The Deadliest Jobs in the World

The US Bureau of Labor Statistics rates occupations based on the rate of accidents and fatal on-the-job injuries.
The list of the deadliest jobs in the world is as follows:-
1. Lumberjacks
2. Alaskan King Crab Fishing
3. Aircraft pilots in Alaska
4. Roofer
5. Structural iron and steel workers
6. Refuse and recyclable material collectors
7. Electrical power-line installers and repairers
8. Drivers/Sales workers and truck drivers
9. Farmers, Ranchers and other agricultural managers
10. Construction labourers

Lumberjacks

Each year thousands of US workers die from injuries whilst performing their work. Breaking down the numbers, the BLS reports the top spot on the list goes to logging workers, who lose their lives at a rate of 82 per 100, 000 full-time workers. Also known as lumberjacks, they typically harvest, cut and transport timber to be processed into lumber, paper and other wood products. The task of working all day logging and cutting down trees with a chainsaw alienates a good chunk of the labour force on pure physicality alone. Factor in the gigantic piece of wood that is hurtling towards the ground on an 80 -degree incline and the fast moving machinery, and you have got yourself a deadly career cocktail – not to mention the volatile and forbidding mountain weather patterns that many lumberjacks find themselves working in on a daily basis.

Alaskan King Crab Fishing

This type of fishing is carried out during the fall months in the waters off the coast of Alaska and Aleutian Islands. Alaskan crab fishing is very dangerous and the fatality rate among the fishermen is about 80 times the fatality rate of the average worker. It is suggested that, on average, one crab fisherman dies weekly during the season. According to University of Alaska economist Gunnar Knapp,
“The environment in which crabbing is done, in the Bering Sea, in winter, has to be some of the worst conditions on Earth. You are hundreds of miles from port, in stormy seas, with ice forming all over, sometimes so thick, it capsizes the boat.”

Fishermen also sustain injuries from working with heavy gear and mighty machinery. Alaskan crabbers use huge cages as traps.
“Imagine”, says Knapp, “steel lobster pots, only ten times the size, hundreds of pounds apiece”.
Furthermore, the crab crews are in a mad dash to fill their holds. The season only lasts three or four weeks. They often work 40 out of every 50 hours.

Aircraft Pilots In Alaska

Flying in Alaska is highly treacherous, but these aviators are prepared to run the risk to get around, have fun and save lives. It is not just racers who suffer on the Iron Dog, reputedly the world’s toughest snowmobile race, their airborne crews suffer too. Battling whiteouts, mechanical malfunctions and icy winds, this is flying at its most deadly.

Being a bush pilot in the “Last Frontier” state means turning your hand to any job going. Whether it is guiding skiers, delivering post, protecting the state capital’s main power line, or escorting a prisoner to jail, danger is never far away. Catching herring is big business in Alaska so boats use spotter planes to locate their prey. It is not just the massive shoals of seriously expensive seafood these pilots must look out for, in crowded skies a mid-air collision is sometimes only a wingspan away. These pilots are as extreme as they come.

Roofer (Steeplejacking)

Sometimes known as roofing, the art of steeplejacking carries a similar level of danger to that of standard construction work, but the added risk of using alarmingly unstable buildings as your work space. Tasked with scaling church steeples and climbing onto roof tops, risks may vary from sliding down the tiles and falling off the ledge of a house, to more minor (but still painful) rope burns.

Often precariously perched on top of old and uneven structures, the steeplejack also runs the risk of meeting their untimely and grisly demise by falling down chimney shafts, like a notorious case in England when a steeplejack fell 50 meters to his death down an old mill chimney when his scaffolding collapsed. The job title even carries the risk of “being shot down by a sniper”

Structural Iron and Steel Workers

While we mill about like ants during our work commutes or lunch breaks, construction workers navigate their respective office spaces from above. Forget the famous photo of New Yorker workers eating sandwiches on a girder, the job of the construction worker is not to be taken lightly. The possibility of being crushed under steel beams or falling from scaffolding is a very real one, and therefore sits at the very top of a construction worker’s risk list. There is a whole host of other dangers like power tool malfunctions, risk of explosion, gas leaks and electrocution to add to the hazards of the growing construction business. It is worth noting that roughly 4000 workers are killed on the job each year in the US alone.

Refuse and Recyclable Materials Collector

This is probably the most under-rated dangerous job in the world.

Refuse and recyclable material collectors – the ones who every morning whisk our garbage away to some unknown location. They do the dirty work – literally. They also face danger – so much danger actually that this is the 7th most dangerous job in America. So next time you see a garbage man hard at work, pay some respect; not only is he cleaning up after you, he is also putting his life at risk while doing it.

Refuse and recyclable material collectors are responsible for gathering and collecting garbage, waste, refuse and recyclable material from homes, offices and businesses and transferring it to dumps, landfills or recycling centers. They ride garbage trucks, usually standing on small platforms protruding from the back of the truck and hang onto rails attached to the back of the truck. Refuse and recyclable material collectors empty garbage bins, dumpsites and recyclable bins into the garbage truck manually or by using hydraulic lifts. The fatality rate for refuse and recyclable material collectors is about 29.8 fatalities per 100, 000 workers.

Electrical Power-Line Installers and Repairers

Power line installers and repairers climb poles and towers to get and keep electricity up and running. Power lines are typically high off the ground, and workers are at high risk of injury due to falls. Plus, these workers are often at risk of electrocution from contact with high-voltage power lines.  The fatalities are about 33 deaths per 100, 000 workers.

Drivers/Sales workers and truck drivers

Truck drivers deal with difficult hours and thin profit margins. His truck is governed to 68 miles per hour because the company he leases it from believes it keeps him and the public and the equipment safer. The driver pays for his own fuel. For example, he may need to be 1, 014 miles from where he loaded, in two days. He cannot misrepresent his federally mandated driver log, because he no longer does it on paper. He is logged electronically. He can drive for 11 hours in a 14 hour period, then he must take a 10 hour break. His exhaustion and lack of concentration leads to collisions, overturning and jackknifing given the size and clumsiness of the vehicle. Fatalities are on average 21.8 per 100, 000 truck drivers.

Farmers, Ranchers and other agricultural managers

While often understood to be a peaceful existence, farming and ranching actually presents great danger, mostly in the form of tractor and heavy machinery. In fact, non-highway vehicle accidents account for most of the casualties among farmers, ranchers and other agricultural workers. The fatalities are in the region of 41 deaths per 100, 000 workers in this sector.

