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Naturally Occurring Substances
Examples of naturally occurring substances present in the environment that may expose organizations to environmental liability include mercury, arsenic, asbestos, pyrite, silica, radon. These substances generally are uncovered during building development or construction. A construction firm's exposure is when this material is disturbed by excavating, street/road construction, and any other type of work that is intrusive. Coverage is often not available for this exposure under Environmental and Pollution Liability policies.
Insurance Industry News from ProgramBusiness.comE.L.M. Insurance Brokers Brings Online Applications For Professional Liability Products to Agent Web Sites
E.L.M. Insurance Brokers, the wholesaler of professional liability products that has used online technology to change the way its retail agents do business, is bringing that technology to the individual web sites of agencies in the west.
E.L.M., which has had online applications for a dozen professional liability products available for agents on its web site for months, is now providing the technical capability to agencies to place on their web sites the same applications. E.L.M. has agreements with 11 agencies so far and plans to bring the online capability to at least 200 in the next few months, according to Frederick Fisher, president of E.L.M. Overall, 300+ agencies are currently registered to use the site of the 480 E.L.M. represents.
"This is undoubtedly the simplest and fastest way to get preliminary pricing on professional liability products, especially for standard risks," Fisher said. "This is superior to and more efficient than online rating engines because the same underwriter who’s going to provide firm terms after seeing the follow-up application is getting the original submission."
The process is truly simple, Fisher noted. A prospective applicant for professional liability coverage visits the web site of one of the agents that has E.L.M. application forms online, fills out the appropriate one and hits "send." In fact, the application is immediately sent to the agent, E.L.M., and specific insurance company underwriters for the product at a minimum of two insurance companies, and often more.
"Some markets are turning around these preliminary applications and providing indications in 20 minutes," Fisher said, noting that the responses of underwriters are sent to E.L.M. and the retail agency, but not the applicant. "This way the agent has control of the presentation of the product."
E.L.M. is making available to agencies its applications for Accountants & Bookkeepers, Architects & Engineers, Attorneys, Computer & Generic Consultants, Directors & Officers (for-profit and nonprofit), Employment Practices Liability, Insurance Agents & Brokers, Miscellaneous Liability, Mortgage Brokers, and Real Estate Brokers. In addition, these applications are online at E.L.M.’s new web site – www.e-insurebynet.com.
E.L.M. Insurance Brokers, Inc., formerly Frederick John Fisher Insurance & Surplus Lines Broker, has specialized in professional liability programs for more than 27 years. For more information, visit their storefront at http://www.programbusiness.com/tracking/sftracker.asp?SFid=192
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