Archive for Single Line P&C Products
Accidental Death & Dismemberment
Boiler and Machinery Coverage aka Equipment Breakdown Coverage
Boiler and Machinery Coverage aka Equipment Breakdown Coverage”,”New developments in technology have created loss exposures to businesses not addressed by the original boiler and machinery policy The breakdown of a wide range of equipment such as computers, machinery using computer technology, and other equipment such as ovens, stoves, furnaces, elevators, hoists and cranes can be covered. Medical diagnostic equipment such as MRIs, advanced heart monitors and other scientific equipment in hospitals, medical laboratories, and universities also need breakdown coverage. The equipment breakdown coverage forms continue to provide coverage to boilers, air conditioning systems, and machinery. Direct damage, extra expense and loss of income resulting from breakdown, burst pipes, electrical arcing, and exploding of boilers is covered. High limits can be arranged for large risks.
Bonds
Certain types of surety bonds that do not easily fall into natural and well-defined classifications are considered more difficult to place than normal bond classes. These are classified as miscellaneous bonds and collateral is required when they are written. Because of the frequency of use and the amount of premium volume, lost instrument or lost securities bonds are the most familiar of the class. Other types of miscellaneous bonds given special treatment by surety markets are income tax bonds, which are given to guarantee payment of federal income taxes due; subdivision bonds that guarantee that certain property improvements, such as streets, sidewalks, and sewers, will be constructed by a subdivision developer; bonds that guarantee the performance or long life of a certain product or service such as long-term guarantees of roofs and roofing materials; patent infringement bonds; blue-sky bonds; self-insurance bonds; and numerous other “once-in-a-lifetime” specialty bonds that require individual underwriting judgment.
BOPs (Coastal) with Wind
Business Interruption
Business Owner Policies (BOPs)
Cargo
Cyber Insurance
This is the most rapidly changing liability area today. Commercial and personal lines carriers restrict both first-party and third-party coverage related to online activities. As a result, separate cyber liability coverage forms and endorsements are necessary to cover both. Hackers infiltrate a company’s computer system and steal valuable third-party information, such as social security numbers, credit card numbers, and health information. The liability to the third party can be covered as well as the expenses to mitigate losses such as credit monitoring and assistance in restoring stolen identities. Extortion coverage may be provided to assist when stolen information is held hostage or computers frozen. The coverage continues to change and evolve.
Directors and Officers (D&O) Liability
This coverage protects directors and officers of a corporation against claims that allege injury caused by their negligent acts, errors, or omissions while acting in their corporate capacities. It also indemnifies corporations for expenses they incur to defend such lawsuits. The market for this coverage is expanding and addresses all sizes of corporations. Some companies cover discrimination, wrongful termination, and sexual harassment.
Employment Practices Liability
Equipment Breakdown Coverage aka Boiler and Machinery Coverage
Breakdown of a wide range of energy-related equipment, such as computers, machinery that uses computer technology, and other equipment are covered, in addition to the traditional boiler and machinery objects such as boilers, air conditioning systems, ovens, stoves, furnaces, elevators, hoists, and cranes. Medical diagnostic equipment, such as MRIs, advanced heart monitors, and other scientific equipment in hospitals, medical laboratories, and universities can also be covered. Breakdown is the only peril or cause of loss covered. Coverage is available for both direct and indirect loss such as loss of income or extra expense.
Flood
Flood (Private)
Traditional flood insurance is obtained via the National Flood Insurance Program made available by the Federal Government. While this option can satisfy the needs for basic flood insurance, it may not satisfy the needs of all buyers. The private flood marketplace provides alternatives to traditional flood insurance, sometimes with greater coverage limits for the same or less cost.
Home-based Businesses
Homeowners (High Value)
Landslide
Products Recall Expense Insurance
Property (Coastal)
Surety
Certain types of surety bonds that do not easily fall into natural and well-defined classifications are considered more difficult to place than normal bond classes. These are classified as miscellaneous bonds and collateral is required when they are written. Because of the frequency of use and the amount of premium volume, lost instrument or lost securities bonds are the most familiar of the class. Other types of miscellaneous bonds given special treatment by surety markets are income tax bonds, which are given to guarantee payment of federal income taxes due; subdivision bonds that guarantee that certain property improvements, such as streets, sidewalks, and sewers, will be constructed by a subdivision developer; bonds that guarantee the performance or long life of a certain product or service such as long-term guarantees of roofs and roofing materials; patent infringement bonds; blue-sky bonds; self-insurance bonds; and numerous other “once-in-a-lifetime” specialty bonds that require individual underwriting judgment.
Surety Bonds
It can be difficult to find bond markets willing to write coverage on contractors just starting in business. A number of programs are available for contractors that have less than $500,000 in annual revenue. Coverage is available for performance, payment, and bid bonds for a variety of small and artisan contractors. Sureties examine the contractor’s stability as well as its financial management. After a few jobs are completed successfully and without default, these risks improve substantially and the account can grow with the agent, who usually also writes the contractor’s commercial general liability and commercial auto lines of business.
Valued Business Interruption Insurance
This is sometimes referred to as per diem business interruption. The insured selects a maximum loss of income amount per day it needs to receive following a covered direct property loss. The coverage provided is similar to other types of business income or business interruption coverage forms.
Wind & Hail Deductible Buyback
Workers Compensation
Workers compensation insurance is based on a system of state laws that require employers to provide medical care, disability benefits, and lost wages to employees injured or disabled in the course of their employment. Most markets provide workers compensation coverage on a monoline basis to both standard and difficult-to-place risks: