New Markets

New Markets

Nuts & Bolts: OneBeacon Insurance, working with select independent insurance agents, has developed a solution for the increasingly complex risks of community banks through a combination of coverages designed specifically for these financial institutions and broader property and casualty safeguards for the financial services industry. OneBeacon’s newest product Professional @vantage for Financial Institutions joins protection for emerging issues with traditional coverages such as Directors and Officers Liability, Employment Prac-tices, Lender Liability, Cyber-Liability, and Financial Insti-tution Bonds. To complete the picture, OneBeacon provides property and casualty coverage that is unique to banking through its @vantage for Financial Services product. This includes: foreclosed properties, mortgage errors and omissions, mortgage holder?s interest, property and liability for trust properties, and repossessed auto.

Dollars: Limits, deductibles and premiums will be based on the asset size of the bank; community banks generally have less than $3 billion in assets.

Carrier: OneBeacon

States: Pending regulatory approvals, the product will be available in all 50 states.

Contact: Gary Tannenbaum,(973) 630-6608, e-mail:gtannenbaum@onebeacon.com.

Homeowners Product

Nuts & Bolts: Arrowhead General Insurance Agency Inc. introduced a new HOB homeowners program for Texas. The program is offered in conjunction with Balboa Insurance Company, an admitted insurer, rated “A.” Coverage highlights include: Specified additional amount of insurance – Coverage A – allows up to 25 percent additional coverage in the event of a major catastrophic loss for a 2.5 percent surcharge, or 50 percent additional Coverage A for 4 percent surcharge. The program is available to agents by appointment.

Dollars: Personal injury coverage is available up to a $500,000 limit. Discounts include: percent loss free credit and up to $750,000, Coverage A.

Carrier: Balboa Insurance Company, admitted.

State: Texas.

Contact: Rwalker@arrowheadgrp.com, or visit the Web site, wwww.Arrow headgrp.com.

Contractors Commercial General Liability

Nuts & Bolts: PointSure Insurance Services is offering primary commercial general liability that includes blanket additional insured and blanket waiver of subrogation per project aggregates. Will look at wraps; workers’ compensation available as well.

Dollars: Minimum premium $10,000. Limits – $1,000,000 per occurrence/$2,000,000 aggregate; excess available to $25,000,000.

States: All.

Contact: Steve Ritchie, underwriting specialist, steve.ritchie@pointsure.com.

Environmental Program

Nuts & Bolts: Hudson Programs’ environmental insurance program has established several new specialty programs in well-defined segments during the last 24 months. The program includes coverage for all size of environmental engineers, consultants and contractors, above ground and underground storage tanks, as well as site pollution coverage for a variety of facilities. The program is largely written on a non-admitted basis.

Dollars: The program features commercial general liability, contractor pollution liability, professional liability and first- and third-party pollution liability with limits up to $10 million. The minimum premiums generally start at $3,000, $1,500 for tank business. Site pollution policy terms are available up to 10 years.

Carrier: Hudson Insurance Co., Hudson Specialty Insurance Co. and Clearwater Insurance Company, all rated “A” (Excellent) by A.M. Best Company.

States: Non-admitted in all states; Admitted in N.Y. and N.J.

Contact: E-mail Mike Hill at mhill@feiinsurance.com.