We are Venture Insurance Programs, founded in 1993 by Philip J. Harvey to offer reasonable and industry-specific insurance for the golf & club, resort, hotel, restaurant, hunting & fishing, and Tech & BioTech industries. To understand Venture, you need to understand how it all started.
The year is 1992, and the golf and club industry has a hard market problem on its hands. Retail agents are finding it increasingly difficult to find coverage for their golf industry clients, especially for Workers’ Compensation. Insurers are concerned about the potential for pollution, the slip and falls in the kitchen, the Pro Shop’s retail exposure, and the age and high property value of the clubhouses. In fact, virtually all of the Philadelphia area clubs were insured through the State Fund, typically associated with high risk accounts and high priced premiums. Except one.
Philip J. Harvey was the retail insurance agent for, and a member of, that lone club. He placed them with Chubb, an A++ admitted market. Other Philadelphia clubs asked if Phil could help them as well. Working with each club’s appointed agent, Phil developed an agency captive that participated in the risk of the clubs and issued Guaranteed Cost Workers’ Compensation policies. The Preferred Club Program wrote its first policy on April 1, 1994 and within 6 months had 100 Philadelphia area clubs. Over the next 5 years, the program added a Club Package, and was licensed in all states. And with a competitive option now available, within these first 5 years, the average cost for Workers’ Compensation insurance for clubs had been cut in half.
Today, Venture administers several insurance programs and offers unique insurance products for specific industries. We work with top-rated insurance companies to create customized and reasonably priced solutions, help clients better control their exposure to risk, and work with independent specialty claims administrators.
Each program is customized for a particular industry, providing responsive underwriting, exceptional service, risk management tools, and reasonable premiums.
If you have questions or just want to find out more information, please contact Venture Insurance Programs:
800-282-6247 ext. 237