As Embassies Go Bare Hub Enhances Coverage
NU Online News Service, Sept. 24, 2:20 p.m. EDT?Hub International Limited said it is enhancing its Embassy Program that provides property-casualty insurance for diplomatic locations in New York City and Washington, D.C., many of which have been going without coverage.[@@]
Kaye Insurance Associates, the New York based retail unit for Chicago-based Hub, said it estimated that as of March 2004, a third of New York's embassies and missions did not have any insurance coverage in place and about 50 percent were underinsured due to the unavailability or prohibitive cost of coverage.
The enhancements for embassies, consulates and missions include lower minimum property values, from $2.5 million to under $1 million, and expanded terrorism coverage that now includes liability coverage.
In partnership with Clements International, an international insurance broker based in Washington, D.C., the Embassy program will also provide joint auto and p-c insurance to embassies, consulates and missions in New York and Washington.
Kaye crafted the program to meet the need for coverage in New York after the Sept. 11, 2001 attack.
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