PRODUCT: Paramount® general liability/property/crime package
COMPANY: CNA
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through independent and captive brokers and agents appointed by CNA.
FOCUS: With a recent enhancement to its general liability coverage, CNA has updated CNA Paramount®, a proprietary property, crime and GL package policy for midsize businesses. “Almost all our buyers prefer to buy a package,” says Jim Segriff, vice president, property underwriting.
CNA launched its property and crime coverage package in 2013. The new GL cover within CNA’s Paramount package combines commonly requested coverages into a single form that a wide variety of middle-market businesses can use. The product also includes seven industry-specific GL endorsements (GLEEs) that enable agents to customize coverages for their clients, including architects & engineers, contractors, financial institutions, manufacturers, real estate, technology and basic GL. “We describe the product as modular and flexible, so depending on customer needs, you can attach the coverage parts that you need,” says Katie Wilson, vice president, underwriting.
Segriff says CNA built a proprietary underwriting platform—with its own rates and forms independent of ISOs—in order to anticipate and respond quickly to change. “When the industry continues to invent new things, we as an insurance carrier have to respond to provide for the needs of our agent and our insureds,” he explains.
Wilson says CNA has updated the policy with more modern terminology, and expanded most coverages. “Going forward, we’ll be innovating that product over and over again, based on changes in the economy, changes in the industry, whatever we need to do to update those forms,” she says.
The Paramount package “gives a wide range of coverages” for an agent so they don’t have to remember to request 20 different individual endorsements, Wilson says, noting the company will provide it in a single form for one-stop shopping for the business owner or risk manager.
UNDERWRITING: The composition of any customer’s package depends on the business and its risks. Coverages are specialized, and limits are tailored. “If you lay the basic general liability GLEE next to the technology GLEE, you’ll see some differences in the actual coverages,” Wilson explains. “That technology customer has specific, unique coverage needs, so we built them into their product.”
CNA Paramount offers a basket of 11 first-party coverages under a single limit: accounts receivable, fine arts, fire department service charge, lessee leasehold interest, loss-adjustment expense, lost key replacement, non-owned detached trailers, personal property of executive officers or employees, recharge of fire protection equipment, restoration of media and reward payments.
MINIMUM PREMIUM: Varies by risk
TARGET: Owners and risk managers for midsize firms.
COVERAGE TERRITORY: CNA Paramount property is approved in all U.S. states. CNA Paramount GL is approved in all U.S. states except Maryland and New York.
CONTACT: Katie Wilson, vice president, underwriting; CNA, 333 S. Wabash Ave., Chicago, IL 60604; 312-822-4526.
Ronimarie Acord is an IA contributor.
