First Capital-AWIS, LLC, and Hudson Insurance Group have introduced a new insurance services professional liability primary and excess facility underwritten by Hudson and administered exclusively by First Capital.
The facility offers a wide range of insurance services classes, including retail and wholesale insurance agents and brokers, MGAs, MGUs, third party administrators, multiple employer trusts, captives, self-insured plans, risk retention groups, risk purchasing groups, regional insurance companies, claims adjusters, reinsurance intermediaries, insurance actuaries and risk management and loss control consultants.
First Capital's president of professional lines, Mark Vandegriff, stated: “We are excited about this new partnership with Hudson, a premier specialty underwriter with unparalleled expertise in the professional liability lines of business.”
Hudson's chief executive officer, Christopher Gallagher, said: “We believe the combination of First Capital's underwriting and product experience and our financial strength and stability in the professional liability marketplace will be of great value to our brokers and policyholders.”
Hudson stated that the facility will be marketed through an exclusive network of wholesale producers appointed by First Capital offering capacity of $5,000,000 and the following standard and available optional features:
- Minimum premium of $7,500 and minimum retention of $5,000
- 50/50 hammer clause with options as low as 20/80
- First dollar defense
- 50 percent retention credit For mediation (subject to $25,000 maximum credit)
- Duty to defend, claims-made, and reported coverage
- Aggregate retention available
- Breach of privacy, breach of security, intellectual property rights infringement and personal and advertising injury coverage
- Prior acts coverage available for accounts with prior and continuous coverage
- 60 days automatic extended reporting period
- Disciplinary proceedings coverage
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].