View this article online: https://www.claimsjournal.com/news/east/2004/07/23/44363.htm
Philadelphia Insurance Companies, A.M. Best rated A+ (Superior), announced the release of their newest product – Amateur Sports Facilities Program. This product joins a series of products designed for the sports and recreation market including fitness centers, martial arts schools, and bowling centers.
The product is designed specifically for Amateur Sports Facilities. The policy provides coverage for facilities where amateur and youth sport leagues or teams lease space for practices and games. Arenas and indoor facilities that will support basketball, volleyball, indoor soccer, indoor lacrosse and racquet sports. Stadiums would include any outdoor facility, including practice fields, where football, baseball, soccer, and lacrosse are played.
General liability limits are available up to $1,000,000; umbrella liability limits of up to $10,000,000 are also available. Large in-house property capacity exists which allows the Company to write virtually any amateur sports facility that meets our underwriting standards.
Doug Gaudet, vice president of underwriting of Philadelphia Insurance Companies commented, “Our Amateur Sports Facilities product is an exciting addition to our sports and recreation product portfolio. It represents a significant opportunity for Philadelphia Insurance and our agents. This is a large and growing market that has not been well served by insurance carriers because of the unique exposures inherent to sports participation. Philadelphia has an underwriting and claims staff with the knowledge and skills to profitably write these facilities.”
In operation since 1962, Philadelphia Insurance Companies designs, markets and underwrites personal & commercial property and casualty products, incorporating value-added coverages and services for select industries.
For more information, visit www.phly.com.