Gales Creek Offers Community Development Program to Agents

June 15, 2006

Portland, Ore.-based Gales Creek Insurance Services, Inc. (GCIS) has announced that it is offering its Community Development Corporation (CDC) program to insurance agents and brokers nationally, effective Thursday, June 15, 2006.

GCIS has opened one of their proprietary retail programs from their “insuring groups that repair the world,” portfolio to agents and brokers for the first time, according the company statement.

The program began in 1989 and is underwritten by an “A” rated carrier.

The GCIS policy includes: tax credit projects; automatic cover ‘for profit’ subsidiaries; two-year rate guarantee; defense costs outside limits; automatic coverage for volunteers, trustees, committee members; employment-related practices liability including sexual harassment, discrimination and wrongful termination; defense of third party employment-related practices claims; amended BI/PD exclusion to create coverage for mental and emotional distress; outside directorship coverage; defense costs incurred by insuring contesting a claim for taxes/fines under IRS code; full prior acts and libel and slander coverage.

Currently the program writes hundreds of CDC’s all over the U.S. For
consideration in the program, CDC’s must be affiliated with one of the many national organizations who work in the field or receive funding from them such as Enterprise, National Association of Community Action Agencies, Essex, Rural Community Assistance Corp, LISC, Neighbor Works of Neighborhood Reinvestment Corp., related to a Municipal Housing Authority or be a member of their state CDC trade association.

For more information contact Kim Hutchinson at 1-(800)755-1575, ext. 224.

Source: Gales Creek Insurance Services

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