Posted on 24 Jan 2012
Distinguished Programs (www.distinguished.com), a national insurance program developer and manager, has launched an umbrella liability program for museums. The program is geared to address the needs of a wide range of non-profit museums from science, technology and art museums to botanical gardens, specialty and children’s museums. Distinguished’s umbrella liability program for museums is distributed through independent agents and brokers and is available in all 50 states.
Policy limit options range from $1,000,000 to $50,000,000 and the product is underwritten by an admitted A-rated carrier. A simplified application, quick-quote turnaround and electronic policy issuance within 24 hours make processing fast and efficient. According to Distinguished Programs Associate Vice-President Brian Parks, “from a client’s perspective, the key selling feature in this umbrella is that it provides excess coverage over the underlying D&O policy. The majority of umbrella products available to museums exclude this increasingly important coverage.”
Parks went on to explain that, “With the doctrine of charitable immunity abolished in all but a handful of states, non-profit museums are now held liable for the wrong doings of their volunteers, employees and directors and officers. The reality is that no matter how beloved an institution is, museums can and do get sued by the public and their employees.”
The Umbrella Liability Program For Museums represents a first for Distinguished Programs, as the company has long specialized in programs for the real estate industry. Chief Operating Officer, Carla Vel, stated “This is in support of our corporate goal of broadening the products and capabilities we bring to our brokers. We are developing new products that capitalize on the expertise we’ve built in over 20 years of program management. We also have an ongoing strategic initiative, through a joint venture with Ironshore, Inc., to acquire small to mid-sized program managers and MGUs as well as the development of start-up operations built around key underwriting teams.”
Earlier this year, Distinguished Programs acquired a controlling interest in GreenLine Underwriters, a Dallas-based program administrator focused on delivering insurance products through industry-leading web-based technology. Most recently, Distinguished acquired The Colonial Group, a managing general agency specializing in insuring small mercantile businesses in New York.
About Distinguished Programs
Distinguished Programs is a leading national insurance program manager focused on niche products for select business segments and industries. The company provides a wide range of competitive property and liability products for real estate risks and an umbrella liability program for museums. Products are distributed through a growing network of more than 3,000 independent agents and brokers. Distinguished’s subsidiary companies include SES Insurance Brokerage Services, Inc., the premier insurance program manager and service provider for bank-managed trust property portfolios and China-based ReSource Pro, the leading business process outsourcing company for the insurance industry. The company is also a partner in IDP Holdings, a joint venture acquisition vehicle. Distinguished is the recipient of the “Best Practices Designation” by the Target Markets Program Administrators Association. For more information, please visit www.distinguished.com.