Torus, a commercial lines specialty market, enters the media liability niche. The carrier obtains media liability rate and form approval in 31 states. Applications are pending in the other states where coverage is available on a surplus lines basis.
PRODUCT: Media liability
COMPANY: Torus (admitted- and, nonadmitted)
BEST RATING: A–
AVAILABILITY: Torus works with wholesalers.
FOCUS: Torus, a commercial lines specialty market, enters the media liability niche. The carrier obtains media liability rate and form approval in 31 states. Applications are pending in the other states where coverage is available on a surplus lines basis. The company, which writes about 20 property-casualty coverages, sees media liability as an underserved niche because there are only about “a handful of domestic markets” with underwriters who specialize in this business, according to Chris Cooper, Torus media liability practice leader. Torus intends to become a leading media liability market, sparked by an underwriting team whose four members have at least 10 years of experience in this specialty, Cooper says.
UNDERWRITING: Torus issues mainly primary media liability policies, but it also writes excess. The company puts together various types of all-risk monoline media liability policies. Third-party liability coverage supports claims stemming from actual or alleged defamation (libel and slander), emotional distress, invasion of privacy, copyright and trademark infringement, publicity rights violations, infringement of title or slogan, plagiarism, and errors & omissions. Multimedia liability limits range to $10 million for both primary and excess. Minimum excess attachment points are $1 million. Torus typically uses occurrence forms, but claims-made forms are also available. Defense costs are inside policy limits as a rule, but on a case-by-case basis they can be outside policy limits. Punitive damages are covered where permitted by state law.
MINIMUM PREMIUM: Varies by risk.
TARGET: Publishers of newspapers and magazines; book publishers; authors and freelance writers; broadcasting-radio and television stations, and cable television systems; advertising agencies; producers and distributors of programs (motion pictures, documentaries, television programs and more); film distributors, film libraries and acquisition and development coverage; and social media communications arising from a business’s media liability exposure.
COVERAGE TERRITORY: All states.
CONTACT: Chris Cooper, media liability practice leader; Harborside Financial Center, Plaza Five, Suite 2900, Jersey City, N.J., 07311; 201-743-7725; ccooper@torus.com; torus.com.
Ron Lent is an IA contributor.
