The American Association of Insurance Services (AAIS) developed a commercial liability endorsement for its Artisans Program. Under the Voluntary Property Damage Coverage option, insured contractors are reimbursed for what they pay or do to compensate others for (1) damage to property of others in the insured's care, custody, and control; and (2) damage to property of others that arises from the insured's work. The coverage applies regardless of who is legally liable for the damage. The insurer can designate the amount of voluntary damage coverage by entering both per-occurrence and aggregate limits on a schedule that accompanies the endorsement.
Three other new endorsements have been filed for the AAIS Artisans Program: (1) liability coverage for employment-related practices such as discrimination, sexual harassment, and wrongful termination; (2) an extended period for reporting employment-related claims; and (3) inland marine coverage for contractors' equipment and contractors' tools (owned, leased, or rented), and installation floater coverage for materials, supplies, fixtures, and equipment intended to become a permanent part of a structure.
Chubb enhances hurricane evacuation coverage
The Chubb Group of Insurance Companies, through its Chubb Custom Market underwriting division, introduced a new version of its Hurricane Evacuation Coverage Insurance, which was launched in 1999. The new offerings are:
* Choice of limits from a maximum of $5,000 per day to a maximum of $25,000 per day
* Choice of coverage period from a minimum of five days to a maximum of 10 days
* Requested daily limits are provided for every full day an insured is evacuated; proof of income loss is not required
* Coverage applies when a mandatory evacuation has been declared and no physical damage occurs, or when physical damage occurs but is not covered by the insured's property policy
* No deductible or coinsurance applies
Hurricane Evacuation coverage is available to businesses along the eastern and southern U.S. coasts but not to locations in the Florida Keys or the North Carolina Barrier Islands.
Travelers offers golf shop endorsement
Travelers Property Casualty introduced an endorsement to its Deluxe Store Pac package for professional golf shops and driving ranges. Features of the endorsement are: (1) up to $25,000 for covered damage to specialty landscaping (such as target greens or sand bunkers), sprinklers, and underground wiring; (2) up to $25,000 for a covered business income loss if the insured's business is suspended as the result of covered loss to a "leader property" (e.g., principal structure of the enterprise; and (3) up to $500 per occurrence for direct loss to buildings, structures, or vehicles of others that are damaged by a golf ball.
Hartford launches semitrailer program
The Hartford Financial Services Group, Inc., announced an insurance program for manufacturers and dealers of semitrailers. Supported by the National Trailer Dealers Association, the program provides workers compensation, property, general liability, commercial auto, umbrella, and employment practices liability coverages. Also available are products liability, contingent liability for leased trailers, false pretense, and drive-away collision coverage. The insurer's Supplemental Property Insurance Coverage Endorsement (SPICE) for the truck equipment industry covers trailers at unnamed locations or at exhibitions with a $100,000 limit for each.
St. Paul offers clinical research coverage
The St. Paul Companies, Inc., introduced an insurance program for clinical research organizations (CROs) that provides professional liability and non-medical professional errors and omissions coverage. Limits are available up to $65 million.
Specialized forms include health care professional liability coverage for the CRO and its employed nurses, lab technicians, and medical directors, and specialized non-medical professional E&O that covers exposures related to record keeping, transferring data, and mistakes made in capturing data. Coverage can be arranged for employed or contracted physicians. Flexible deductible options are available. Coverage applies within the United States, its territories, and Canada, and can be expanded to cover international exposures.
Other coverages available are property, general liability, crime, workers compensation, and automobile.
Swett & Crawford adds EPLI to high-value homeowners policy
Swett & Crawford is offering employment practices liability insurance as an option with its High Value Homeowners program in California for homes valued at $600,000 and above. Available on a claims-made and reported basis, the EPLI endorsement addresses claims by domestic employees who allege wrongful termination, sexual harassment, or discrimination. Coverage does not apply to any business activity.
Chubb's Masterpiece covers Net-related losses
The Chubb Group of Insurance Companies expanded its Masterpiece personal lines policy to cover financial losses associated with identity and credit card theft on the Internet. The policy now provides up to $25,000 for expenses incurred by a policyholder to clear his/her name after such an occurrence of identity fraud. Less a $500 deductible for each occurrence, the insured will be reimbursed for:
* Notarizing affidavits or similar documents for, or sending certified mail or making phone calls to, law enforcement agencies, businesses, credit grantors, and credit agencies
* Reapplying for a loan when the original application was rejected because the lender received incorrect credit information
* Earnings lost by taking time off from work to complete fraud affidavits or meet with law enforcement agencies, credit agencies, merchants, or legal counsel, up to $250 a day or a total of $10,000
* Reasonable attorney fees incurred to defend against lawsuits by businesses or their collection agencies, remove criminal or civil judgments wrongly entered against the insured, or challenge information in a consumer credit report
Credit card losses not covered under the identity fraud provision are addressed by a new credit card, forgery, and counterfeiting provision. Losses up to a total of $10,000 are covered when a credit or bank card issued to the policyholder or a family member is lost or stolen, or a loss is caused by a credit card or bank card number that is stolen when used electronically, including on the Internet. Also covered are losses caused by forgery or alteration of a check or negotiable instrument and by accepting in good faith counterfeit paper currency.
ECS offers environmental coverage through XL Capital
ECS, Inc., announced that effective January 1, 2000, it is quoting new and renewal environmental policies that will be issued by the XL America companies. ECS previously served as underwriting manager for Reliance National. Last year the company was acquired by XL Capital of Hamilton, Bermuda, to serve as its global practice leader. The XL America companies are NAIC Reinsurance Corporation, Greenwich Insurance Company, Indian Harbor Insurance Company, Intercargo Insurance Company, and XL Insurance Company of New York.*