Insurance Program Results
Ability to Juggle Risk Attracts More Competition
Carriers with large municipal and other public sector portfolios will offer all aspects of coverage and higher limits this year in the hope of generating organic growth. Municipalities and other governmental entities in many parts of the country are finally reporting tax revenues exceeding figures reported before the recession. The total of state and local government tax revenues in the fourth quarter of 2014 climbed to $369 billion, a 4.2 percent increase from 2013. This growth in revenue is allowing governments to purchase more coverage than they could during the past few years. The slow recovery from the recession strained carriers’ municipal entity books as the public sector struggled with lower tax revenue and cut insurance to the bare minimum.
Crittenden expects more creative underwriting of the public sector arising out of the threats of natural catastrophes and climate risks as well as emerging exposures such as cyber threats and environmental risks. The drive to entice public entities back to large package policies will lead carriers, still facing declining reserves, to seek out reinsurance and alternative capital to transfer the large risk they will take on. With reinsurance pricing at an all-time low and municipal bonds generating some of the strongest returns, carriers look to maintain most of their municipal accounts while scooping up additional accounts.
Copyright © Crittenden Research Inc., May 18th, 2015
Builders Risk (Admitted and E&S)
Administered By: Beazley
Distribution: Direct/Broker
| Industries: |
Builders Risk/Home Builders, Contractors, Habitational, Municipalities/Government Bodies |
|---|
Carriers: Beazley Insurance Co. Inc.
Coverage: Builders Risk, Excess, General Liability, Umbrella/Excess
Limits: up to $200 million (Varies by Risk/Location)
Regulatory Liability (Healthcare)
Administered By: Beazley
Distribution: Direct/Broker
| Industries: |
Hospitals, Long-Term Care Facilities (LTC), Municipalities/Government Bodies, Physicians |
|---|
Carriers: Beazley Insurance Co. Inc.
Coverage: E&O, Excess, Umbrella/Excess
Limits: Up to - $10 Million
Worldwide Large Commercial
Administered By: Beazley
Distribution: Direct/Broker
| Industries: |
Manufacturers (Hardware), Manufacturers/Manufacturing Risks, Mine/Mining Risks, Municipalities/Government Bodies |
|---|
Carriers: Beazley Insurance Co. Inc.
Coverage: Excess, Property, Umbrella/Excess
Limits: Up to - $20 Million (Any one risk)
Trident Public Entity Program
Administered By: Trident Insurance Services LLC
Distribution: MGA
| Industries: |
Municipalities/Government Bodies |
|---|
Carriers: Argonaut Insurance Co.
Coverage: Commercial Auto, Employment Practices Liability (EPL), Excess, General Liability, Law Enforcement Liability, Property, Public Officials Liability, Umbrella/Excess
Limits: - - - (Varies)
Property
Administered By: Rockhill Insurance Group
Distribution: Carrier Direct
| Industries: |
Commercial Real Estate (Office), Commercial Real Estate (Retail), Habitational, Hospitality (Hotels/Motels), Hospitals, Municipalities/Government Bodies, Nursing Homes/Skilled Nursing Facilities |
|---|
Carriers: Rockhill Insurance Co.
Coverage: Property
Limits: up to $20 million (Property All-Risk), up to $20 million (Excess), up to $20 million (Wind Only and/or Named Storm)
Public Sector
Administered By: Great American Insurance Group
Distribution: Carrier Direct
| Industries: |
Colleges & Universities, Municipalities/Government Bodies, Police & Fire Departments, Public Entities, School Districts |
|---|
Carriers: Great American Insurance Cos.
Coverage: Abuse & Molestation Liability, Auto Liability , Employee Benefits Liability, Employment Practices Liability (EPL), General Liability, Medical Malpractice, Professional Liability, Public Officials Liability, School Board Liability
Limits: up to $10 million (Excess), up to $50 million (Earthquake), up to $100 million (Property), up to $10 million (Liability), up to $50 million (Flood)
Construction (Inland Marine)
Administered By: Navigators Management Co. Inc.
Distribution: Carrier Direct
| Industries: |
Builders Risk/Home Builders, Contractors, Municipalities/Government Bodies |
|---|
Carriers: The Navigators Group Inc.
Coverage: Inland Marine
Limits: up to $10 million
Euclid Public Sector Alternative Risk
Administered By: Euclid Specialty Managers, LLC
Distribution: MGA
| Industries: |
Municipalities/Government Bodies, Public Entities, School Districts |
|---|
Carriers: Hudson Insurance Co.
Coverage: Abuse & Molestation Liability, Auto Liability , Auto Physical Damage, Educators Legal Liability , Employment Practices Liability (EPL), General Liability, Law Enforcement Liability, Miscellaneous Professional Liability, Public Officials Liability, Reinsurance
Limits: up to $10 million
Excess Property
Administered By: James River Insurance Co.
Distribution: MGA
| Industries: |
Colleges & Universities, Commercial Real Estate (Office), Commercial Real Estate (Retail), Freestanding Medical Facilities, Habitational, Hospitality (Hotels/Motels), Hospitals, Manufacturers/Manufacturing Risks, Municipalities/Government Bodies, Nursing Homes/Skilled Nursing Facilities, Real Estate Owners, Schools, Warehouses |
|---|
Carriers: James River Insurance Co.
