XL Catlin’s North America marine insurance business now offers insurance for marine contractors in the U.S. Starr Companies will start selling commercial drone insurance to members of the Academy of Model Aeronautics (AMA) as part of a new agreement. NIIT Technologies recently released version 4.0 of Exact, its exposure management tool.
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XL Catlin’s North America marine insurance business now offers insurance for marine contractors in the U.S.
The insurer’s marine contractor insurance includes comprehensive coverage for Hull and Protection & Indemnity; Marine General Liability including Contractor’s Legal Liability; Primary and Excess Liability including Bumbershoot/Umbrella; Owners and Contractors Protective (OCP); Builder’s Risk and Installations; Contractor’s Equipment; Domestic and International Transportation (Inland Marine and Ocean Marine Cargo); Property; and Commercial Automobile.
XL Catlin said there are also coverage features that can be tailored for the specific needs of a marine contracting operation, such as per project aggregate limits; contractual legal liability including action over; automatic additional insureds and coverage for waterborne equipment.
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Starr Companies will start selling commercial drone insurance to members of the Academy of Model Aeronautics as part of a new agreement.
Coverage includes personal injury up to $250,000 each occurrence/aggregate; medical payments coverage of $1,000 per person; and liability coverage for the drone—known formally as an ummanned aircraft system (UAS)—up to $2 million each occurrence, which includes bodily injury and property damage in a combined single limit. Optional hull coverage is available for the UAS up to $10,000 agreed value with a deductible of 10 percent of the amount of insurance.
Coverage is applicable to commercial operators only and is not available to recreational operations.
This product is being offered exclusively by the Harry A. Koch Agency in Omaha, Neb., to any current AMA member in all 50 states. AMA has over 195,000 members with over 2,500 model airplane clubs across the country.
Starr will continue offer coverage to the UAS community outside of the AMA offering.
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NIIT Technologies recently released version 4.0 of Exact, its exposure management tool.
The U.K.-based global IT company said the new version has such features as the “Underwriter View,” which helps support underwriters in their decision-making process by providing hazard, accumulation and exposure information in what is billed as a “single, easy to use platform.”
The product is marketed to global commercial and specialty lines insurers to manage risk accumulations across all lines of business in real time. NIIT said that Exact 4.0 relies on intelligent automation to asses detailed risk and hazard information and offer the underwriter a summary of key account metrics, plus an immediate view of the highest risk location.
Sources: XL Catlin, Starr Companies, NIIT Technologies