V3 Tailors Comprehensive Liability Package for Smaller Firms, Nonprofits

PRODUCT: management liability package program

COMPANY: National Liability & Fire Insurance Company, a member company of Berkshire Hathaway Insurance Group

BEST RATING: A++ (Superior), size XV

AVAILABILITY: Coverage is available through appointed brokers.

FOCUS: Today’s risk environment is more complex than it was even just a few years ago. Cybercrime, workplace violence and reputational risks are just a few of the threats companies face on a daily basis, but many small and midsize businesses have yet to address these new exposures, thanks in large part to lack of time, budget and knowledge.

In response to these market conditions, V3 Insurance Partners LLC, a managing general underwriting agency, has launched Vantage Point, a management liability package program designed for middle-market organizations. With the new program in place, V3 can offer easy and convenient access to up to 10 different lines of coverage, backed by the National Liability & Fire Insurance Company, a member company of Berkshire Hathaway Insurance Group.

“This is a convenient, one-stop shopping program for small and midsize organizations to enable them to fill insurance gaps and address their fiduciary risks,” says Dana Ross-Paige, senior vice president and national practice leader for professional lines for V3 Insurance. “More than just a bundle of coverages, Vantage Point provides agents and brokers with a flexible framework to address a variety of risks and coverages with their clients.”

UNDERWRITING: The package program allows the policyholder to choose one or all 10 coverages: directors, officers and entity liability; employment practice liability; fiduciary liability; employed lawyers liability; miscellaneous professional liability; cyber liability; commercial crime; workplace violence expense; and kidnap and ransom – extortion. Limits up to $5 million are available for each.

The package also includes Private Vantage Assist, which provides reputation restoration protection. It covers fees and expenses of an approved crisis management firm to advise the insured firm in minimizing harm to its reputation and to assist in the maintaining and restoring of public confidence, including the costs of printing and advertising.

Submission requirements include a Vantage Point or competitor’s application, a list of the insured firm’s shareholders and their voting ownership percentages, and the firm’s most recent consolidated financials or tax returns.

MINIMUM PREMIUM: Varies according to coverage selection.

TARGET: The program is designed for small to midsize private companies and nonprofit organizations with revenues up to $100 million and up to 500 employees.

COVERAGE TERRITORY: The program is available in AL, AZ, AR, CA, CO, FL, DC, GA, HI, ID, IL, IN, IA, KS, KY, ME, MD, MA, MN, MS, NC, ND, NE, NJ, NM, NV, OK, OR, PA, RI, SD, TN, UT, VT, WA, WI and WV. Pending approval from each state’s department of insurance, the program will be available nationwide except AK, LA and MT, where the company will not be filing, Ross-Paige says.

CONTACT: Dana Ross-Paige, senior vice president and national practice leader, professional lines; V3 Insurance Partners LLC, 115 Pheasant Run, Suite 218, Newtown, PA 18940; 215-600-0748.

Ronimarie Acord is an IA contributor.