Coverage: Earthquake Liability , Excess, Flood, Property
Limits: up to $30 Million
Mainland
Administered By: New Empire Group
Distribution: MGA
| Industries: |
Contractors, Municipalities/Government Bodies |
|---|
Carriers: Chubb Group of Insurance Cos.
Coverage: Commercial Property, Inland Marine
Limits:
NetGuard™ Plus
Administered By: NAS Insurance Services
Distribution: MGA
| Industries: |
Auto/Car Dealerships, Education & Nonprofit, Educational Risks (School Administrators), Financial Institutions, Hospitals, Insurance Agents, Municipalities/Government Bodies, Physician Groups, Physicians, Retail, Schools, Small Businesses, Staffing Agencies, Utility Companies |
|---|
Carriers: Lloyd's of London
Coverage: Crime, Cyber Liability, Data Security, Network Security Liability, Privacy Liability/Notification Expense, Reputational Risk
Limits: up to $25 million
Public Entity Liability
Administered By: Navigators Management Co. Inc.
Distribution: Carrier Direct
| Industries: |
Municipalities/Government Bodies, Public Entities |
|---|
Carriers: The Navigators Group Inc.
Coverage: Employment Practices Liability (EPL), Public Officials Liability
Limits: up to $5 million
Standalone Terrorism
Administered By: XL Catlin
Distribution: Direct/Broker
| Industries: |
Hospitality (Hotels/Motels), Municipalities/Government Bodies, Private Companies, Public Companies , Public Entities, Retail |
|---|
Carriers: XL Catlin Insurance Co., Inc.
Coverage: Deadly Weapon Protection Liability, Terrorism
Limits: up to $200 million, up to $35 million (Active Assailant Insurance)
Umbrella & Excess
Administered By: StarStone
Distribution: Carrier Direct
| Industries: |
Auto Service and Repair, Churches/Religious Institutions/Organizations, Colleges & Universities, Habitational, Municipalities/Government Bodies, Schools |
|---|
Carriers: StarStone National Insurance Co., StarStone Specialty Insurance Co.
Coverage: Excess, Umbrella/Excess
Limits: up to $15 million (For low and medium hazard risks), up to $10 million
ACE TankSafe®
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Auto/Car Dealerships, Aviation Risks & Airports, Hospitals, Manufacturers/Manufacturing Risks, Municipalities/Government Bodies, Trucking |
|---|
Carriers: ACE Group
Coverage: Excess, Property, Umbrella/Excess
Limits: $500,000 - $5 million (Per occurrence), $1 million - $5 million (Aggregate)
Florida Accident Program
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Municipalities/Government Bodies, Police & Fire Departments, Workers Compensation |
|---|
Carriers: ACE Group
Coverage: Accident & Health, Excess, Umbrella/Excess, Workers' Compensation
Limits: - - - (The principal sum for Accidental Death & Dismemberment benefits will be the amount required by Florida statutes 112.19 and 112.191. *This amount is adjusted annually on July 1st.)
Public Entities
Administered By: Victor O. Schinnerer
Distribution: MGU
| Industries: |
Colleges & Universities, Educational Risks (School Administrators), Municipal/Public Pools, Municipalities/Government Bodies, Political Risk (Terrorism/War/General), Schools |
|---|
Carriers: CNA Insurance Cos
Coverage: Accident & Health, Accidental Contamination, Accidental Death & Dismemberment, Environmental/Pollution Liability, Errors & Omissions (E&O), Professional Liability, Public Officials Liability, School Leaders Legal Liability
Limits: up to $10 million
Public Entity MuniPlus Package
Administered By: Allied Public Risk
Distribution: MGA
| Industries: |
Municipalities/Government Bodies, Public Entities |
|---|
Carriers: Allied World Assurance Co.
Coverage: Auto Liability , Auto Physical Damage, Crime, General Liability, Inland Marine, Privacy Liability/Notification Expense, Professional Liability, Property, Public Officials Liability, Umbrella/Excess
Limits: $1 million - $3 million (Liability)
Public Officials Professional Liability
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Aviation Risks & Airports, Municipalities/Government Bodies, Political Risk (Terrorism/War/General), Trucking, Utility/Transit/Port/Housing Authorities |
|---|
Carriers: ACE Group
Coverage: Employment Practices Liability (EPL), Excess, Management Liability, Professional Liability, Punitive Damages, Umbrella/Excess
Limits: up to $20 million
Municipal Insurance Program
Administered By: Wright Specialty Insurance
Distribution: MGA
| Industries: |
Municipalities/Government Bodies |
|---|
Carriers: XL Catlin Insurance Co., Inc., XL Insurance Co.
Coverage: Abuse & Molestation Liability, Auto Liability , Auto Physical Damage, Bodily/Personal Injury, Builders Risk, Business Income/Extra Expense, Crime, Earthquake Liability , Employment Practices Liability (EPL), Equipment Breakdown, Excess, Flood, General Liability, Inland Marine, Law Enforcement Liability, Property, Public Officials Liability
Limits: