Ironshore is expanding a customized property/liability policy for high-net-worth homeowners into New York. Everest Insurance debuted auto buffer coverage for large motor fleets. A division of Aon launched a new modeling tool for oil, gas and petrochemical clients.
Ironshore’s Private Client Group expanded its Private Insurance Portfolio product to high-net-worth homeowners in New York.
The launch is effective Jan. 23, 2017. Plans call for rolling out the policy nationwide. Beyond New York, the policy is currently underwritten on an admitted basis in Connecticut, Pennsylvania, New Jersey and Georgia.
Ironshore Private Insurance Portfolio is a customized policy that offers property and liability coverage for homes worth more than $1 million. The cover will be underwritten in New York on an admitted basis through its network of independent retail and wholesale agents and brokers.
The policy extends to the homeowner and family home property, household contents, personal valuable articles and umbrella liability coverage. Watercraft/yacht coverage is also available on a standalone basis.
Everest Insurance, a division of Bermuda-based Everest Re Group, launched auto buffer coverage for U.S. clients with well-managed motor fleets of 250 to 1,000 units.
Everest said the product will be sold through a limited network of appointed wholesale brokers specializing in the transportation market.
Everest officials said the auto buffer product will complement its expanding E&S automobile liability offering and that the cover will offer up to a $5 million limit. It will also operate with a dedicated underwriting team.
Aon Global Risk Consulting has teamed with research agency TNO to launch a new modeling tool for oil, gas and petrochemical clients.
The Aon Loss Estimating Risk Tool, or ALERT, is designed to model the potential impact from a wide range of fire and explosion scenarios in the hydrocarbon processing industry.
Aon said the tool is calibrated to model a full range of known historical losses from across the industry. It includes discharge and dispersion models, which are used to evaluate cloud dimensions for vapor cloud explosion events.
Sources: Ironshore, Everest Insurance, Aon Global Risk Consulting