Hartford Financial Products has developed a new cyber insurance product to address growing concerns about liability threats associated with social networking sites and the risks of storing electronic data through Web-based communities.
News of other product launches this month came from Lexington Insurance, Irwin Siegel Agency, NSM Insurance Group and NAS Insurance Services.
Lexington Insurance Company, a unit of AIG Commercial Insurance, announced Pandemic Rx, an endorsement to Lexington's commercial property policy for acute care medical facilities.
The endorsement covers business income loss and extra expenses incurred during a declared pandemic influenza public health emergency (as defined in the policy).
In a press statement, Kevin Kelley, Lexington chairman and CEO, explained the need for the coverage. "Because of the complex nature of health care economics, a pandemic flu would put tremendous financial strain on health care providers. An increase in hospital admissions, expected during a pandemic flu event, could actually result in reduced revenues and business income loss," he said.
"In an environment of resource scarcity, elective procedures may be canceled which may then lead to a lower average reimbursement rate for care provided during the pandemic event," he continued.
Pandemic Rx protects insureds against loss of income and extra expenses incurred as a result of a pandemic flu public health emergency and associated crisis management costs.
The endorsement will pay, subject to the limits purchased, for up to six months of income loss during a pandemic flu event, resulting from increased expenses required to render care or reduced reimbursement due to a shift in case mix.
Coverage also applies to certain extra expenses incurred due to a pandemic flu event. These might include:
o Procurement of vaccines, antibiotics, anti-viral medications or other similar medication.
o Consumable resources such as hand hygiene supplies, surgical and procedure masks, gowns, gloves, food, water.
o Central lines kits and durable resources such as ventilators, respiratory care equipment, beds and intravenous pumps.
Pandemic Rx also provides up to $100,000 for crisis response/public relations costs or to retain a service provider with expertise in applying for reimbursement of eligible expenses from state and federal agencies.
Also addressing business interruptions exposures for health care institutions--but for those stemming from disease, contagion as well as other factors that prompt regulators to close facilities--Encino, Calif.-based NAS Insurance Services has expanded eligibility for an existing business interruption product.
Previously available to restaurants, food suppliers/vendors, hotels, schools and many other for-profit entities, NAS' Regulatory Business Interruption (RBI) insurance eligibility has been expanded to include hospitals, long-term care and public health departments.
RBI provides companies with extra expense protection, on a per day basis, for business interruption or interference due to business closure by a regulator for perils such as disease, contagion and/or infestation, as well as terrorism, homicide, suicide and/or workplace violence.
RBI also features a legal expense sublimit to contest a regulatory shutdown, full prior acts for most risks, purchase for single or multiple locations, and availability in all states.
Separately, NAS announced that HReSource will be providing new and expanded HR risk management support and services with the purchase or renewal of employment practices liability insurance.
HreSource offers the EPL insureds direct access to:
o HR Support Center with unlimited telephone support by qualified HR consultants.
o Audio seminars featuring employment law attorneys and HR experts.
o Training modules, programs, bulletins and podcasts for supervisors and line employees.
o Internet-based HR Management System features offering access to online forms, policies and procedures, including 102 sample state-specific employee handbooks and step-by-step procedures for handling common HR management issues regarding hiring and termination, discipline, and compliance.
Attacking risks related to construction, Lexington announced Lex P-3 Solutions--tailored risk management and insurance products that respond to risks associated with public-private partnerships throughout the life of the partnership.
Public-private partnerships allow private capital to be invested in public construction projects in return for future income after construction during the operational phase.
Lex P-3 Solutions covers the risks unique to such partnerships, starting with the design and construction phase and continuing through the operational phase of a project. They can include professional liability, general liability, excess liability and builders' risk during construction.
Upon completion of the project, Lex P-3 Solutions can provide property insurance and operational general liability during the ownership and maintenance phase, Lexington said.
All of the P-3 Solutions coverages are available on a standalone basis or on a combined policy form.
Lexington CEO Kevin Kelley noted that with current government funding sources falling far short of the need to repair and upgrade the nation's infrastructure-- including many roads, bridges, tunnels, water, power utilities, airports and rails--a significant portion of the funding gap is likely to be filled by public-private partnerships.
Lexington said Lex P-3 Solutions builds upon the insurer's history in serving the construction and property markets and leverages an experienced team of underwriting, risk management, claims and legal counsel to facilitate a quality and efficient insurance program.
Irwin Siegel Agency in Rock Hill, N.Y., a specialty underwriter of insurance package programs for the social services field, announced the addition of a new program focused on para-transit and rural Transportation.
Written through member companies of AIG, the agency said program highlights include:
o A comprehensive with general liability, auto and umbrella.
o Available abuse and garage liability coverage, as well as extensive fleet and driver risk management services.
o Limited capacity for emergency services vehicles in conjunction with para-transit services.
o Employees as insureds endorsement.
o Hired car physical damage up to $50,000.
For-profit and not-for-profit agencies are eligible and the coverage is available in all states except Alabama, Mississippi, West Virginia and Louisiana.
Submission requirements include: Acord applications, Agency Brochure, currently valued five-year loss runs, supplemental applications, a copy of safety and driver manuals, and a driver's list.
Irwin Siegel Agency offers insurance solutions for provider agencies within the social service, developmental disabilities, addiction treatment, transportation and mental health care fields.
NSM Insurance Group in Conshohocken, Pa., announced the launch of a Correctional Services Insurance Program.
The program offers a complete package of medical malpractice for hired and contracted physicians, auto liability, general liability, property, inland marine and umbrella.
The program's targeted classes are:
o Public and private prisons and jails
o Community release centers
o Work release centers
o Drug and alcohol treatment centers
o Halfway houses
o Adult and juvenile bootcamps
o Staff secure juvenile facilities
o Electronic monitoring centers
o Prisoner transportation
o Probation services
o Substance abuse counseling centers
NSM Insurance Group is a national commercial property-casualty insurance services firm that specializes in the development and implementation of industry specific programs across the United States.
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