Excess D&O liability program introduced
A privately held, independent managing underwriter, Professional Indemnity Agency (PIA), is offering a $25 million following-form excess directors and officers liability facility written on Lloyd's of London paper. This program can follow form of any domestic carrier and is available for all classes of business.
For more information, contact Audrey S. Coughlan, vice president, at (914) 747-7880.
DVUA expands programs and coverages
Delaware Valley Underwriting Agency, Inc. (DVUA), has developed a new professional liability program. E&O is available to professionals involved in everything from aerobic instruction to vocation schools, and from architects and engineers to real estate agencies. Additional details can be found on DVUA's Web site: www.dvua.com or by calling (800) 388-0215.
CNA/Schinnerer provides versatile liability policy
CNA/Schinnerer has introduced a new insurance policy for environmental engineers and consultants that will provide them with comprehensive protection for all their liability insurance needs. The new policy evolves from CNA/Schinnerer's current environmental liability program by combining professional liability, pollution incident liability and general liability insurance into a single policy. CNA is in the process of filing this policy for approval in all 50 states and U.S. territories.
After interviewing engineers and consultants across the country, CNA/Schinnerer determined that firms want a more convenient way to manage and insure their environmental liability risks. Now they have the opportunity to place their professional liability and general liability policies with one carrier.
In addition, small and medium-sized environmental firms with a pollution exposure often found it difficult to secure general liability coverage. These concerns are answered with the CNA/Schinnerer policy combining professional liability and general liability.
Coverage is provided for professional liability, pollution liability, contractor's pollution liability and general liability arising out of a wrongful act anywhere in the world. The claims-made policy also offers flexible deductible options on both the professional liability and general liability coverages. Coverage is available to any size firm with limits of liability up to $10 million.
CNA/Schinnerer's Environmental Program covers environmental engineers, consultants and design lead contractors with a majority of their services in the hazardous waste business. Coverage is also available for laboratories that face environmental exposures in their delivery of services.
For more information about this policy, contact Cris Vincent at Schinnerer: (301) 961-9800.
Liability coverage for PEOs
Professional Employer Organizations can now insure themselves against lawsuits over employee benefits, professional and general liability under a new liability insurance offering from Bouchard Insurance, Inc. Bouchard developed the policies after consulting extensively with executives at several PEOs.
The Bouchard agency specializes in business insurance including workers compensation and liability. The new package is underwritten by Bankers Insurance Group of St. Petersburg, Florida. Bouchard covers prior acts, which may have occurred before the policy was written. Premiums are lower than for comparable insurance products not written specifically to serve the professional employer organization.
Additional information is available from Beverly Hornaday at Bouchard at (800) 966-6481.
New feature added to travel agents E&O
Berkely Agency, Ltd., has announced the newest program feature of the company's Travel Agents Professional Liability, E&O Insurance Program: ARC Traffic Document Legal Liability Protection. This optional coverage enhances the policy to protect agencies against potential liability arising out of specified losses related to ARC ticket stock.
Other advantages offered by the program include worldwide legal liability protection from travel supplier bankruptcy, bodily injury, property damage and personal injury claims. Virtually all of the travel agencies insured through the company also benefit from first dollar legal defense costs, whereby the policy pays for all legal expenses of covered claims.
Further information is available from the Berkely Agency, Ltd., Garden City, NY. Phone: (800) 645-2424.
CNA E&S establishes liquor liability presence in two states
CNA E&S, a business unit of CNA, announced the signing of partnerships agreements with agencies to write liquor liability business in two states. In North Carolina, CNA will write the business in partnership with Deering & Associates, Inc., a Durham, North Carolina-based firm. In Colorado, CNA has established a similar arrangement with Adco General Corporation of Denver.
Both Deering & Associates, Inc., and Adco General Corporation provide package policies for all types of bars/taverns and offer a competitive package for upscale restaurants.
The agreements are part of an ongoing program by CNA to expand its liquor liability business on a state-by-state basis.
The CNA E&S programs unit develops and manages insurance products that can be grouped into similar underwriting methodologies. These programs, offered through select underwriters, provide hospitality industry clients with unique coverages needed to run their businesses which are typically unavailable in the standard market. The CNA Liquor Liability program, part of the CNA E&S programs unit is available through program managers across the country and provides monoline liquor liability coverage (in 27 states) to address the needs of U.S. hospitality, liquor and restaurant establishments.
Coverage is provided for both dram shop (statutory) and common law states. Policies are written on an occurrence basis, with limits up to $1million. Defense coverage is in addition to the limit. These liquor liability policies include assault and battery. Coverage is underwritten by one or more of the CNA member insurance companies and is often quoted and bound the same day.
