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Technology Insurance
Loss Scenarios for IT Firms
  Inability to deliver on marketing promises.
A personal computer assembler is sued by a group of consumers in a class action suit. The suit alleges that the company´s equipment did not live up to advertised specifications. Citing issues such as lack of speed and poor upgrade capability, they demand full refunds.
Indemnity Paid: $1,600,000
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Excess Liability

 

No Underwriting for the Defined Group Affords Higher Limits of Coverage

  • drivers with licenses from another country
  • parents of children who are recently licensed
  • households with prior claims history
  • households in which a driver has prior accidents or driving convictions

The limit of liability that an individual can secure independently is contingent upon many factors, including but not limited to the above scenarios. Under the Group policy, none of these factors will affect the eligibility, rate, or limit of coverage. There is no individual underwriting that will result in a discriminatory limit of coverage from person to person and the benefit is applied uniformly.

One of the primary benefits to the Group policy is that it eliminates the underwriting process. This is particularly important for the executives who come to the United States from other countries. They typically carry International Driver’s Licenses. Despite many years of driving experience, insurance carriers in the Unites States, as a rule, will charge higher auto insurance premiums. They will also restrict liability coverage to $1,000,000 until a United States driving record has been established over a three-year period. Securing higher limits of coverage in this situation can cost approximately $1,000 per $1,000,000 coverage, and coverage must be written through Excess and Surplus insurance carriers. These carriers usually are not admitted in New York State and do not possess the strong financial ratings of a carrier like The Chubb Group of Insurance Companies. Most individuals usually elect to forego the coverage due to the prohibitive cost, and this is an especially common response in people from countries that are unaccustomed to the highly litigious nature of the United States.

 
 
 

Group Personal Excess Liability

 

What is Group Personal Excess Liability Insurance?

Group Personal Excess Liability Insurance is a comprehensive benefit for key personnel, managers, and employees. Group Personal Excess Liability provides up to $10,000,000 personal liability coverage for each employee in a defined group, and helps to assure that the most valued staff members' personal assets are protected. In addition, it awards a cost-competitive insurance product to valued employees. Group Personal Excess Liability Insurance is a true “group” policy; the insurance company will not individually underwrite or decline any individual in the designated group.

 
 

Benefits of Group Personal Excess Liability insurance

  • Group Personal Excess Liability coverage is more affordable than if purchased individually
  • Employees can secure a higher limit of liability insurance under a Group policy than they might be eligible for individually
  • The limits of coverage and policy structure can be designed so that different classes of employees receive different limits
  • Choose one limit of coverage for all employees, or
  • Choose two or more limits for designated groups of employees
 

Policy Highlights

  • Worldwide Coverage
  • Bodily Injury and Property Damage coverage for Outside Not-For-Profit Directors
  • All Dependents/Relatives (“Family Member”) Covered
  • Personal Injury Coverage
  • Employer Liability for Domestic Employee
  • Limited Business Pursuits Coverage for Volunteer, Charitable, and at home, or away from home business
  • Policy limits range from $1,000,000 to $50,000,000, and can be tailored to provide higher limits of coverage for selected employees
 

Optional Coverages

  • Automatic Coverage for Newly Hired or Promoted Individuals to the “Defined Group”
  • Reduced Underlying Requirement for Participants residing Outside of U.S.
  • Three Year Pre-Paid Policy Term Available
 

The Premium Remains Constant No Matter How Many Vehicles Are Insured

Under an individual policy, failing to notify the carrier as to the purchase of a new car, home, or watercraft will result in a gap in coverage for that particular exposure. Under the Group policy, coverage is automatic for up to four homes, and an unlimited number of vehicles.
 
 

Coverage Cannot be Canceled Due to Claim History

Under the Group policy, individual claims do not affect the rate of the Group, or adversely affect the eligibility of the individual.
 
 

Automatic Coverage: No Additional Premium Charge for Newly Hired or Promoted Individuals to the Defined Group

Under the Group policy, new employees are automatically covered from the date of hire or promotion. There is no waiting period, and there is never a chance that there will be any “gap” in coverage due to an administrative failure to add an individual to the policy.
 
 
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