News From Beacon Hill - January 2011

Dear Friends of Beacon Hill,

Happy New Year! We are ready for a successful 2011—working to evaluate new business opportunities that come through the door, as well as enhancing our service standards and office procedures. We look forward to another successful year with you! Please contact us if you have any questions or would like to discuss a specific account.

Why You Should Always Offer Your Client an ERP

There are many reasons that an insured may discontinue a policy: retiring, selling, going out of business, coverage no longer required, etc. This is an important time to examine the policy for claims-made coverage and determine the provisions outlined for offering and obtaining Extended Reporting Period (ERP) options.

An ERP (a.k.a. “tail”) is an endorsement subject to an additional premium, purchased to extend the window for reporting a claim. This should not be mistaken as an extension of the coverage period; the occurrence must have taken place after the policy’s stated retroactive date and before the end of the policy period. Dependent on the carrier, ERPs are generally offered for a maximum period of three to five years with shorter windows available.

The prime reason for seeking this option from the carrier for your insured is to give them more protection. What if a claim is made against the insured for an incident that occurred on the last day that the policy was in effect, but is not reported until three months later? Without an ERP, once a claims-made policy or policy with claims-made coverage parts expires, the window of protection is effectively closed for the insured. Wouldn’t you want this option from your agency if it were your coverage?

Oil & Gas Accounts
Help Your Energy Clients Access Quality Environmental Insurance

Oil & gas risks are always in a state of dynamic change, adapting to the needs of their clients and the insurance requirements placed upon them. At Beacon Hill Associates, our markets have the ability to write a variety of coverages for these clients, including General Liability, Auto, Excess, Products Pollution Liability, and Broad Form Pollution (for both Contractors or Site), as well as Transportation Pollution Liability.

Target business classes include:

• Pipeline Contractors and Operators
• Refinery Contractors
• Oil & Gas Servicing Contractors
• Vacuum Truck Services
• Blending and Mixing facilities
• Refineries (natural gas, crude, refined products)
• Salt Water Disposal
• Haulers of any placard use
• Manufacturers of any product whose failure would cause a pollution loss.
• Distributors of any product whose failure would cause a pollution loss.

Premiums start at just $2,500. Call 1-800-596-2156 for more information.

Need Information From Beacon Hill?

There are many ways you can get information from Beacon Hill Associates:

• Call us! Our office hours are 8:30am – 5:00pm (EST). 1-800-596-2156.
• For general email inquiries, you can send a request through our Contact Us page or email marketing@b-h-a.com.
• To reach a specific Beacon Hill staff member, visit the Our Team page of our website.

Don’t forget that you can access our news archive, claim scenarios, product information, and applications on our website.

Success Stories

A $2.7M Boiler Contractor doing both installation and service purchased General Liability and Excess for combined limits of $11M for a total premium of $40,000.

An Industrial & Refinery Contractor with $30M in receipts purchased General Liability, Contractors Pollution Liability, Auto and Excess with $1M/$2M Primary and $10M Excess for a total premium of $371,000.

An $8M Tank Contractor purchased General Liability, Contractors Pollution Liability, Professional, Auto and Excess with $1M/$2M limits on the Primary and $9M on the Excess for a total premium of $120,000.