Construction Workers

Most construction worker fatalities – about a third can be attributed to falls, transportation incidents, contact with objects and equipment, and exposure to harmful substances or the environment. Fatalities are around 15.6 per 100, 000 construction workers.

 

Motorsport Insurance

Finding an insurance company who will cover you when motorsport racing is not an easy task. It is essential that you shop around. Most motorsport insurance policies will cost 3 to 6 percent of the value of the car, however some companies limit the number of events in which policyholders may participate in. Some allow unlimited events and others sell coverage one event at a time.

The following companies may suit your needs: –

Everitt Boles Motorsport Insurance Management (Unlimited events)

Professional Drivers/Riders

A policy has been specifically designed for the professional driver/rider. If he/she is unable to carry on his/her usual occupation as a professional, the policy will benefit the policyholder and includes illness. Cover can be arranged for death (accident only), permanent disability, loss of income and medical expenses, however the policy is dependent upon the existence of a bona-fide contract to validate earnings and thereby corroborate the sum insured.

Drivers/Riders On-Track

Accidental crash damage to competition vehicles whilst
Racing
Rallying
Testing
Practising
On a Trackday

Cover can be arranged for:
Rolling Chassis/Shell
Accident Damage to Engine and Gearbox
Fire

WSIBinsurance.com

WSIB’s Race Team Pro Pak product and coverage is designed for professional, semi-professional, and amateur race teams along with other businesses in the motorsport industry. They provide coverage for teams ranging from a multi-car professional team including international travel exposures to a weekend racer.

They can also provide coverage through multiple carrier partners for Disability and Life Insurance including the following.
Driver Purchased Temporary Total Disability
Permanent Total Disability
Team purchased, and Sponsor Reimbursement Coverage.

Driver Purchased Temporary Total Disability (TTD) and Permanent Total Disability (PTD)

Worldwide 24 hour coverage on and off track with varying deductibles and multi-year policy terms
Pay benefits on a per race missed and/or weekly or monthly basis to a Professional Race Car Driver who, due to an accidental bodily injury or sickness or disease, is temporarily or permanently disabled as a driver.

Temporary Disability benefit periods can extend to sixty (60) months.
Sponsor Investment Reimbursement Coverage

Reimburses sponsor on a per race missed basis for a percentage of their investment in a Driver and/or Driver Team if the Driver, due to accidental bodily injury or sickness or disease misses a series of races.

Team Driver Replacement Coverage

Reimburses the team for the cost of paying a substitute driver in the event the primary Driver, due to accidental bodily injury or sickness or disease, is unable to participate in contracted races.

Life insurance and Long Term care is also available.

Lockton Motorsports

Many auto insurers have changed their policies to exclude coverage for HPDE (High Performance Driving Education). Lockton offer a la carte single event policies that protect your vehicle while you are participating in an HPDE event, if you participate in 5 events or less per year.

This insurance policy provides physical damage for your automobile while you are participating in a HPDE. The physical damage coverage will begin when you enter the grounds of a race course and end when you leave the race course premises. Liability coverage is not included in the policy. Participants that have more than one claim with Lockton Motorsports in a 3 year period are not eligible for their coverage.

You are allowed to list one driver in addition to yourself at no extra charge. For coverage to apply you must list their name during the application process. The policy only covers two drivers for the event. Coverage for more than two drivers at an HPDE is not available at this time.

In the event you purchased coverage for is cancelled or you are unable to attend, you will be refunded (minus an administration fee). To start the refund process, you need to request a signed statement from the event organizer and contact Lockton Motorsports once you have received it. Without a signed statement confirming that you were unable to attend, you will not receive a refund.

This policy provides coverage whilst your instructor is driving your vehicle.

This insurance is for structured High Performance Driver Education events. If the event you are attending provides instructions, classroom sessions for participants, and approved passing zones, ask the event organizer to contact the insurer. If they meet the required guideline, coverage will be made for the event.

Lockton offers four Multi-Event Policy options: 6 events, 9 events, 12 events or 15 events. The policy expires when all events have been used or when the annual term has expired, whichever comes first. Unused events will not be carried over to a future policy. When you purchase the policy you are not required to indicate every event you would like coverage for during the policy term. However, you must select the event on our online system prior to the beginning of the event for coverage to apply. Once a selected event has passed, you cannot change or delete the covered event; before the event has started, you may change your covered events at any time.

Deductibles

Competition vehicle: 2% ($500 Minimum, $2000 Maximum); Trailers: 2% ($500 Minimum, $2000 Maximum), Trailers: 2% ($500 Minimum, $2000 Maximum) Tools $1000; Spares/Parts $1000.

Theft

Your vehicle, trailer and equipment are covered up to the limits of their respective categories.

Workers’ Compensation

In 1855, Georgia and Alabama passed Employer Liability Acts. 26 other states passed similar acts between 1855 and 1907. These acts permitted injured employees to sue the employers and then prove a negligent act or omission.

In the US the first status re workers’ compensation law was passed in Maryland in 1902 and the first law covering federal employees was passed in 1906.

At the turn of the 20th century workers compensation laws were voluntary for several reasons. An Elective law made passage easier and some argued that compulsory workers compensation laws would violate the 14th Amendment due process clause of the US Constitution. Some worker compensation mandated benefits without regard for fault or negligence, many felt that compulsory participation would deprive the employer of property.
The State Compensation Insurance Fund (State Fund) is a workers’ compensation insurer that was created as a “public enterprise fund” by the U.S. state of California, and today has partial autonomy from the rest of the state government. It is required by state law to maintain its headquarters in San Francisco, but has regional offices all over the state.

State Fund was created by the Boynton Act of 1913, and it started operations in 1914.The Legislature passes the Boynton Act, which creates a no-fault workers’ compensation system and mandates that all employers (with a few exceptions) provide such coverage for their employees. Among its many provisions, the Act establishes a “minimum rate” law to ensure that premiums charged will be sufficient to provide financial stability for the system. Around that same time, the voters amended the California Constitution by initiative to strengthen the constitutionality of the state workers’ compensation system. This was necessary because American employers during the early 20th century often challenged mandatory workers’ compensation statutes as an unconstitutional invasion of freedom of contract, an argument which had strong persuasive force during the Lochner era. State Fund’s constitutional basis is found at Article 14, Section 4 of the state constitution:

“ The Legislature is hereby expressly vested with plenary power, unlimited by any provision of this Constitution, to create, and enforce a complete system of workers’ compensation…including the establishment and management of a state compensation insurance fund… ”
State Fund has over $22 billion in assets and employs approximately 7,500 people (the number varies based on State Fund’s current percentage of the market), of whom over 500 are attorneys. Historically it has insured an average of 23 percent of the market each year since its creation by the Legislature in 1914. Its market share spiked to over 50 percent in years 2002–2004 when a large number of private carriers left the market. In keeping with its mission, State Fund has an open-door policy, writing insurance for California businesses who need workers’ compensation insurance. State Fund insures approximately one in five businesses in California. State Fund also serves as a third-party administrator, adjusting claims for almost all of the state agencies.

