AmTrust Financial Services is underwriting a new warrantee product that covers propulsion batteries used in electric vehicles. Everest Insurance launched liability coverage designed for nonprofits.
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AmTrust Financial Services Inc. and Endurance Dealer Services, a provider of extended vehicle protection, are debuting what is being billed as the auto industry’s first electric vehicle service contract that covers batteries.
APEX EV is the new product, a vehicle service contract designed exclusively for electric vehicles that covers propulsion batteries. AmTrust is underwriting the coverage.
AmTrust said the new vehicle service contract is designed specifically for the unique attributes of electric vehicles. This extended warranty includes parts and labor as well as propulsion battery coverage, which is often not included in traditional VSCs but is a key component for electric vehicles as the battery is critical to the functionality of the vehicle. The contract covers virtually all U.S. electric car models such as Honda Fit EV, Chevrolet Bolt, Nissan Leaf, BMW i3, Ford Focus Electric, Volkswagen e-Golf and others, with the exception of Tesla models and hybrid vehicles.
The new electric vehicle service contract will be featured by Endurance at the 2019 NADA Show in San Francisco and is expected to launch in the first half of 2019.
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Everest Insurance has launched the Everest Expedition Not-For-Profit Management Liability policy.
The new policy form provides protection for not-for-profit organizations across all industries including charitable foundations, healthcare organizations and educational institutions.
Coverage is offered in a modular form, with eight coverage parts: directors and officers liability, employment practices liability, crime, fiduciary liability, cyber liability, kidnap and ransom, miscellaneous professional liability, and employed lawyers liability.
Everest Expedition policy highlights include: expansive inquiry coverage, pre-claim expenses, continuity coverage for EEOC charges and written demands first made during prior policy, dedicated social engineering fraud limit (crime, cyber), and a provision noting extortion payments include cryptocurrency and bitcoin (cyber).
Sources: AmTrust, Everest Insurance