For further information regarding the CNA E&S liquor liability unit, contact Kathy Szur at (312) 876-4536.
Interstate offers new title agent coverage
Chicago Insurance Company, a member of the Interstate Insurance Group, began offering title agent errors and omissions coverage effective November 1, 1998.
Interstate, a wholly owned subsidiary of Fireman's Fund Insurance, began development of the E&O line after Fireman's Fund transferred its miscellaneous professional liability underwriting department to the company in June 1997. Interstate now offers title insurance E&O coverage in all 50 states, writing more than 2,000 Title policies which account for more than $3 million in policy premiums.
The new policies will offer E&O coverage to title agents, abstracter/searchers, escrow officers and notaries and extend Interstate's line of real estate professional liability products, including broker/agent, appraiser and surveyor E&O.
All underwriting and administrative tasks for the new Title Agent line will be handled out of Interstate's San Francisco office under the management of Assistant Vice President Jack Witherspoon.
For more information on title agent E&O insurance or other Interstate products, contact Jack Witherspoon at (415) 977-7710.
Gulf Insurance offers prize indemnity program
Gulf Insurance Group, a member of Travelers Property Casualty, introduced a new program of prize indemnity coverages. Global Specialty Risk was selected to manage the program.
Coverages include skill events such as golf hole-in-one, half court basketball throws and fishing derbies, as well as contests, sweepstakes and games where large contingent prizes are offered to the public via various sponsors. Recently added coverages include over-redemption of coupons, gaming industry jackpots, and contractual incentive coverage for professional athletes.
Global Specialty Risk also offers a bonding facility which issues "games of chance" surety bonds required by statute in certain states, and/or as requested by clients.
In addition to prize indemnity, GSR specializes in contingency coverage for sports, entertainment and special events markets, including contractual incentive liabilities, abandonment, cancellation, adverse weather, non-appearance, signal interruption and death and disgrace.
Additional information about the prize indemnity program is available from Douglas McCrum, Global Specialty Risk, at (800) 411-3756.
Reliance, specialty underwriter offer law firm program
Reliance Insurance Company introduced an insurance program for law firms in conjunction with Gray-Stone & Company, a California-based specialty underwriter. Reliance will provide coverages and claims service and Gray-Stone will handle underwriting, policy issuance and administration.
The Gray-Stone-Reliance Law Firm Program provides customized coverages for risks ranging from mid-sized law offices to multi-site, national firms. Coverages include: property, general liability, commercial auto, broad form crime, fiduciary liability, kidnap/ransom/extortion, umbrella and group personal umbrella.
All policies are delivered in a single portfolio, and business income coverage levels are based on billable hours--in sync with how law firms do business.
The program will be offered on a direct-bill basis.
Gray-Stone, which issued one of the first attorney package policies, has been serving the law firm market for more than 50 years. The company (Gray-Stone@relianceinsurance.com) is headquartered in Woodland Hills, California. It operates through a network of appointed agencies.
Program for dealers of motorcycles, ATVs, snowmobiles
Vesta Insurance, rated "A-" IX, Excellent by A.M. Best, is pursuing additional distribution sources for its Powersports Program. The program covers franchised and nonfranchised dealers specializing in sales and service of motorcycles, ATVs, personal watercraft and snowmobiles.
Vesta provides a market for franchised dealers in 42 states and recently introduced the nonfranchised program in Texas and Pennsylvania.
Vesta provides a full complement of coverages including a broadened garage form and specialized "stated amount" coverage for dealers storing obsolete parts. Package and umbrella policies are available in all states with commissions starting at 12%.
The program is available to licensed independent agents.
For more information, contact Fred Noll, product manager, Box 43360, Birmingham, AL; phone: (800) 444-2955, ext. 7024; or fax: (800) 333-0315.
CNA will sell entertainment business to Fireman's Fund
Continental Casualty Company, a subsidiary of CNA Financial Corporation, plans to sell the renewal rights to its Entertainment Coalition business to Fireman's Fund. As part of the transaction, Fireman's Fund will get the rights to renewals to Entertainment Coalition policyholders and CNA and Aon will run-off existing policies.
Entertainment Coalition, a program manager with ties to CNA and Aon, has approximately $50million in annual written premiums. Pending regulatory approval, the transaction is expected to be completed by the end of March.
The Entertainment Coalition offers entertainment insurance and financial products to the motion picture, television, music and theater industries. It operates as a strategic business unit in CNA's Specialty Operations.
©COPYRIGHT: The Rough Notes Magazine, 1999