My New Markets

Identity Fraud Expense Reimbursement, Small Business
Nuts & Bolts: To help the principals of small businesses overcome the effects of identity fraud, Travelers Select Accounts has identity fraud expense reimbursement coverage. The coverage covers the time and out-of-pocket expenses incurred while restoring identities. The coverage is embedded in the Travelers enhancement endorsements for accountants, lawyers, technology office, technology manufacturers, medical and dental offices and eating establishments. It covers small business principals, including sole proprietors, partners, CEOs, or individuals with greater than 20 percent ownership interest in a corporation. With a deductible of $250 per claim, the coverage reimburses expenses associated with notarizing affidavits; costs for certified mail; lost wages arising from time taken off from work to deal with the fraud or due to wrongful incarceration; pre-approved attorney fees; loan application fees; and long distance telephone calls. It is available for new and renewed policies through Travelers independent agents.

Dollars: Up to $15,000 of identity fraud expenses per principal.
Carrier: St. Paul Travelers, rated “A+” by A.M. Best. Admitted.
States: All.
Contact: Bob Harrington at 312-017-1340 or e-mail at rharring@travelers.com.

Trade Show Vendors
Nuts & Bolts: K&K Insurance Group Inc. is offering general liability, including contractual liability, personal injury and advertising injury liability for trade show exhibit vendors operating concessions and exhibits. The program is tailored to concessionaires, exhibitors and vendors operating at various types of sites, including special events, arts and craft shows, fairs, festivals and trade shows. Premiums vary according to the overall square footage and the number of tables or booths. K&K offers a fee-based program, however commissions are negotiable for books of business.

Dollars: Up to $1 million per occurrence for general liability.
States: All.
Carrier: Nationwide, rated “A+” by A.M. Best. Admitted.
Contact: 800-328-2317 or e-mail cev-events @kandkinsurance.com.

Flood
Nuts & Bolts: International Excess of Pgh is offering flood insurance in excess of the National Flood Insurance Program for buildings, contents and loss of income.

Dollars: $15,000 to $15 million.
Carrier: Underwriters at Lloyds of London, rated “A” by A.M. Best. Non-admitted.
States: All, except Alaska and Hawaii.
Contact: W. Flagg Pavlik at 800-937-3497, ext. 2089 or e-mail fpavlik@intlxs.com

Errors & Omissions for Public Entities
Nuts & Bolts: Darwin Professional Underwriters Inc. has an enhanced public entity errors and omissions liability insurance product to address professional liability risks for educators, police and public officials. Coverages are available on a surplus lines basis through Darwin Select Insurance Co. Limits of liability up to $5 million are available for public school districts (grades K-12), other educational entities, police departments, municipalities, and public entities/special service districts. Features include defense expenses outside limits for all three segments (educators, police and public officials), employment practices liability coverage to include third-party exposures (with coverage for emotional distress), non-monetary relief coverage, supplemental payments coverage and other industry-specific coverage benefits.

Dollars: Up to $5 million
Carrier: Darwin Select Insurance Co., rated “A-” by A.M. Best. Non-admitted.
States: Available
Contact: Ned Daly at 800-586-6502 or e-mail ndaly@pgui.com.

Jewelers Block
Nuts & Bolts: Dowell/IAS is offering coverage for jewelry trade including retail and wholesale operations, transit, premise and fidelity coverages. Coverages are also applicable for fine arts and collectibles businesses.

Dollars: Varies.
Carrier: Lloyds of London, rated “A” by A.M. Best. Admitted and non-admitted.
States: Calif., N.J., N.Y., N.C., Pa., S.C., Texas.
Contact: Laurette A. Merusi at 201-794-7144 or e-mail lmerusi@dowellins.com.

Banking Engagement Insurance
Nuts & Bolts: National Union Fire Insurance Co. of Pittsburgh, a member company of American International Group Inc. (AIG), has launched its Investment Banking Engagement Insurance policy, a new professional liability insurance policy for investment banks to insure a specific transaction against errors and omissions claims. IBEI can be used for any type of investment banking engagement, including raising equity and debt in the capital markets and providing advisory services for mergers, acquisitions and other types of financial transactions. IBEI’s transaction-based approach allows investment banks, especially mid-tier banks most vulnerable to an adverse E&O event, to secure customized coverage for a specific transaction. IBEI offers expanded protection for individuals named in a covered claim, including the payment of defense costs, which usually falls within the policy’s self insured retention, if the investment bank is financially insolvent, and limiting the application of the fraud exclusion to situations where there has been a judgment, final adjudication or alternative dispute resolution adverse to the insured regarding the fraudulent conduct.

Dollars: Limits up to $25 million.
Carrier: AISLIC and Lexington, both rated “A+” by A. M. Best. Non-admitted.
States: All.
Contact: William Vreeland at 212-458-1816 or e-mail William.vreeland@aig.com.

Apartments, Habitational, Condominiums
Nuts & Bolts: A national program manager on behalf of United National Insurance Group is offering packages and monoline general liability coverage for apartments, habitational dwellings and condominiums. Deductible is $5,000. Minimum premium is $15,000. Maximum premium is $1 million. Minimum premium general liability is $7,500.

Dollars: $3 million to $25 million.
Carrier: United National Group of Insurance Cos., rated “A” by A.M. Best. Admitted and non-admitted.
States: All, except Alaska and Hawaii.
Contact: Steven Gross at 973-467-4467 or e-mail sgross@metroins.com.

Topics AM Best