The Hanover Insurance Company has introduced Worldwide Cargo, an ocean marine cargo policy that covers property in transit to and from foreign and U.S. ports. Coverage is available worldwide, and when necessary, on a warehouse-to-warehouse basis.
Open-cargo marine, trip-transit and war policies are available. The program is available in most states. Limits and deductibles will vary based upon an individual insured's needs.
The new program results from a strategic alliance between Hanover and INAMAR Insurance Underwriting Agency, Inc., a subsidiary of Cigna Property & Casualty. Through INAMAR, Cigna will provide underwriting expertise, claims and loss control services.
More information is available from Hanover's branch offices in Atlanta, GA; Bedford, NH; Itasca, IL; Meriden, CT; New Orlean, LA; Piscataway, NJ; Richmond, VA; Scar-borough, ME; Syracuse, NY; Tulsa, OK; and Worcester, MA.
The Hartford introduces program for water well contractors
The Hartford Financial Services Group has introduced a national insurance program tailored to the property/casualty needs of water well contractors and associate suppliers and manufacturers. The program is endorsed by the National Ground Water Association (NGWA) and was designed by The Hartford in partnership with PENCO.
The NGWA business insurance plan coverages include general liability, property, workers comp, commercial auto, bond insurance, pollution liability, employment practices liability, and underground equipment. The plan can be customized to meet the individual needs of well water contractors.
The program features loss control services that can help to prevent and control losses before they occur, and program participants are eligible for an annual safety group dividend that reflects low claim frequency and demonstrated on-the-job safety practices. Dividends are not guaranteed.
The plan is available in every state and can be accessed by local agents through PENCO. For more information, contact the NGWA at (800) 551-7379 or PENCO at (800) 473-6261.
Fireman's Fund enhances auto coverage
Fireman's Fund has announced six cost-free improvements to its auto policy after receiving a 14% response rate to a recent customer survey. The enhancements will be implemented in six states: PA, MD, MO, IL, OR and CO.
The enhancements are:
* coverage without a deductible for airbag deployment
* coverage without a deductible for personal property lost in an accident
* using the lowest deductible when more than one auto is involved in a single accident or catastrophe
* full replacement cost for tires, mechanical parts and paint within two years after a new car is purchased and subsequently involved in an accident
* $100 reimbursement on replacement for lost or stolen car keys
* $100 reimbursement for tapes or CDs that are damaged in an accident
According to Joe Galardy, vice president of marketing, this is a major move to heighten customer coverage and relations and to increase the competitiveness of their product. They are also currently working on more changes that will further reflect a commitment to service, quality coverage and customer satisfaction.
New program for the associations' association
Media/Professional Insurance has introduced a customized E&O policy for members of the ASAE (American Society of Association Executives). The new program provides coverage for standards setting and certification /accreditation activities, including related publications. The program is sponsored by the ASAE and is written on a claims-made basis using member companies of the Gulf Insurance Group. Media/Professional Insurance is the underwriting and claims manager for the program.
The form is designed to cover exposures such as anti-trust and discrimination claims that are an inherent risk with certification/accreditation activities, as well as contingent BI/PD claims that arise from standards setting. There is also coverage for unintentional discrimination arising out of publication or interpretation of a standard, personal injury perils including copyright infringement and defense costs for anti-trust claims.
The policy covers the named "association" as well as past and present directors, officers, trustees, volunteers and employees. Coverage also extends to members and associate members while acting as committee members or representatives of the named insured association. Limits up to $10 million are available and deductibles start at $10,000. Minimum policy premium is $7,500.
For more information, call Bernie Kurtzweil or Glenna Dake at (816) 471-6118.
CNA offers coverage for For retail businesses
CNA Risk Management has introduced retail®iskGuard, a comprehensive insurance and risk management program that combines traditional business insurance coverages such as liability and business interruption, and specialized needs, including but not limited to, risk and ransom, extended warranty and supply interruption from overseas outlets.
"We saw a demand for someone to think like a retailer. We approach retail businesses with the same 'high touch' service they provide for their customers everyday," said Ken Colonna, assistant vice president of CNA Risk Management. "We talked to leaders of driving companies and analysts. Based on what we learned from them we created a program that gives retailers what they want: quality and comprehensive coverages and services and the convenience working with a dedicated team."
retail®iskGuard is available to retail operations doing business domestically and abroad. For more information, contact Ken Colonna at (312) 822-1238.
The Hartford reaches into the nonstandard auto market
The Hartford Financial Services Group Inc. announced the completion of its purchase of Omni Insurance Group, Inc., an Atlanta-based nonstandard auto insurer, for $187 million.
The purchase expands The Hartford's personal lines insurance portfolio to include nonstandard auto. "This important strategic acquisition allows The Hartford to combine its management and distribution strengths with the specialized expertise of the aggressive, rapidly growing Omni organization, " said Ramani Ayer, the Hartford's chairman and chief executive officer.
Omni is ranked 22nd among nonstandard auto insurers and is licensed in 27 states and the District of Columbia. The company writes nonstandard automobile insurance for individuals through approximately 4,000 independent agents in 13 states, most recently entering Missouri and Ohio. The Hartford intends to expand Omni into many states to complement its property/casualty business.
Chubb offers increased protection and indemnity capacity
Chubb Group of Insurance Companies announced today that it is increasing its fixed cost protection and indemnity insurance capacity to $100 million. The increased capacity is available immediately.
Vessel owners, managers and charterers may access Chubb's protection and indemnity (P&I) facility for oceangoing vessels through Southern Seas (UK) Limited in Brighton, England, administrator and primary distribution point for Chubb's P&I facility. All policies are underwritten by Federal Insurance Company, a member insurer of the Chubb Group.
Southern Seas Inc. may be reached by phone at 44-1-273-888834, by fax at 44-1-1273-888835 or via the Internet at www.ssuk@southernseas.com.
D&O risk management tools package introduced
The Zurich-American Insurance Group's Executive Assurance division announced the introduction of a package of D&O risk management tools.
"Recognizing our customers' needs for timely and meaningful risk management resources, we have developed a unique package of reference materials and advisory services for publicly traded companies, those contemplating initial public offerings and private companies," said Ken Sroka, senior vice president of Zurich-American's Executive Assurance division. "One of the most exciting components of the package is the expanded coverage afforded by our new Disclosure Management product."
The Disclosure Management product enables a D&O policyholder to retain the services of one of a panel of public relations firms in anticipation of or in preparation for public disclosure of certain business or financial information. The insurance will provide reimbursement up to $75,000 for the cost of the professional services provided by the panel firm engaged to help manage the disclosure event.
In addition to the Disclosure Management product, Zurich's D&O risk management package will include a quarterly newsletter that provides information on trends affecting D&O liability. Zurich-American's private company D&O clients who purchase Employment Practices Liability (EPL) coverage will receive an employment practices manual, Employment-Labor Law Audit (ELLA).
Created by human resources expert Laurdan Associates of Potomac, Maryland, ELLA is a management tool that helps employers detect hidden problems, develop positive employment relations, implement risk reduction strategies, benchmark best practices and prioritize tasks. ELLA was designed on the premise that employers can't get the right answers if they don't ask the right questions. ELLA first provides employers with the right questions, then gives them the ability to self-audit their responses.
The D&O risk management package of reference materials and advisory services will be available to Zurich-American's Executive Assurance customers. *
©COPYRIGHT: The Rough Notes Magazine, 1998