California is one of 21 states with a competitive state fund in the workers’ compensation insurance market. Several state funds serve as insurers of last resort and act as an example for private companies. Nevertheless, to keep them from crowding out private companies, they operate as non-profits and return surplus money to policy-holders after paying off claims and operating costs. Most write only workers’ compensation insurance and only in their home state.

As part of a continuing cost-cutting and restructuring plan, State Fund announced on October 6, 2011 plans to lay off approximately 1,800 employees, about a fourth of its workforce. State Fund kept its senior executive team and some parts of the legal and finance departments in San Francisco, but moved them to leased space at 333 Bush Street. To save money, all other administrative and managerial functions were reallocated to regional campuses in Vacaville and Pleasanton which have lower rent and less operating costs.

BENEFITS:

Significant experience designing risk financing structures
Tailored collateralization review
Access to ARM underwriters in nine major locations, nationwide
Ability to partner with a broad array of other ACE USA product offerings
COVERAGE:

Flexibility to unbundle claims services to a number of pre-qualified third party administrators
Close Out option available at binding for Workers Compensation (WC) and Automobile Liability (AL), which outlines pre-determined loss development factors (typically executed at 54 or 66 months from inception)
Fully bundled claims management and loss prevention programs through ESIS®, Inc.. ACE’s risk management services company
MinimumsLimitsClient Profile
Minimum deductible/retention: $100,000 per accident for WC
Lower retentions or guaranteed cost may be considered for General Liability (GL) and Auto Liability

Insurance provided by ACE American Insurance Company, ACE Fire Underwriters Insurance Company, ACE Property & Casualty Insurance Company, Indemnity Insurance Company of North America, Philadelphia, PA, and, in some jurisdictions, other insurance companies within the ACE Group. The product information above is a summary only. The insurance policy actually issued contains the terms and conditions of the contract. All products may not be available in all states. Surplus lines insurance sold only through licensed surplus lines producers.

ESIS, Inc, a claims and risk management services company, is part of ACE USA, the U.S.-based retail operating division of the ACE Group of Companies. ESIS risk control services may be sold directly to ESIS’s clients, or part of insurance underwriting. Risk control activities conducted on behalf of the insurer are not intended as a direct benefit or service to ACE insureds.

ACE Risk Management’s (ARM) Commercial Accounts program is designed to provide customized risk financing programs that meet each company’s individual needs. Major accounts reflect loss picks between $1 – $5 million; select accounts reflect loss picks between $0 – $1 million.

The 20 Largest Workers’ Compensation Insurers:
1. The number of the right of the company names below represents the insurer’ 2010 direct premium written in billions of dollars.

1. Liberty Mutual Holding Co. $4.1
2. American International Group $3.6
3. Travelers Cos $2.8
4. Hartford Financial Services $2.6
5. Zurich Financial Service $2.4
6. State Insurance Funds Workers Comp (NY) $1.3
7. State Compensation Ins. Fund (CA) $1.1
8. Ace Ltd. $1.1
9. Old Republic International $0.9
10. CNA Finance Corp $0.8
11. Accident Fund Group $0.7
12. Chubb Corp $0.7
13. W. R. Buckley Corp $0.7
14. Fairfax Financial Holding Ltd $0.6
15. Texas Mutual Ins. Co. $0.6
16. Berkshire Hathaway Inc. $0.5
17. Am Trust Financial Services $0.5
18. NJ Manufacturers Ins. Co. $0.4
19. Pinnocol Assurance $0.3
20. SAIF Corp $0.3

Crop Insurance

Crop insurance is purchased by agricultural producers, including farmers, ranchers and others to protect themselves against either the loss of their crops due to natural disasters, such as hail, drought and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance.

There are two main classes of crop-yield insurance.

  • Crop-hail insurance is generally available from private insurers because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers. In the early 1820s, crop-hail insurance was available to farmers in France and Germany. That is among the earliest forms of hail insurance from an actuarial perspective. It is possible to implement the hail risk into financial instruments since the risk is isolated.
  • Multi-peril crop insurance. Coverage in this type of insurance is not limited to just one risk. Usually multi-peril crop insurance offers hail, excessive rain and drought in a combined package. Sometimes, additional risks such as insect or bacteria-related diseases are also offered. The problem with the multi-peril crop insurance is the possibility of a large scale event. Such an event can cause significant losses beyond the insurer’s financial capacity. To make this class of insurance, the perils are often bundled together in a single policy, called a multi-peril crop insurance policy. This coverage is usually offered by a government insurer and premiums are usually partially subsidised by the Government. U. S. Department of Agriculture is known to implement the earliest Multi-Peril Crop Insurance Program in 1938. Federal Crop Insurance Corporation managed this multi-peril insurance program since then. The Risk Management Agency (RMA) is active in calculating the premiums based on individual risk factors since 1996
  • Crop-Revenue insurance. Crop-yield times the crop price gives the crop revenues. Based on farmer’s revenues, crop revenue insurance is based on deviation from the mean revenue. The Risk Management Agency (RMA) uses the future prices on harvest times listed in the commodity exchange markets, to determine the prices. Combining the future price with farmer’s average production gives the estimated revenue of the farmer. Accessing the futures market offers enables revenue protection even before the crop is planted. There is a single guarantee for a certain number of dollars. The policy pays an indemnity if the combination of the actual yield and the cash settlement price in the futures market is less than the guarantee.

In the United States, the program is called Crop Revenue Coverage. Crop Revenue insurance covers the decline in price that occurs during the crop’s growing season. It does not cover declines that may occur from one growing season to another.

