Chicago-based wholesaler AVRECO has a new medical liability insurance market for borderline nonstandard physicians and surgeons. It’s geared toward doctors on their way to a standard market, but who haven’t quite arrived. While AVRECO will take on licensed physicians with an open claim, it limits certain specialty exposures like physicians specializing in weight control, LASIK surgeons, orthopedic surgeons, neurosurgeons, emergency-room doctors, podiatrists and chiropractors.
The program is available in Arizona, California, Connecticut, Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, North Carolina, Ohio, Oklahoma, Oregon, Virginia and Washington.
Contact AVRECO’s Healthcare Department at (312) 294-5625.
OneBeacon Buys Chubb PL, E&O Books
OneBeacon Professional Partners purchased the renewal rights to the hospital professional liability and managed care errors and omissions books of business from Chubb Specialty Insurance. OneBeacon will renew business that fits its underwriting guidelines starting with July 1, 2005, effective dates.
Renewed business will be insured on policies issued by OneBeacon companies, rated “A”-XIV by A.M. Best.
The premiums affected by this transaction are said to represent less than 4 percent of CSI’s net written premiums and less than 1 percent of Chubb’s total.
NAW Teams Up with The Hartford
The National Association of Wholesaler-Distributors selected The Hartford Financial Services Group Inc. as its endorsed provider of commercial property/casualty insurance. As part of their strategic alliance, NAW and The Hartford will reach out to wholesale-distribution companies through the Hartford’s network of independent agents and its member associations.
B&B Acquires Government Programs Unit
Brown & Brown Public Entity Services acquired the governmental programs division of U.S. Risk LP, based in Dallas, Texas. Mark Dillard, former lead underwriter of public entity business for U.S. Risk, and his underwriting team joined Brown & Brown Public Entity Services’ Dallas office and remain active on their existing accounts.
Management for Middle Market Firms
IRISK Solutions is a new independent risk-management consulting firm launched in June 2005 targeting small to mid-market companies with annual gross premiums from $50,000 to $1 million. A subsidiary of Inventure Inc. located in West Chester, Pa., IRISKS’ aim is to provide standard and custom loss control, claims, managed care and consulting services for a wide array of risk participants including carriers, program administrators, alternative risk transfer consultants, insurance agents and brokers, and insurance buyers.
B&B, Arch Announce Liability Program
Brown & Brown Public Entity Services of Lake Mary, Fla., has a nationwide program agreement with the Arch Insurance Group for management and placement of public entity professional liability insurance including public officials, educators’ legal, and law enforcement liability available in all states.
Arch Insurance Group is a division of Arch Capital Group Ltd., a Bermuda-based company providing insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries. Arch Insurance Group’s principal insurance subsidiaries are rated “A-” (excellent) by A.M. Best.
Summit Launches Contractors Program
Summit Insurance Services Inc. launched a new insurance program designed specifically for commercial contractors in California with rated “A+-15″underwriting.
The general liability program has a wide range of available classes of business, increased coverage options and custom designed coverage endorsements. A few highlights include: apartments are considered commercial; no subsidence exclusion on street and road or sewer and water contractors; offers excellent 11/85 equivalent AI endorsement; offers per project aggregate limits; deductible options available; primary/non-contributory wording; streamlined certificate issuance system.
Representative are available to help insureds evaluate potential business risks and develop workplace strategies to control them.
Contact Cricket Thomas (800) 577-6222, ext.102 or Donna House, ext.101.
Venture Hospitality Program Expanded
Venture Insurance Programs added a package solution to its hospitality program called “Venture Hospitality” underwritten by The Hanover Insurance Co., rated “A-12” by A.M. Best Co. The package is ideally suited for full-service restaurants, hotels and resort properties, and is available in all states. It includes property with limits up to $20 million per location, general liability available on a monoline basis, liquor liability, commercial auto, and umbrella coverage with limits to $25 million. Minimum premium is $100,000 for any one or all-lines, with deductible options available.
Hanover’s underwriting requirements include specific guidelines for coastal properties, and ineligible risks that include: fast food and 24-hour restaurant operations; bars and nightclubs; restaurants with cooking at customer tables; independently owned motels; and select ancillary operations including skiing, diving boards, horseback riding and day care facilities.
Hospitality risks insured through Venture Hospitality will have access to Venture’s risk management services including loss control and claims management specifically designed for the hospitality industry.
Currently, Venture Hospitality also includes a workers’ comp product designed exclusively for the hospitality industry. Workers’ compensation coverage is provided through Alea North America Ins. Co. and the Chubb Group of Ins. Co. and is available in all states. Annamarie Keen, (800) 282-6247, ext. 278, or www.ventureprograms.com.
Schinnerer Moves K&R Program
Victor O. Schinnerer & Co. chose Cincinnati, Ohio-based Great American Insurance Co. to be the carrier for its kidnap and ransom insurance program. Most of the program’s policy provisions will remain the same, but the limits have increased to a maximum of $60 million. Hiscox will continue to offer underwriting support to the program and the policy will continue to cover the costs of the services of the internationally recognized crisis response and business risk consultancy firm Control Risks Group.
The policy offers coverage to individuals traveling in the U.S. and abroad for incidents including kidnap, ransom, detention and extortion, as well as their associated expenses such as cosmetic surgery, salary costs of the victim and psychological rehabilitation.
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