Stamford, Connecticut, Dec. 01, 2015 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) is pleased to announce that that its principal underwriting agency subsidiary, Navigators Management Company, Inc., has released a new Short Form Excess Casualty Policy focused on providing capacity to low-to-moderate hazard industries. This new policy is designed to reduce coverage gaps within an excess casualty tower, minimize the broker’s E&O exposure, and streamline excess placements with our team.
Navigators’ President and Chief Executive Officer, Stan Galanski, commented, “This innovative new policy is part of our Company’s ongoing efforts to simplify and streamline the commercial insurance buying process for our customers. We aim to provide exceptional service by taking unnecessary complexity out of our business, which is what is reflected in this product.”
“The continuous emergence of new policy forms with vastly different terms and conditions has created significant pitfalls in the placement of excess casualty towers for many insureds and their brokers,” explained Peter Burns, President of Navigators’ Commercial Excess Casualty Division. “Many of our clients have expressed the need for an excess liability product that reduces coverage gaps and overall complexity in the transaction, and provides for more seamless coverage. Our new Short Follow Form Excess policy will greatly simplify the analysis of continuity of coverage from one layer to the next, and lead to a much higher level of consistency in coverage to the benefit of our insureds,” he stated. “Unlike most policies currently available in the marketplace, the Navigators form is more befitting of the ‘following form’ title.”
Key policy features include:
- Insuring agreement that provides the flexibility to follow coverages beyond the standard GL, AL and EL.
- No defined coverage trigger so the policy adopts the triggers of controlling underlying insurance.
- No catchall restriction of following all exclusions with any “intervening” layers.
- We schedule the controlling underlying insurance and adhere to those terms without any “no broader than” wording to restrict coverage.
- Automatically allows for “shaving of limits” by the insured.
- With very few terms included in the policy, this product provides coverage consistency to diminish the potential coverage gaps and E&O.
- There are an abundance of excess policies in the market all with their own terms, conditions, definitions and exclusions which can create costly gaps in coverage. Our short form has very few terms and no definitions so that these gaps are greatly reduced.
Navigators’ Commercial Excess offers a full range of Excess Casualty insurance products. For more information about our products and services, please visit our website at www.navg.com.
The Navigators Group, Inc. is an international specialty insurance holding company with U.S. insurance company operations, underwriting management companies and operations at Lloyd's. The Company has offices in the United States, the United Kingdom and Continental Europe, as well as representative offices in China and Brazil. For more information about The Navigators Group, Inc., go to: www.navg.com
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words "estimate," "expect," "believe," "may," "will," "intend," "continue" or similar expressions are intended to identify such forward-looking statements. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators' most recent Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators' business and the important factors that may affect that business. Navigators undertakes no obligation to publicly update or revise any forward-looking statement.
Underwritten by Navigators Insurance Company & Navigators Specialty Insurance Company; One Penn Plaza, 32nd Fl., New York, New York 10119. The coverage is subject to the language of the policy as issued. Products may not be available in all states and policy features may vary by state. Please consult your insurance broker and review the policy for coverage limitations, restrictions, exclusions, terms and conditions.