  • John Deere offers yield protection. With yield protection you can purchase coverage to guarantee yields based on your actual production history (APH). Yield Protection provides protection against losses for most crops from nearly all natural disasters. Less expensive than revenue-based policies, Yield Protection protects against yield and/or quality losses from many different perils, including drought, excess moisture, cold and frost, wildlife, disease and insects.
  • Various coverage levels are available. Comprehensive protection against weather-related causes of loss and certain other unavoidable perils. Protects against low yields, poor quality, late planting, replanting costs or when planting is prevented. Guarantee is based on producer’s own yield records. Projected price is determine by the Commodity Exchange Price Provision (CEPP) and is generally available 10 days prior to applicable sales closing date.
  • Benefits: Provides a source of income when low crop yields are caused by covered perils. Adds security to farm loans and low-level security for marketing plans. Minimum catastrophic coverage is available and provisions are available for limited resource farmers.
  • Available crops: Wheat, Barley, Malting Barley, Corn, Grain Sorghum, Soybeans, Cotton, Rice, Sunflowers and Canola/Rapeseed. King Crop Insurance Inc. offers yield protection where farmer selects the amount of average yield he or she wishes to insure from 50 to 85 per cent. The farmer also selects the per cent of the predicted price he or she wants to insure between 55 and 100 per cent. The projected price is determined in accordance with the Commodity Exchange Price Provisions (CEPP) and is based on daily settlement prices for certain futures contracts. If the harvested plus any appraised production is less than the yield insured, the farmer is paid an indemnity based on the difference. Indemnities are calculated by multiplying this difference by the insured percentage of the projected price selected when crop insurance was purchased and by the insured share.
  • Revenue Protection: Revenue Protection insures producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease and revenue losses caused by a change in the harvest price from the projected price. The farmer selects the amount of average yield he or she wishes to insure from 50 to 85 per cent. The projected price and the harvest price are 100 per cent of the amounts determined in accordance with the Commodity Exchange Price Provisions (CEPP) and are based on daily settlement prices for certain futures contracts. The amount of insurance protection is based on the greater of the projected price or the harvest price. If the harvested plus any appraised production multiplied by the harvest price is less than the amount of insurance protection, the farmer is paid an indemnity based on the difference.
  • Adjusted Gross Revenue: Adjusted Gross Revenue insures revenue of the entire farm rather than an individual crop by guaranteeing a percentage of average gross farm revenue, including a small amount of livestock revenue. The plan uses information from a producer’s Schedule F tax forms, and current year expected farm revenue and calculate policy revenue guarantee. Under this plan, you can also cover revenue from commodities that are currently uninsurable (such as forage, fruit and vegetable crops).

Usage Based Auto Insurance

Usage based auto insurance has arrived. Getting a discount on your auto insurance based on your specific driving habits is now possible. Insurance companies are now able to track your driving habits and base your auto insurance savings on how good of a driver you are. There are devices available that plug into one’s car to track the driving habits of the driver electronically. It is simply a device that plugs into one’s car’s onboard diagnostic port. The onboard diagnostic port is located under the steering column in most cars. It can be simply plugged into the port and through wireless technology one’s driving habits can be tracked and monitored to help the insurance company to determine a savings based on one’s specific driving habits. The driver can usually also view their own driving information through the insurance company’s website.

Usage based auto insurance is growing. Progressive Insurance was the first insurance company to widely offer its usage based auto insurance device and has been doing so for a while now with great success. Progressive offers a “pay as you drive” program called Snapshot. It gives you a personalised rate based on your driving. The better you drive, the more you can save. It is available in most states except AK, CA, HI, IN and NC. Snapshot collects driving data like how many miles you drive, the time of day you drive and how often you make sudden stops will be collected. You can review your driving snapshot anytime by logging in to your policy on ProgressiveAgent.com

Progressive will apply any discount you earn about 30 days after you plug in your Snapshot device. Then, when you renew your policy, Progressive will set your personalised Snapshot discount. You then keep your discount for as long as you are insured with Progressive. If you make a significant change to your policy, Progressive may ask you to take a new snapshot of your driving.

Sprint has launched a connected car offering for automotive insurance companies. The IMS UBI intelligence tool offers insurers a way to accurately determine a driver’s policy premium based on their driving behaviour. Drivers can choose to plug a telematics device into the port of their vehicle, which will measure metrics such as distance travelled and their braking and acceleration patterns. As a result, they may benefit from a lower premium for proving that they are a good driver. Insurers could also use the service to levy a higher premium on drivers who are not. The operator teamed up with connected car solutions provider Intelligent Mechatronic Systems (IMS) to devise the solution.

State Farm and Ford have recently announced that they are jumping in on the usage based auto insurance market as well. With all of these companies going in the direction of offering usage based auto insurance, it is important drivers determine if it is the best option for them.

Metromile is a California-based insurance startup funded by New Enterprise Associates, Index Ventures, National General Insurance/Amtrust Financial, and other investors. It offers a pay-per-mile insurance product using a device that connects to the OBD-11 port of all automobiles built after 1996. Metromile does not use behavioral statistics like type of driving or time of day to price their insurance. They offer consumers a low base rate per month and a per-mile rate ranging from 2 to 11 cents per mile, taking into account all traditional risk factors. Drivers who drive less than the average (10, 000 miles) per year will tend to save.

So, who would be best served by a usage based auto insurance device? Of course, anyone who is a great driver already and wants to make sure they are getting a good deal on their insurance for doing so. But, there are other applications where usage based auto insurance devices would be helpful. The first thing that comes to mind for parents out there would be how great of a device this would be to use to monitor their teen driver. We all know it is well documented that teen drivers have some of the highest accident rates. The usage based auto insurance device is probably one of the best tools a parent could have to keep track of how their teen is driving.

Along with tracking the driving habits of one’s teen, the usage based auto insurance device will also be able to track the actual time of day that the vehicle is being driven. Also, the parent can be alerted if the device is removed. It is easy to see why a usage based auto device would be helpful for a parent of a teen along with someone who knows they are a good driver and wants to pay less for their insurance based on their driving habits. A usage based auto insurance device can also be a good tool for the elderly to use so they can monitor their own driving habits in order to assist them in noticing any changes in their driving habits which could help them determine if a health problem is arising that could be impairing their driving.

In addition, it could be a great tool for someone who acknowledges that they do not have the best driving habits, knowing their insurance company is tracking their habits as if their agent was in the car with them, could be a great tool for changing one’s negative driving habits into positive ones.

Marine Cargo Insurance

The fundamental factors of underwriting marine cargo insurance lie within a world fraught with international intrigue, storms and crime. Marine underwriters stand ready to reimburse your marine insurer for ocean shipments, delayed, lost in transit or stolen. The underwriting process spreads a loss out through several re-insurers or groups of re-insurers called managed syndicates, so that no one entity risks an unacceptable loss.

Nature of Cargo

They type of cargo, whether it is finished goods, refrigerated goods, pharmaceuticals or machinery, makes a difference in the underwriting. An underwriter would not insure refrigerated cargo shipped in an unrefrigerated container. A single piece of machinery may be worth more than a whole shipping container full of clothing bound for a discount store, so it represents a greater potential loss to the underwriter. Customs regulations may bar or delay the entry of some goods. Because late arrivals or government seizure are things underwriters insure against, these regulations become another fundamental factor in the underwriting process.

