AIG will begin marketing its directors and officers, errors and omissions, employment practices, fiduciary and fidelity liability insurance and services under the new AIG Executive Liability brand, the company has announced. These offerings, which traditionally have been marketed under the National Union Fire Ins. Co. of Pittsburgh name, will continue to be underwritten by the AIG.
AIG Executive Liability, a division of the property-casualty insurance subsidiaries of AIG, has announced the Not-for-Profit Risk Protector product, a package of management liability coverages for nonprofit organizations. The product was created to respond to the demand for coverage to include: directors & officers liability coverage; employment practices liability coverage; fiduciary liability coverage; fidelity and crime coverage; employed lawyers professional liability coverage; and kidnap and ransom/extortion coverage. Organizations can purchase some or all of the options and combine them into one program with shared or separate limits.
Zurich North America Commercial has enhanced its directors & officers coverage for private and nonprofits middle market companies with up to $750 million in assets and 1,500 employees, the company has announced. The improvements include grouping several management liability products under one form. Additionally, Zurich has incorporated core enhancements to its policy form, simplifying the underwriting process.
Lexington Ins. Co., has increased its underwriting capacity for fire property insurance to $500 million from $250 million, the company has announced. "The marketplace is demanding higher capacity for property fire risks, particularly from the higher education and healthcare sectors. By doubling our available in-house capacity, we can readily provide the high limits of financially sound coverage our clients need," said George Stratts, division executive and executive vice president.
Fireman's Fund Ins. Co. has announced the launch of Property-Gard, a product designed to protect residents, guests, property and income streams of senior care facilities. With the first of the baby boomer generation having reached the age of 60, the number of seniors entering residential communities is rapidly growing, The coverage is designed to protect policyholders from contaminated food, communicable diseases, emergency vacating, property of residents and medical staff, employee theft, lost keys, and mobile medical equipment.
ACE USA has expanded its suite of environmental liability insurance products to meet the unique exposures of U.S. multinational organizations with global locations, the company has announced. This coverage, available for ACE USA's environmental clients, enables domestic and international exposures to be covered through a matrix of admitted and nonadmitted policies around the world to protect companies from environmental liability risks and exposures. The Global Environmental Policy offered through ACE USA, the U.S.-based retail operating division of the ACE Group of Cos., applies to environmental claims not only in the U.S., but anywhere in the world where nonadmitted coverage is allowed.
AIG has formed a new department to streamline the claim intake and reporting process for severity lines of business, the company has announced. The department, which responds to excess casualty, environmental, pollution insurance, healthcare, excess workers' compensation, toxic tort and risk finance claims, was developed to provide a centralized entry point and customer service resource for these severity lines, the company said. The company also said it will enhance its ability to adjudicate severity claims by assigning each new notice of loss to the appropriate claim professional.
The Risk and Insurance Management Society has announced the addition of an online course on healthcare risk management. The program, designed by the University of Florida, prepares practitioners in the fields of healthcare risk management and patient safety. More information and a complete list of RIMS online courses are available at http://www.RIMS.org/onlinecourses. The program covers legal concepts; emergency management; occupational safety, health and environmental impairment; early warning systems for the identification of organizational risk; and development of a comprehensive enterprise risk management program. The course costs RIMS members $445, and non-RIMS members $495.
--Compiled by staff from news and company press releases.
October 15, 2007
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