News From Beacon Hill - November 2009
Dear Friends of Beacon Hill,
Welcome to the Beacon Hill November newsletter—your source for the latest news in environmental insurance and general information for Beacon Hill. We are excited to announce that we have recently updated the brokerage section of our website; it now features webpages devoted to the various products we offer through our brokerage division, along with download-able PDFs that you can share with your colleagues and clients.
We hope you and your families have a Happy Thanksgiving! We continue to be thankful for your business and partnership. To send questions, comments, or request a marketing kit, feel free to contact us.
Financial and Resume Information…
Why do Those Pesky Underwriters Need it?
We know that you cringe when you see those follow up faxes and emails coming across your desk regarding additional information needed for a carrier’s file. While we understand the extra work and time involved, we also know that our underwriters would not ask if it were not important.
All carriers have firm underwriting and reinsurance guidelines in place. The subjectivities requested on quotes/binders adhere to these guidelines. We need to do our best to help our markets stay in compliance with their procedures. Otherwise they may become more restrictive on coverage because of a consistent lack of data.
Of particular importance are the insured’s most recent financial statements and current training/licensing certifications. Carriers require financial statements to substantiate ability to pay deductibles, confirm exposure accuracy, and verify stability of an insured; all very important factors when underwriting an insured’s account accurately. Insurance carriers also need to know that the insured is managing their risk by keeping themselves and their employees with current and proper training and licensure for their respective segment(s) of the environmental industry. When an underwriter reviews accounts for quoting (regardless of the market conditions) the account that stands out has provided the necessary information to help them understand the exposure. This allows our underwriters to better assess the coverage that is needed and, consequently, offer the best pricing possible.
Yes, collecting this information does take some extra effort from all of us, including insureds. However, at the end of the day, the carriers appreciate our support and we can continue to receive quality coverage, competitive pricing, and efficient service from our underwriters …which makes all of us look good to the insured!
Products Pollution Liability 101
Most agents are aware of the pollution exposures for their contractor clients and many are becoming familiar with Premises Pollution policies for commercial and industrial facilities. However, Products Pollution for manufacturing risks still appears to be a bit of a mystery.
Products Pollution coverage provides liability coverage for Bodily Injury and Property Damage to third parties arising out of a manufactured product. Pollutant Clean Up may be provided separately or included within the definition of Property Damage. Coverage can be provided by either a stand alone policy or by an endorsement to a CGL form and can be offered with either a Claims Made or Occurrence Trigger, depending upon the market and type of product being insured. Read the complete article.
Environmental insurance for contractors, environmental facilities, and storage tanks.
This Just Skims the Surface of What we do for our Agents
For almost twenty years, you have known Beacon Hill Associates as being a leader in providing environmental coverages to insurance agents around the country. But, did you know that we also specialize in accessing a wide range of specialty coverages for your more unique clients? As your insureds’ needs change, so do the products we offer. As part of our commitment to providing the most innovative products in the marketplace, we can now offer a variety of specialty coverages, including energy, waste haulers, fuel/oil dealers, and more. Call 1-800-596-2156 for more information.
Success Stories
- Transfer Station with $6.5M in receipts purchased General Liability, Auto, Excess, and Site Pollution with a $3M/$3M limit for $179,000.
- New business entity performing Fire/Water Restoration Services contractor purchased a General Liability/Contractors Pollution Liability/Mold policy for $8,214 premium based on $650,000 in revenue. The policy provided a $1M/$2M limit with $5,000 deductible and included Transportation Pollution Liability coverage via our PartnerOne program.
- Core & Well Drilling Contractor purchased Contractors Pollution Liability and Transportation Pollution Liability with $4M limits for $11,000.
- Environmental Contractor/Consultant looking for combined General Liability/Contractors Pollution Liability/E&O coverage. Insured purchased a $1M/$2M limit for $19,380 based on $2.1M in revenues via our PartnerOne program.
- Industrial & Tanker Truck Cleaner purchased a General Liability and Site pollution package for $9,000.
- Industrial Insulation Contractor with $500,000 in receipts bought a General Liability/Contractors Pollution Liability policy with $1M/$2M limits for $13,147.
- Caulking/Waterproofing and EFIS/Stucco Repair Contractor seeking Contractors Pollution Liability and Mold coverage. Purchased a $1M/$1M limit policy for $7,500.