The packaging of the commodities influences the decision to underwrite, as well. If, for example, a shipment of automobile parts were packed so that the humid atmosphere inside a shipping container would cause water to settle on the parts, causing rust, the underwriter might exclude rust from their protection.

Hazards

Weather is always a potential hazard at sea, so marine cargo underwriters always consider the seasonal weather along the route of the shipment. Because underwriters insure against late delivery, as well as loss or damage, the port of origin and the destination port are considered. Some ports, where inefficiency and theft are prevalent, give underwriters pause.

Risks

The risks in marine cargo insurance underwriting are not the same as its hazards. A risk is not inevitable, whereas the hazards of the marine Panama Canal, to accommodate ships greater than 950 feet in length, ship sizes are increasing. The loss of a ship means a greater risk for a larger loss. Loss of cargo to theft also is an increasing concern. As of October 2012, piracy is on the rise, according to the International Marine Bureau’s Piracy Reporting Centre. Theft from shore facilities, such as warehouses and storage yards at ports, also is a risk insurers consider.

One risk peculiar to marine insurance is a condition called “general average”. When cargo is deliberately jettisoned from a ship for the safety of the ship and crew, the loss to one shipper is shared by all shippers. Marine cargo underwriters insure against general average by assessing the condition of the ship and the experience of the captain and crew.

Worst – case Incident

Marine cargo underwriters, like all insurance people, look at the worst-case scenario. For many, the worst-case scenario is serving as the underwriter on both ships in a collision between two large ships. One class of tanker, called an ultra-large crude carrier, can carry more than $4 billion worth of crude oil. If two such ULCCs collided, the loss could include not only the ship, but the cargo, the cost of litigation – which the underwriters also may insure – environmental cleanup costs and government fines.

More than 190 maritime incidents were reported in the six months from January to June 2014, ranging from the grounding of cargo ships, collisions at sea and in port, water ingress, engine failure through to suspected piracy – with the crew, ships and cargo reported missing for months on end. These perils represented significant financial losses to cargo owners without the requisite marine insurance to protect their financial interests in their cargo, and in particular, for general average losses.

Many importers and exporters run the gauntlet of not insuring their cargo in a bid to save on costs, the reality is that goods in transit are highly susceptible to damage by fire or storm, theft, jettison or mishandling. Cargo insurance is an essential means to guard against serious financial loss, and in particular as the application of general average losses grow and become more commonplace.

A general average occurs when a voluntary sacrifice is made to safeguard the vessel, cargo and/or crew from a common peril for example, jettison of cargo to lighten a vessel in order to get to the closest port to prevent a ship from sinking and even piracy. If the sacrifice is successful, all parties contribute to the loss based on a percentage share that their cargo value bears to the full value of loss suffered, with the maximum contribution not exceeding the full value of their cargo.

There have been instances of General Average where the proportionate share each cargo owner had to pay was equal to 60% of the value of their cargo on board the affected vessel, however, it has become more common that open ended average guarantees are required to be signed and returned to average adjusters. For example, if a particular cargo owner had cargo to the value of $10 million on board the affected vessel, his contribution will be $6 million up to $10 million. For any business without adequate marine insurance cover in place, this kind of exposure can be particularly devastating.

Satellite Insurance

Satellite insurance is a specialised branch of aviation insurance. Twenty insurers worldwide participate directly. It covers:
– relaunching the satellite if the launch operation fails;
– replacing the satellite if it is destroyed, positioned in an improper orbit;
– fails in orbit;
– liability for damage to third parties caused by the satellite or the launch vehicle.

In 1965 the first satellite insurance was placed with Lloyds of London to cover physical damages on pre-launch for the “Early Bird” satellite Intelsat 1. In 1968 coverage was arranged for pre-launch and launch perils for the Intelstat 111.

Insurance available for satellites is divided into two sections: – satellite coverage and ground risk coverage.

Satellite Risk

Satellite risk coverage is insurance against damage to the satellite itself. There are four basic types of coverage.

  1. Prelaunch insurance provides coverage for loss or damage to satellite or its components from the time they leave the manufacturer’s premises, during the transit to the launch site, through testing, fueling and integration with the launch up until the time the launch’s rocket engines are ignited for the purpose of the actual launch.
  2. Launch insurance provides coverage for the period from the intentional ignition of the engines until the satellite separate from the final stage of the launch vehicle, or it may continue until completion of the testing phase in orbit. Typical coverage usually runs for a period of twelve months but is limited to 45-60 days in respect of testing phase in orbit. Launch failure is the greatest probability of satellite loss and approximately 7% of satellites have failed on launch.
  3. Coverage while in orbit provides for physical loss, damage, or even failure for the insured satellite while in orbit or during orbit placement. Elements of risk attached to satellites during orbit are damage caused by objects in the hostile space environment, extremes of temperature, and radiation. Because it is not typically possible to repair a satellite once it is physically placed in orbit, the coverage is basically granted as a product guarantee.
  4. Third party liability is the final section of the policy, and is a statutory requirement of the Government of the nation where the launch will take place, regardless of the nationality of the satellite owner. A special license must be provided to the regulating authorities before a launch can take place. Coverage usually runs up to 90 days following the actual launch. Loss of revenue coverage is also available but is not purchased often.

Ground Risk: As many ground stations are run by large government entities such as NASA, failure on the part of the insured is rare. In cases where failure occurs due to events which are beyond the control of the insured (such as an earthquake) coverage provides for the cost of hiring premises, replacing computer systems, software backup, and other items necessary to resume operations.

Underwriting considerations: When considering a rating structure for satellite insurance coverage, during the early day many insurers based their rating according to the launch vehicle. For example, if the launch vehicle being used had a one in ten failure rate, the insurance premium would be ten per cent of the gross cost. Today insurers use statistics and computer modeling to arrive at premium rates, although data for calculations is limited. Another aspect of satellite insurance is the procedure attached to salvage. Though it is impossible to obtain monetary value from the wreckage in the event of an actual total loss or constructive total loss, many insurers rely on sharing any revenue which may be obtainable from the failed satellite with the insured.

Regulation: Rules of satellite launch technology is governed by International Traffic in Arms Regulation (ITAR) in the United States. The regulation states that details of any technology provided to insurance underwriters are subject to strict rules and are provided to selected insurers only. This is an important consideration as the structure and technology used on launch vehicles is similar to missile technology for weapons. Failure to comply with ITAR rules could result in heavy fines and imprisonment. In cases where reinsurance is arranged, re-insurers who provide such coverage have to rely on very limited information.

