New Markets

New Markets

Nuts & Bolts: NAS Insurance Services has broadened its non-standard medical malpractice insurance to virtually all physicians specialists – plastic/cosmetic surgeons, emergency room physicians, lasik surgeons, orthopedics, etc. – except for obstetrics and bariatric surgeons.

Dollars: Limits of $1 million each claim/$3 million aggregate. There are a range of minimal deductibles. Other features include one-year and five-year ERP options, incident reporting and defense in addition to the limits for an additional premium.

Carrier: Lloyds, rated “A” by A.M. Best.

States Available: All states except West Virginia, Pennsylvania, Kansas and Connecticut.

Contact: David Leventhal, (818) 808-4464, or e-mail dleventhal@nasinsurance. com.

Nonprofits D&O

Nuts & Bolts: The Nonprofits’ Insurance Alliance of California (NIAC) and Alliance of Nonprofits for Insurance, Risk Retention Group (ANI-RRG) will offer a new directors and officers Product for 501(c)(3) nonprofit organizations. Designed for nonprofits with zero employees, the product provides D&O protection for nonprofit board members and the organization, but excludes coverage for any employment related actions. New and renewal business with no employees are eligible. ANI-RRG is available to nonprofits outside of California.

Dollars: The flat rate for the product is $600 for limits of $1 million.

Carrier: Undisclosed carrier, rated “A” by A.M. Best. ANI-RRG, rated “A-” by A.M. Best.

States Available: 18 states plus the District of Columbia.

Contact: www.insurancefornonprofits.org.

Calif. Residential Tract Contractors

Nuts & Bolts: Sloan Mason is providing access to a new carrier, which will provide general liability and wrap-up coverage for residential contractors in California. Contractors can perform work in new tract developments, as well as on custom residential homes. Requirements for full underwriting review include: five-year payroll history; five year currently valued carrier issued loss runs (valuation date within 120 days of requested effective date); ACORD WC/GL/Auto/UMB applications; copy of current NCCI or WCIRB Experience Rating Worksheet; and contractors supplemental – generic supplementals accepted.

Dollars: Minimum premiums are $100,000 for general liability, $150,000 for wrap-up coverage.

State Available: California

Contact: paul@sloanmason.com

Reduced Apartments Rate

Nuts & Bolts: California-based Cambridge General Agency is offering rolled back rates on apartments in California. If the policy is written on a package basis, it may qualify for additional credit. Available coverage options include: equipment breakdown, computer equipment, accounts receivable, outdoor signs, money and securities, and valuable papers. Older buildings are eligible. Habitational with mercantile or restaurants are also eligible. And multi -story complexes are OK.

Carrier: Rated “A+” XV by A.M. Best.

Dollars: Property limits are up to $10 million PML. Occurrence limits are up to $3 million. Package minimums start at $1,000. Deductibles vary.

State Available: California.

Contact: www.cambridgega.com or any Cambridge underwriter. San Francisco (800) 979-5002; Rancho Cordova (800) 309-4755; Stockton (800) 572-3635; Fresno (800) 670-4030; and West Covina (800) 660-177.

Homeowners Program

Nuts & Bolts: Travelers personal lines has improved its homeowners insurance program in California, including enhanced coverage for identity theft and new credits and deductible options. Identity fraud expense reimbursement coverage now offers resolution services to guide identity theft victims through the process of reclaiming their identity. Other credits recently introduced include a 10 percent discount for homeowners who obtain a homeowners policy from Travelers within 12 months of the purchase of their home. Homeowners customers who add an auto policy will now receive a 25 percent discount, increased from 15 percent. Auto customers will also receive a 15 percent discount when Travelers writes the companion homeowners policy. Members of a retired person’s organization may receive the 5 percent Prime Time Credit, and loss-free customers can receive up to an additional 7 percent credit.

Carrier: St. Paul Travelers

Dollars: The coverage limit has been increased from $15,000 to $25,000, with no deductible, to reimburse for expenses such as telephone and mail charges, legal fees and lost wages. Identity fraud coverage is offered as an endorsement to a Travelers homeowners, condominium or renters policy for $25 per year. Deductible options include $3,500, $7,500 and $25,000. Those options can increase the amount saved on an annual premium.

State Available: California

Contact: www.travelers.com.

Monoline Truck Physical Damage

Nuts & Bolts: Tustin, Calif.-based National Advantage is offering a new program for monoline truck physical damage coverage and/or non-trucking auto liability coverage. In addition, motor truck cargo will be offered as an add-on option. The carrier is looking for one to 10 unit good risks, for any radius.

Carrier: Rated “A,” VII by A.M. Best.

Dollars: Limits up to $120,000 physical damage, $1 million NTL and $250,000 cargo, any one unit.

States Available: California, Arizona, Oregon, Texas, Alabama, Georgia, Tennessee.

Contact: Clifford Mapes at (714) 505-1015 or toll free (800) 401-1015 for more information. Fax (714) 505-1025 or (800) 595-1025.

Excess Liability Coverage

Nuts & Bolts: AIG Excess Casualty, a division of American Home Assurance Co., part of American International Group Inc., introduced xsInResponse, a product that provides excess liability coverage for risks previously covered by an insurance carrier that is now insolvent. Available as an endorsement to AIG Excess Casualty’s commercial umbrella liability policy, Umbrella Prime, xsInResponse allows policyholders to reduce insolvency-related vulnerabilities in excess liability insurance programs dating back to 15 years. xsInResponse coverage is claims-made coverage that responds to incurred but not reported claims. UmbrellaPrime, available with up to $50 million in limits, also includes crisis management funds, access to professional expertise and immediate, 24/7 access to specialists who can help companies manage a crisis, even before a claim is filed.

Dollars: The endorsement to commercial umbrella has $50 million in available limits, $1 million trailing SIR and no minimum premium.

Carrier: Underwritten through AIG Excess Casualty, nonadmitted.

States Available: All.

Contact: Richard Tallo, (212) 458-6104 or e-mail: richard.tallo@aig.com.

Topics California AM Best AIG