// BLOG
Corporate Update, Halloween Party, and our Beloved Giants
November 3, 2010
It’s been a busy couple of months at ProSurance group. Michael Chen was promoted to Director of Accounting and we were all extremely pleased as Michael is such an integral part of making this place run smoothly. We welcomed Cynthia Bjornson as a new member of the Customer Service team. Please be sure to introduce yourselves to her when you call ProSurance Group. Our new Crime Division lead by Dorothy Kent is humming along as she is very busy getting out quotes and binding business. Please check out our Crime section on this website for more information.
As usual, Halloween at the office was in top form. Can you spot some of our ‘Corporate Ghouls’?
Last but certainly not least, we have all enjoyed celebrating the San Francisco GIANTS World Series victory! If your quotes have been a little slow in coming or your underwriter has been a wee bit distracted, we apologize. Once every 56 years we slack off!!!
Life Series Online Application Now Available
August 20, 2010
You asked, and we answered! Starting today, the “Life Series” Application is now online.
The application process will take less than 10 minutes and completed entirely online. You can now pay for your new policy directly from our website via credit card. As usual, after we receive and process your order we will send you your Certificate of Insurance, followed by your Original Policy Package by mail.
Try it today, we’ve made it very easy for you to gain the coverage you need.
Markel Programs partners with ProSurance Group
July 12, 2010
FOR IMMEDIATE RELEASE
Markel Programs partners with ProSurance Group, Inc. to offer new, commercial Fidelity insurance program
Richmond, VA, July 12, 2010 – Markel Programs announced today that it has partnered with ProSurance Group, Inc., a managing general agency, to offer a new, monoline commercial Fidelity insurance program. Commercial Crime coverage is currently available countrywide on an open-brokerage basis. Fidelity insurance for financial institutions will be launched later this year.
Markel Programs and ProSurance Group’s Crime program is accessible to a wide variety of industries. Target commercial classes include retail businesses, ATM companies, manufacturers, casinos, and difficult-to-place risks. The coverage protects against fidelity and forgery, money and securities, robbery, safe burglary, computer fraud, money orders and counterfeit currency, theft of client property, funds transfer fraud, and agents.
“Both Markel Programs and ProSurance Group have in-depth experience insuring specialty classes of business,” stated Rick Wiseley, Managing Director of Markel Programs. “With Markel’s solid financial history and ProSurance Group’s 30-plus years of fidelity experience, we are a compelling choice for Commercial Crime coverage,” he continued.
John Wagner, Ph.D., Chief Executive Officer of ProSurance Group, commented, “Our producers and clients appreciate the small-company mentality, personal attention, flexibility, and quick turnaround Markel Programs and ProSurance Group provide. In addition to writing standard accounts, we’re willing to listen, go the extra mile, and underwrite difficult risks that larger, more bureaucratic insurers might turn away.”
The minimum premium is $2,500. Both primary and excess coverages are available.
ABOUT MARKEL PROGRAMS
A division of Markel Corporation, Markel Programs develops partnerships with managing general agents to offer single-source, admitted and non-admitted programs for a specific class or line of business. Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value. To learn more about Markel Programs, visit markelprograms.com.
ABOUT PROSURANCE GROUP, INC.
ProSurance Group was founded in the 1990s as a managing general agency for professional liability. It specializes in underwriting and marketing the more difficult lines of insurance. The Fidelity Division is headed by Dorothy Kent, an experienced senior fidelity underwriter. ProSurance Group markets through independent sub-producers and, in some cases, directly to its insureds. To learn more about ProSurance Group, visit prosurancegroup.com.
Case Study – Investment Advisor
June 13, 2010
DO YOU CARRY ENOUGH PROFESSIONAL LIABILITY INSURANCE?
As an Investment Adviser, you have been entrusted with the wealth of individuals and institutions. Clients count on you to provide personalized, unbiased advice and make informed investment decisions based on current economic and market conditions. Since you shoulder such a heavy responsibility, your professional liability protection must be exceptional.
ProSurance Group understands your insurance needs, and will provide the personalized service you deserve. We will discuss with your insurance agent or you directly what type of coverage you require and how to best design a policy that offers you maximum protection at a reasonable cost. We also offer the ERISA and surety bonds you may need.
“He was sued for malpractice as a result of the decrease in asset value, as measured in US dollars.”
Even the most responsible, skilled and experienced Investment Adviser can innocently become involved in a professional liability claim.
CONSIDER THIS REAL LIFE EXAMPLE:
An Investment Adviser invested institutional pension assets abroad. He liquidated a position and converted from Euros to US dollars. Although he correctly and promptly filed all paperwork, the liquidation was not executed in a timely manner, and in the interim the US dollar appreciated significantly against the Euro.
He was sued for malpractice as a result of the decrease in asset value, as measured in US dollars. After months in court and expensive legal fees, he paid a $2,000,000 award and his professional reputation suffered.
Case Study – Registered Representative
June 9, 2010
DO YOU CARRY ENOUGH PROFESSIONAL LIABILITY INSURANCE?
As a Registered Representative, you recommend, buy and sell securities for your clients. They look to you to be their expert guide, but may not always clearly listen to your warnings of the risks of volatility of certain investments. Your clients might not even understand that there is no absolute guarantee of making a profit with any investment. That is why you need professional liability insurance to protect you in your fast paced world.
ProSurance Group understands your insurance needs, and will provide the personalized service you deserve. We will discuss with your insurance agent or you directly what type of coverage you require and how to best design a policy that offers you maximum protection at a reasonable cost. If you also sell life insurance and annuities, or provide financial planning or investment advisory services, we can also insure these activities.
“The registered representative was ordered to pay $2 million in restitution and court fees”
Even the most careful and experienced Registered Representative can innocently become involved in a professional liability claim.
CONSIDER THIS REAL LIFE EXAMPLE:
A Registered Representative had a successful relationship with his client for several years. He had recommended a growth and income strategy for his client’s funds that had produced moderate, if unspectactular returns. However, his client realized that his portfolio was lagging the market and was interested in making more money. At the client’s request, he began recommending purchasing more aggressive stocks on margin.
As the bubble in high tech stocks burst, his cilents lost all of his invested funds. Even though he requested and authorized a change in investment strategy, the client sued his registered representative for recommending unsuitable securities and for failing to disclose the risks, potential volatility, and effect of margin. The registered representative was ordered to pay $2 million in restitution and court fees.