Causes of Satellite Failure:

Launch: The most significant hazard affecting satellites is the launch itself. A failed launch may be due to explosion of the launch vehicle or the failure to deploy the satellite into a usable orbit. Launch failure has historically represented the greatest probability of loss and about seven per cent of satellites have failed on launch.

Post Separation and In Orbit Losses: While launch represents the greatest probability of failure satellite failures can occur at any time during orbital life. Such failures may result in an total loss of functionality or may be partial, where the satellite continues to operate but at a diminished capacity or reduced expected life.

Immediately following the successful deployment of a satellite into a usable orbit there is roughly 5% probability that the satellite will experience a total or partial failure in the first six – 12 months of its life. This period is referred to as the Post Separation Phase (PSP). While orbital losses most frequently occur during the post separation phase they can occur in the later years of operation as well.

If the satellite survives PSP it enters the in-orbit or INO phase and the probability of failure is much diminished in any one year. Indeed, once in orbit, many satellite operate for periods that are years in excess of their expected useful life. Still, unexpected total or partial failure may occur at any time.

The causes of orbit failure , PSP or INO, are varied. Obviously, systems will fail from time to time and, if their function cannot be replaced by built-in redundancies, there will be a loss. However, other dangers exist in the wilds of space.

These include:

  • Electrostatic discharges: The most prevalent post-separation in orbit hazard to a satellite is electrostatic charge, which can be induced by solar activity or by the formation of plasma clouds due to the ionization of materials colliding with a satellite.
  • Loss of Fuel: Satellites carry a certain amount of fuel with them. Such fuel is needed to keep the satellite orbiting in the required path. However, the fuel supply may be consumed at a faster rate than anticipated, if for example, an initial amount was spent in putting the satellite into its useful orbit. Such a situation may be deemed a partial failure as the useful life of the satellite is now expected to be reduced.
  • Solar Storms: Solar storms can interfere with the proper functioning of a satellite’s electrical components and affect satellites over a large percentage of the sky. The magnetic activity associated with solar storms can induce electrostatic discharges that can cause satellites to malfunction. Solar storms can also warm air to rise, dragging low earth orbit satellites into lower orbits and forcing the operations to use onboard fuel to reposition the satellite, potentially shortening its life. Numerous recorded anomalies are thought to be attributable to solar storms. Only one insured loss is believed to be attributable to anomalies induced by solar storms (Telstar 401)

Post-Termination Obligations

 

In these volatile economic times, companies find themselves making difficult decisions with respect to their staff and leaderships. With ever greater frequency, board termination and mergers drive corporate benefit managers in search of unique insurance solutions to fulfill corporate post-termination obligations to their top officers.

Terminated employees have the right to health insurance coverage after separation from their employer.  The Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986 grants terminated employees and their families the right to continued healthcare coverage for a limited period.

The Typical Problem

Issues often arise when an attorney draft otherwise well-written employment changes of control and severance agreements. The problem generally occurs when the attorney does not feel the need, or does not have the ability, to consult the corporate insurance advisor relative to post-termination benefits obligation.

Most commonly, we will see language in such agreements that stipulate the following: –

“In the event of Mr. CEO being terminated for any reason other than Cause, he shall be entitled to receive all benefits consistent with the Company’s policy for a period of XX months following termination”.

When you start breaking down the components of Mr. CEO’s benefits package, problems start to emerge.

Case Study No. 1

To illustrate, consider Middle Market Bank, of which CEO and CFO both executive employment agreements, including “Change of control”, provisions that obligate the bank to maintain equivalent benefits as afforded to the severed executives prior to termination, for a one-year period post-employment. Both senior executives are terminated due to the bank being acquired by a larger corporation.

The health insurance is easy to manage via COBRA. (The Consolidated Omnibus Budget Reconciliation Act of 1985 requires most employers with group health plans to offer employees the opportunity to continue temporarily their group health care coverage under the employer’s plan if their coverage otherwise would cease due to termination, lay-off, or other change in employment status). And the modest life insurance obligation is fulfilled by converting the group life plan and having the corporation fund the premium. Then group long-term disability income insurance is addressed – and the first major problem emerges.

Prior to termination, both senior executives enjoyed a group long-term disability plan that provided 60% of their compensation to a maximum of $20, 000 per month. Unfortunately, but for good reason, group long term disability contracts do not have conversion features to help manage such a situation. Further, the simple fact that both executives are currently or soon to be “unemployed” makes it impossible for traditional individual disability income (IDI) underwriters to even consider the risk.

Pre-termination group long-term disability benefit equals 60% of annual compensation to a maximum of $20, 000 per month payable to age 65

Prior compensation of Mr. CEO, age 51, equals $600, 000

Prior compensation of Mrs. CEO, age 47, equals $425, 000

The Solution

A program is designed whereby the bank self-insures the first year of benefits in the event of a loss. if either of the two executives becomes totally disabled, a lump sum payment equal to the present value of the bank’s obligation would be paid out to the executive. The benefit delivers meaningful value to the bank through substantial balance sheet protection. The payout also satisfied the bank’s obligation to the executives, enabling them to maintain coverage the next year while they negotiate new employment opportunities.

Case Study No. 2

As a second example, consider a CEO of a public entity in the technology space. The company’s board terminates the CEO and executes a negotiated severance agreement. Within the agreement is a provision obligating the employer to provide “benefits consistent with benefits provided to the CEO prior to termination for a two-year period”.

The CEO is a 46 year old male in excellent physical condition. His annual compensation prior to termination was $1 million exclusive of bonus, options and stock incentive awards. Two problems exist for the insurance advisor.

1. As an employee, the CEO was provided with $2 million of accidental death and dismemberment (AD&D) coverage on a “24 hour, business and pleasure basis” and the group accident policy did not have a conversion feature.

2. While the company did have $15, 000 per month of individual disability income insured, both the executive’s Group LTD and supplemental, high-limit disability protection were going to lapse with his termination, leaving a gap of $35, 000 per month.

The Solution

The solution is to secure a custom-designed policy underwritten through a special risk insurer that combines both the AD&D and disability obligation under one policy form. The present value of the corporate obligation under its promise to maintain similar disability benefits was in excess of $5 million. When combined under one package, pricing efficiencies are achieved, and an otherwise complex underwriting challenge is solved.

