Industry leading golf and country club insurance program offers mono-line Umbrella Liability coverage that provides higher limits and broader coverage than is currently available to most clubs today
West Chester, Pa. – Jan. 15, 2009 –Venture Insurance Programs (www.ventureprograms.com), a national program administrator and leader in the design and underwriting of select industry-focused insurance packages, today announced that its Preferred Club Program® has introduced a mono-line Umbrella Liability product with broad coverage and improved flexibility and stability.
The Umbrella coverage can be placed over any primary insurance policy as long as the underlying insurers maintain “A-” VI or better ratings through A.M. Best Co. Limits are $25 million with optional limits up to $50 million. Coverage is underwritten through the Chubb Group of Insurance Companies, rated A++ by A.M. Best Co.
“The Preferred Club Program’s new Umbrella product provides higher limits, broader coverage and greater flexibility at lower rates than most clubs are paying today,” said Michael DeMarco, executive vice president of the Preferred Club Program. “And with the product underwritten by Chubb, we are offering a stable market that clubs can rely on.”
The Umbrella is offered through Venture’s newly formed Risk Purchasing Group. According to DeMarco, unlike other Risk Purchasing Group arrangements, there is no sharing of limits amongst other RPG members. Insureds receive their own dedicated limits.
Other key features of the Umbrella liability product are:
- Offers Coverage A (Excess) and Coverage B (Umbrella) protection. This is not an Excess Only Form.
- Offers several aggregates that are standard in the form to ensure that there is enough coverage in the event of multiple, isolated events—Excess Coverage Other Aggregate, Umbrella Coverages Aggregate, Products-Completed Operations Aggregate, and Advertising Injury and Personal Injury Aggregate.
- Excess Coverage Other Aggregate provides separate towers of capacity, up to the policy limit (D&O/EPLI is capped at $10 million regardless of the policy limit), for underlying coverage subject to a Policy Aggregate (herbicide/pesticide, D&O/EPL, Liquor Liability, GKLL, EBL, etc).
Agents and brokers should call the Preferred Club Program at 800-523-2788, ext 241, or visit www.preferredclub.com.
About Venture Programs
Venture Insurance Programs (www.ventureprograms.com) is a leading program administrator that designs, underwrites and distributes industry-specific insurance packages including the Preferred Club Program (www.preferredclub.com). Based in West Chester, Pa., Venture has underwriting alliances with the world’s leading carrier groups, including Chubb, CNA, Fireman’s Fund, The Hartford, OneBeacon, RSUI, Travelers, USLI, Zurich North America and Lloyd’s of London. Founded in 1993, Venture provides specialty insurance packages for select vertical industriesincluding golf and country clubs, golf destination resorts, technology and biotechnology companies, hotels, restaurants, and marine-related risks.