Ironshore, Allied World, Navigators Group and Aon Benfield all have new products this week.
Ironshore International is rolling out a hybrid insurance product designed to address clients such as museums and exhibition organizers who face trouble from political risk exposure overseas.
The new coverage protects against loss or damage of art under custody/control of museums and exhibition organizers, as well as personal fine art valuables and collections. Ironshore said that it will protect against loss due to confiscation and seizure of fine art holdings while on loan to, on display, or housed at commercial art institutions resulting from political acts, underwritten as a stand-alone policy or add-on endorsement basis.
To put this coverage together, Ironshore combined the expertise of its Fine Arts & General Specie and Political Risk underwriting teams.
Ironshore said that it sees increased demand for this kind of coverage due, in part, to the growth of global personal wealth in emerging markets.
Allied World North America will start a new program designed to help assess if a work-related injury occurred during an employee’s tenure with a given employer.
The new service stems from a partnership between Allied World and Emerge Diagnostics, through which employer clients can access Emerge’s Electrodiagnostic Functional Asset-Soft Tissue Management System.
How it works: EFA-STM would be used to collect baseline data. Emerge would store the results until a reported work-related injury, after which a post-incident test would be compared to the baseline test. By comparing, Emerge determines the type, extent and age of the soft tissue injury, and whether it connects to the reported incident.
Allied World said that using the tool helps improve claims handling transparency, boosts diagnostic accuracy and improves patient care/rehabilitation. The EFA-STM program is also designed to be used overseas, easy for medical personnel to use and meets Federal mandates.
Allied World North America is part of Allied World Assurance Company Holdings, AG.
The Navigators Group released a new short form excess casualty policy focused on providing capacity to low-to-moderate hazard injuries.
Navigators issued the new policy through Navigators Management Company, Inc., its principal underwriting agency subsidiary.
As envisioned, the new policy is designed to reduce coverage gaps within an excess casualty tower, minimize the broker’s E&O exposure and streamline excess placements within the Navigators Group team.
Among the policy features: there is no defined coverage trigger, so it adopts the triggers of controlling underlying insurance. The policy also automatically allows for shaving of limits by the insured; Navigators’ short form also has very few terms and no definitions so gaps in coverage are greatly reduced.
Aon Benfield, working with the reinsurer SCOR, developed a new French flood catastrophe model.
The idea is that the new model will help clients better understand and make preparations for the potential flood costs involving France’s major cities.
According to Aon Benfield, the new model quantifies losses for historical and hypothetical flood scenarios for Paris, Lyon and Toulouse. This is designed to help both SCOR and Aon Benfield clients enhance their view of catastrophe risk in what are high exposure areas.
Sources: Ironshore, Allied World, Navigators Group and Aon Benfield.