Keep in mind that these contracts are not ideal for providing the best disability insurance protection available to executives. These speciality policies are designed to provide an employer with a substantial contractual obligation, the ability to shift most of the risk to an insurance company for a commercially reasonable premium.

By design, these insurance policies have certain limitations and lack many of the bells and whistles found in traditional individual disability income policies. Ideally, companies will maintain a high level of individual disability income protection that is portable in the event of termination.

Summing Up

Parties rarely enter into a business and contractual relationship planning for the arrangement to come to an end.  In more complex agreements, termination requires planning, time and effort to untangle.

Given the challenge of delivering insurance on a complex risk that typically involves only a modestly co-operative insured person, advisors would do well to understand the market for post-termination corporate obligations and how they can access solutions to protect their clients.

Business Interruption Insurance

Many policies which insure commercial property have an endorsement added to guard against loss of business revenue. Additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred.

The following are typically covered under a business interruption insurance policy: –

Profits – Profits that would have been earned.

Fixed Costs – Operating expenses and other costs still being incurred by the property.

Temporary Location – Some policies cover the extra expenses for moving to, and operating from, a temporary location.

Extra Expenses – Reimbursement for reasonable expenses (beyond the fixed costs) that allow the business to continue operation while the property is being repaired.

Government-mandated closure of business premises that directly causes loss of revenue. Examples include forced business closures because of government-issued curfews or street closures related to a covered event.

In addition, businesses can purchase contingent business interruption coverage, which pays out when a business is unable to operate because of an event (such as a natural disaster) that damages the business premises of one of its suppliers, thus preventing it from engaging in normal trade.

The loss could be a direct, loss, damage or destruction by a covered peril. If a particular hazard is NOT excluded from the policy, business income insurance will cover the actual protracted loss caused by the covered peril. However, the insurer is only obliged to pay the dollar amount if the interruption of business led to a business revenue depletion, but will not exceed the pertinent policy limit.

Insurers are only obligated for revenue loss during the period of restoration, which is the time taken to rebuild, repair or replace the damaged property. The period of re-establishment starts when the damage occurs and ends when the property is replaced or repaired within a reasonable period of time.

Should the policy expire during the course of restoration, it will NOT terminate the re-establishment of repair or rebuilding. Some insurer forms as well as the Insurance Service Office (ISO) includes a 30 day extended period of restoration beyond the official time of repair or replacement. Provision has been made by the ISA that if necessary, by purchasing an extended period, an insured may choose to increase the limit in increments of 30 days up to 720 days.

The business income claim is one of the most difficult to prove because of its theoretical nature. As the period of interruption is analysed, other factors can occur that the insured might want to consider, such as changes in marketing and pricing.

The first consideration is determining what sales would have occurred had no loss taken place. To project sales, trends must be established and supported by the results of previous years’ experience and market conditions, as well as by factors that might influence sales and production achievements. Business interruption policies are based on sales that would have occurred, not sales that could have occurred.

For example, if a snowstorm occurs during the interrupted period, affecting sales in the local market, the insurers would be correct in calculating its effects on claim settlement. The storm would have occurred whether or not the business sustained the loss. Depending on the type of business, however, the results could vary greatly. A snow storm would have helped the insured if the company sold snow blowers, but hurt them if it sold bathing suits. On the other hand, if a new competitor emerged in the marketplace as a result of the insured’s loss, the carrier would NOT be correct in taking this into consideration.

The amount the company “would have earned had the loss not occurred” is essentially retroactively forecasted. This requires a methodology that looks at what would have happened in normal times and conditions during the period of loss. The methodology may incorporate many factors, including, but not limited to, the following: –

Facts surrounding the loss and its impact on the insured’s business
Company forecasts
Historical trends
Recent changes in capacity and product or service sales mix
Significant contracts
Marketing initiatives and plans
New product or service launches
Changes in the competitive landscape
Changes in the economy

Business income coverage will end when the damage is repaired, rebuilt, or replaced or date business is resumed at a new permanent location. While policy wording is specific as to the end date of business income coverage, it does not necessarily mean that the organisation’s “business” in terms of sales, income, or profit is back to normal. Certain industries may suffer a period of reduced sales, income, and profit even after all damage is repaired, rebuilt or replaced. Retail establishments (restaurants, clothing stores, dry cleaners, etc.,) as an example, may have to “wait” for prior clientele to come back after being out of business for a period of time.

Schools, such as colleges and universities, may need a special extended period of indemnity to address a loss of students even after the school’s facilities are repaired. The period of time needed to resume normal operations and normal income through tuition and fees may be long if students leave for other campuses to fulfil their needs for higher education.

Wedding Insurance

An average wedding in the United States costs over $25, 000. Much of the cost is on non-refundable deposits which are applied to your balance.  Wedding insurance is worth considering.

There are three major insurance companies in the United States that offer this type of policy:

WedSure.com (Fireman’s Fund Insurance Company) (the only company that covers “Change of Heart” i. e. if one party decides he/she no longer wants to get married)
Where: United States, its territories and possessions, Canada

ProtectMyWedding.com (Travelers)
Where: United States, Mexico, United Kingdom, Canada, Caribbean (excluding Cuba), Puerto Rico

WedSafe.com (Affinity Insurance Services)
Where: United States, Mexico, United Kingdom, Canada, Caribbean (excluding Cuba), Puerto Rico

The Cost of Wedding Insurance

Depending on your state and what is covered, the average is between $100 and $500

When to purchase Wedding Insurance

As soon as vendors are being booked you should purchase insurance. Generally the purchase should be made no later than 15 days before the event, otherwise certain items may not be covered.

What will be covered:

The two main categories are:

Personal Liability

Couples are generally required to have their own liability coverage which protects you if you are held liable for property damage or bodily injury. This usually includes protection against alcohol-related incidents.

Cancellation/Postponement

There are two types of protection under this heading for recovery of non-refundable expenses:

  •  if you are forced to cancel or reschedule the wedding for a covered reason;

or

  •  if your wedding takes place as planned but you experience a covered damage or loss.

Other types of problems may also be covered: –

  • Unexpected expenses you may have to incur to avoid cancellation or postponement.
  • Gifts: The repair or replacement of gifts that are lost, stolen or damaged.
  • Jewelry: The repair or replacement of the bride or groom’s wedding band if it is lost, stolen or damaged.
  • Loss of Deposits: If deposits that you have paid become non-refundable because a vendor you hired goes out of business or simply fails to show up.
  • Photographs and Videos: This covers the retaking of photographs or videos if the photographer fails to appear or disappears with your photos after the wedding or if the same are lost, stolen or damaged.
  • Special Attire: Should the bridal gown be lost, stolen or damaged (this includes the financial failure of the seamstress, tailor or bridal store), it will be repaired or replaced. Certain companies also cover the groom’s tuxedo and all other bridal attire.

