience as a military, government and civic leader, and as an eyewitness to leadership in action, Gen. Powell will illustrate what it takes to be a great leader, and offer strategies for "taking charge" during times of historic change and challenging crises. He will demonstrate how to remain focused, take responsibility and work towards improving processes, organizations and people.
The keynote address by General Powell is sponsored by TMPAA members, Claims Administrator York Programs, and Law Firm Wilson Elser. Bill Kronenberg, TMPAA President, said, "One of our missions is to support and encourage the leadership abilities of our members in program business, and provide examples for the next generation of program business leaders. General Powell exemplifies many of the leadership qualities to which we aspire. We look forward to having him share his insights with our group".
In addition to General Powell's presentation, the TMPAA also plans to conduct special sessions with members such as "Social Media and Online Marketing", "Captive Development for Program Administrator E&O" among others. Decision makers from more than 50 insurance carriers will be meeting with Program Administrators to discuss program business opportunities.
Program Administrator / MGA's interested in learning more about the TMPAA, can visit the Association Website at www.targetmarkets.com or call (877) 347-5700. Meeting registration forms as well as an agenda for the event is available on the website.
York Programs can be found at www.yorkclaims.com ; Wilson Elser can be found at www.wilsonelser.com
For additional information, contact Ray Scotto, at (877) 347-5700; E-mail address: ray.scotto@targetmkts.com
Target Markets
Way named TMPAA Leadership 2.0 Chairperson
Wilmington DE - L. Byron Way, President and COO of Bunker Hill Insurance Agency, a national program underwriting specialty agency located in Texas, has been selected as Chairperson of the Target Markets Program Administrators Association's Leadership 2.0 group. The Leadership 2.0 group is comprised of Program Administrator and Carrier members under age 40.
"Target Markets is looking to cultivate the young talent in our Association to help keep program business a strong industry segment for many years to come," said Mr. Way. "Our plan is to hold unique networking and educational events at the Association's two annual meetings for members who are currently under 40. In addition to creating a network of young program specialists to explore program opportunities, we are interested in becoming influential as an advisory body for the TMPAA Board as they continue to build the Association."
William Kronenberg, TMPAA President said, "The Leadership 2.0 initiative is important to the Association to stay relevant, create the next generation of Program Business leaders, and utilize the energy and ideas produced by this group". The TMPAA Board is very happy to support their growth in any way possible. We have full confidence that Byron Way and his co-chairs, John Paulk lll (Britt/Paulk Insurance) and Brian Norman (Norman Spencer Insurance) will provide the leadership needed to energize our younger members."
The TMPAA Leadership 2.0 Group's next event is scheduled for Monday April 4th at the Associations Mid Year Meeting in Baltimore (April 12-14, 2010). The presentation, "Developing Your Idea Into a Profitable Program" will be provided by TMPAA Board Member, David Springer, President of NIP Programs.
Program Administrator / MGA's interested in learning more about the TMPAA, The Leadership 2.0 Group, or the TMPAA Mid year Meeting, can visit the Association Website at www.targetmarkets.com or call 877-347-5700. Meeting registration forms as well as an agenda for the event is available on the website.
For additional information, contact Ray Scotto at (877) 347 5700 E-mail address: ray.scotto@targetmkts.com
Victor O. Schinnerer & Company
Chevy Chase, MD - Victor O. Schinnerer & Company, Inc. announces a rate decrease and expanded coverage in the state of California for the Real Estate Errors & Omissions program.
Beginning April 1, 2010, the following rating changes take effect:
- 20 percent rate decrease for firms with up to $1 million in revenues and /or fees
- Up to 28 percent rate decrease for firms with $500,000 or less in revenues and/or fees
- Minimum premium reduced to $800
In addition to the rate decrease, the policy has been expanded to include coverage for the sale of owned property and several new options for extended reporting periods are available.
Schinnerer's Real Estate E&O program is available to firms of all sizes. The program covers many types of real estate professionals including real estate brokers and agents, property managers, appraisers, auctioneers, leasing agents and mortgage brokers.
Victor O. Schinnerer & Company, Inc. is one of the largest and most experienced underwriting managers of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 55,000 insureds in various specialty industries through independent agents and brokers. Learn more about Schinnerer at www.Schinnerer.com.
For information: Schinnerer Mktg. Contact: Starr Crusenberry, Corp. Mktg. (301) 951-6904, Starr.N.Crusenberry@Schinnerer.com; Brian Cropp, AVP, (301) 961-9897, Brian.E.Cropp@Schinnerer.com
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