Business News: NORCAL, Philadelphia Insurance, ISO, The Institutes

March 20, 2018

NORCAL Offers Medical Professional Liability Insurance in New Mexico

NORCAL Mutual Insurance Company now offers medical professional liability insurance coverage to the healthcare providers of New Mexico. NORCAL protects practices throughout the United States and is one of the top 10 carriers in the nation, based on direct written premium. This is the 40th state in which NORCAL operates, including the District of Columbia.

NORCAL also offers two policy type options in New Mexico – claims made and occurrence—to better serve the differing needs of each medical practice.

Philadelphia Insurance Introduces School Bus Contractor Program

Safety and efficiency are priorities for school bus operators and Philadelphia Insurance Companies’ (PHLY) new School Bus Contractor Program is designed to handle their unique insurance risks so they can focus on transporting their precious cargo.

The School Bus Contractor Program is available to school bus operations contracted to public and private schools in rural and suburban areas. Available coverages include Property, Auto, General Liability, Crime, and Umbrella.

PHLY’s School Bus Contractor Program provides access to risk management services with expertise in evaluating business auto fleets including driver screening and training. Coverage is available in all states except Fla., La., Mich., Nev., and New York.

New ISO Cyber Insurance Program Implemented in 42 States and U.S. Territories

ISO, a Verisk business, announced that 42 states and U.S. territories have implemented ISO’s cyber insurance program, which features coverage options and extensive rating information to help insurers address the growing and diverse cyber market.

The ISO program features advisory loss costs using 17 different rating variables-more than three times the number of variables typically used today-and was developed using predictive analytics applied to more than 32,000 historical cases. The ISO program also features coverage solutions for small and midsize businesses-often the most vulnerable to cyberattacks-as well as coverages for large commercial enterprises, government and nonprofit organizations, and financial services and media companies.

To learn more about ISO’s new cyber program, visit the ISO Cyber Risk Solutions website at www.verisk.com/cyber.

The Institutes Announce Strategic Affiliation With International Insurance Society

The Institutes, an education and research provider for the risk management and property/casualty insurance industry, announced a strategic affiliation with the International Insurance Society (IIS), a member-based organization for executives and thought leaders in the global insurance industry.

IIS will become an affiliate of The Institutes, creating a more robust platform for networking and connection among IIS members, and enabling broader distribution of The Institutes’ designations, certifications and courses. IIS members include executives from national, regional and multi-national insurers, reinsurers, brokers and service providers, as well as international regulatory authorities, public policy organizations, associations, and global insurance scholars, from almost 100 countries.

The Institutes will be a visible part of IIS’s upcoming Global Insurance Forum, scheduled for July 8-11, 2018 in Berlin, Germany.