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Liability for a person who commits a wrongful act, other than a breach of contract, which results in property loss or bodily injury to another party. A person who commits a tort is liable for damages. These are civil court cases, although in some cases, criminal prosecution also is possible.
Insurance Industry News from ProgramBusiness.comNew Apartment Product
Storefront owner Philadelphia Insurance Companies (NASDAW:PHLY) proudly introduces its newest product niche, Apartments. Providing one of the Broadest Coverage forms in the market, PHLY’s new Apartment product offers comprehensive coverage for General Liability, Property, Crime, Automobile and Umbrella.
The new Apartment product is designed for the above average, professionally managed and well maintained Market Rate Apartment. Eligible classes include complexes originally built in 1980 or later. Acceptable amenities include club houses, fitness centers, playgrounds and swimming pools.
The underwriting preference is single location accounts. Location schedules are only considered if all properties meet underwriting criteria and have common ownership. Frame apartment buildings cannot exceed 3 stories and must contain masonry firewalls if the unit count is high to be acceptable. Prior loss runs are required even if the ownership has recently changed.
Submission requirements include a PHLY Residential application, color photographs, plot plan, statement of values and 4 years of company loss runs.
In operation since 1962, PHLY designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. The Company, whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and A1 for insurance financial strength by Moody's Investors Services, is nationally recognized as a member of Ward's Top 50, Forbes' Platinum 400 list of America's Best Big Companies and Forbes' 100 Best Mid-Cap Stocks in America. The organization has 47 offices strategically located across the United States to provide superior service.
For more information, visit their storefront at www.programbusiness.com.Click for the whole story...