The Chubb Group of Insurance Cos. released an early claims reporting incentive endorsement for its employment practices liability policies. The optional endorsement offers a 10 percent deductible reduction (up to $50,000) for customers who notify Chubb within 15 business days of an employment claim. This includes administrative charges filed with the Equal Employment Opportunity Commission.
The Chicago Mercantile Exchange expanded its weather derivatives product line with CME-Carvill Hurricane Index futures and options on futures contracts. The indexes will be calculated by Carvill, an independent reinsurance intermediary that tracks and calculates hurricane activity. The product will allow insurers, energy and utility companies, pension funds, state governments and other customers to hedge their hurricane risk.
Travelers Select Accounts has added identity fraud expense reimbursement coverage to its small commercial policies. The coverage is meant to help the principals of small businesses with the lost time and out-of-pocket expenses incurred while restoring their identities. It can reimburse principals for up to $15,000 in identity fraud expenses, and is included as part of Travelers' package of business owner policy endorsements.
AIG Small Business, a division of the property/casualty insurance companies of American International Group Inc., released The AIG Edge. This compilation of insurance and noninsurance services, designed for small-business owners, features links to several AIG member companies and companies offering products and services specifically for small businesses
RPost US Inc., an outbound messaging management service provider, offers RPost Registered E-Mail messages to the brokerage community. RPost can act as the platform for business-critical outbound e-mail communications. RPost Registered E-Mail messages are meant to provide insurance professionals speed, security, accountability and personal liability protection during electronic communications with their clients, prospects and colleagues.
Group 1 Software Inc. has introduced an underwriting automation solution for property/casualty insurers. The software could enable carriers to automate their manual underwriting processes. The underwriting automation solution uses real-time address cleansing and geocoding to provide address information based on customers' street addresses, not their ZIP codes.
Risk Management Solutions Inc., the Newark, Calif.-based modeling vendor, has released a probabilistic model to assess influenza pandemic risk. Called the RMS Infectious Disease Model, the technology includes nearly 2,000 potential pandemic scenarios, which can be used by risk managers and life and health insurers to quantify casualties, the number of work days lost from staff sickness, work days lost from staff caretaker duties, mortality and other economic loss factors across 31 countries.
York Claims Service, a subsidiary of York Insurance Services Group Inc., is now approved to be a claims adjusting educator in four states: Florida, New Jersey, California and Texas. This allows York's product management team to teach CEU-qualified courses in targeted states.
--Compiled by staff from news and company reports.
April 1, 2007
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