PHLY, which covers a wide range of publishers liability risks, broadens its underwriting appetite and expands its array of coverages, adding 15 new media-specific endorsements.
PRODUCT: CoverPro
COMPANY: Philadelphia Indemnity Insurance Co. (admitted); Tokio Marine Specialty (non-admitted)
BEST RATING: A++
AVAILABILITY: PHLY operates on an open brokerage basis for retailers and wholesalers.
FOCUS: PHLY, which covers a wide range of publishers liability risks, broadens its underwriting appetite and expands its array of coverages, adding 15 new media-specific endorsements. Underwriters are reaching out to digital publishers, national newspaper publishers, film producers and more, says Nikki Wetzel, product specialist for CoverPro. Previously, PHLY focused on small- to mid-sized risks, accounts with less than $10 million in annual revenue, such as publishers of biographies and autobiographies, local newspapers and regional magazines. To serve the company’s broadened underwriting appetite, PHLY starts using occurrence forms. Upgrades include increasing per-claim or occurrence limits from $10 million to $15 million and new add-ons, such as first- and third-party liability protection for printed or digital content. Publishers liability is covered through an endorsement to the carrier’s miscellaneous professional liability form, Media Liability Pro-Pak. Fueled by its various new coverages and expanded underwriting appetite, the company shoots for about 10% annual premium growth in this specialty lines field.
UNDERWRITING: PHLY publishers liability covers financial damages stemming from negligent acts or errors and omissions, both committed and alleged. Producers can arrange copyright and trademark infringement protection. Aggregate limits start at $250,000. Primary and excess can be arranged. Minimum deductibles run $5,000. Defense costs usually are outside of policy limits. Patent infringement is not covered. Underwriters avoid instructional publications, adult content and provocative or controversial material. Individual risk characteristics dictate whether policies appear on admitted or non-admitted paper.
MINIMUM PREMIUM: None.
TARGET: All types of media liability risks that have sound risk management controls, including legal review of online postings and copyright/trademark clearance.
COVERAGE TERRITORY: All states except LA.
CONTACT: Nikki Wetzel, product specialist for CoverPro; Management and Professional Liability Department, One Bala Plaza, Suite 100, Bala Cynwyd, PA 19004; 610-617-7721.
Ron Lent is an IA contributor.