WedSure:
They allow you to select the exact coverage you need and are the only company mentioned here that covers “Change of Heart” and “Weather Insurance”.

  • Medical payments: (an optional cover)
    Reasonable medical expenses will be paid for each person who is injured during covered events.
  • Professional Counselling:
    Any counselling prescribed by a medical physician as a result of a cancellation/postponement of an event will be paid for by the insurer.
  • Rented Property:
    This covers the repair or replacement of items which may be damaged and that have been rented to facilitate the wedding such as tents, tables, chairs, to name a few.

WedSafe:
brought to you by Aon pic, a leading global provider of risk management, insurance and reinsurance.
This company offers 10 levels of core coverage and pricing premiums range in price accordingly.

ProtectMyWedding:
Most of their plans do not have deductibles and there are 10 levels of core coverage.

What is NOT covered:

If you become unemployed, you will only be covered if you qualify for state unemployment compensation.
Any form of fireworks including sparklers that cause damage will not be covered.
Any hazardous sport which causes an injury and therefore results in a postponement, will not be covered.
If a bridal gown is stolen out of a car, it is only covered if the car alarm was on and there are signs of forced entry as well as a report made to the police within 24 hours of the discovery of the loss.

There are several things you can do to protect yourself from financial loss associated with your wedding:

Book professional, highly recommended vendors. Before signing a contract, look online for reviews and ask your venue for referrals.
Book vendors who have been in business for some time as they are less likely to suddenly go out of business.
Pay with a credit card as you may have some recourse by disputing the charges with your credit card company.
Book an indoor venue if there is a slight chance of severe weather on your wedding date.

Fireman’s Fund Insurance Company

Fireman’s Fund Insurance Company was founded in 1863 in San Francisco. Its name reflects its founding mission in which 10 percent of profits were paid to the widows and orphans of fallen firefighters. Today the company continues a similar social mission through its Heritage Program, in which it provides millions of dollars each year in grants for equipment, training and educational programs to local fire departments across the United States.

Since its inception, Fireman’s Fund Insurance Company has insured some of America’s notable landmarks and inventions, including the Golden Gate Bridge and the Spirit of St. Louis.

Fireman’s Fund is the largest insurer and underwriter in the Hollywood film industry. It has insured motion picture productions since the silent film era.  Fireman’s Fund has insured more than 1400 films in the last decade alone.   When Audrey Hepburn fell from a horse while making “The Unforgiven”, her resulting back injury delayed filming of the 1960 John Houston movie.  Fireman’s Fund paid more than $240, 000 to cover the losses.  “Spartacus” was more costly for the insurer, which paid $245, 000 for delays caused by an emergency operation for actress Jean Simmons, $53, 000 for star Kirk Douglas’ viral infection and $335, 000 for co-star Tony Curtis’ severed achilles tendon.   The company also underwrites reality television shows, concerts and special events. Its second largest film insurance payout was a $15 million claim after star John Candy died during the production of the 1994 film Wagons East.

1863 – Ship captain William Holdredge founded Fireman’s Fund Insurance Company in San Francisco. Its first policy was one-half interest in 1, 000 kegs of Boston syrup. The premium was $12 cash in advance.

1871 – The company paid all of its claims from the Great Chicago Fire – about a half million dollar’s worth – within 60 days, nearly wiping out all of the company’s capital.

1905 – The company had roughly 6, 000 independent agents.

1906 – Fireman’s Fund Insurance Company was the first company to provide nationwide auto insurance.

1906 – San Francisco earthquake destroyed Fireman’s Fund’s headquarters and all records, but it was able to pay all policyholder claims with a combination of cash and stock. Claims were taken “on their word” as all insurance documents were destroyed.

1920s – Insured the first movies with sound. Since then, the company has insured movies ranging from Top Gun to the The Lord of the Rings trilogy and is currently the largest insurer of Hollywood films.

1927 – Insured Charles Lindbergh’s Spirit of St. Louis. 1936 – The company grew to 1,500 employees and about 10, 000 independent agents.

1953 – Moved its headquarters to a modern facility in San Francisco’s Laurel Heights neighbourhood.

1957 – Premium income topped $300 million.

1968 – American Express acquired Fireman’s Fund Insurance Company.

Early 1980s – Outgrew its space in San Francisco and moved the headquarters north to Novato, California.

1984 – Insured the ABC telecast of the 1984 Olympics.

1985 – Fireman’s Fund Insurance Company was sold off by American Express and became an independent company.

1991 – Allianz AG acquired Fireman’s Fund. 2001 – All of the company’s 109 New York employees located in the south tower of the World Trade Center survived the terrorist attack.

2004 – Fireman’s Fund launched the Heritage Program, a recommitment of its founding philanthropic mission to support the fire service. Grants are given to local fire departments to help purchase new equipment, tools and training.

2006 – Created the first green insurance products in the United States. Fireman’s Fund Insurance Coverage for Special Events The Fireman’s Fund Insurance Company has special event solutions to protect your private or public celebrations from the unexpected and also provides liability coverage that is often required by rental facilities.

From animal shows to wine tastings, dance recitals to pumpkin patches, a Short Term Event Program (STEP) can ensure that your private or public event is protected from a wide range of liability claims:

  • General liability
  • Commercial hired and non-owned auto liability
  • Third party property damage (with deductible)
  • Collapse of a temporary structure
  • Fire damages
  • Host liquor liability
  • Medical payments Private Event Insurance:

Weddingsurance, Barmitzvasurance, Celebrationsurance. What if the bride’s dress rips? Or the photographer is ill? Options include:

  • Personal liability insurance – required by nearly all fine venues
  • Cancellation – pays up to the selected limit for non-refundable expenses
  • Weather – available for policies purchased at least 14 days before the event
  •  Photography – pays costs incurred to retake photographs if the photographer fails to appear or if the pictures are lost, damaged, stolen or not properly developed.
  • Gifts, special attire, jewelry, rental property damage – pays to repair or replace such items if the are lost, stolen or damaged.
  • Change of heart – recovers expenses if the bride or groom experiences ‘cold feet’ during the planning process, subject to limitations.
  • Loss of deposits * International destinations – covers destination weddings in Canada, Puerto Rico, the British Isles and parts of the Caribbean (liability not covered in the British Isles or the Caribbean).
  • Professional Counseling – covers counseling needed for the emotional distress of a cancelled event, up to the chosen limit.