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ICC to expand into cannabis market; Travelers starts life sciences practice

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ICC to expand into cannabis market; Travelers starts life sciences practice

Several insurance companies disclosed new products and coverage enhancements in recent days.

Life and health

AmeriLife Group LLC expanded its partnership with One Resource Group Corp., allowing the Indiana-based brokerage general agency's agents and advisers to refer clients to the Medicare experts and full-service platform of AmeriLife Direct.

AmeriLife Direct offers Medicare supplements, prescription drug and Medicare Advantage plans, and ancillary health insurance coverage from carriers to consumers through customer referrals from agents and advisers.

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Valmark Advisers Inc. strengthened its partnership with Lincoln Financial Group to offer TOPS exchange-traded fund portfolios, managed by Valmark Advisers, within variable universal life and variable annuity products offered by Lincoln.

Property and casualty

Amynta Group subsidiary Builders & Tradesmen's Insurance Services Inc. and RLI Corp. subsidiary Contractors Bonding & Insurance Co. joined hands to offer general liability coverages to contractors.

The coverage will be provided by Contractors Bonding and Insurance. The company's artisan and general contractors Insurance program targets small- to medium-sized artisan and general contractors who specialize in residential and light commercial projects. The product offers automated renewals and includes more class codes, such as new home builders.

The program will be available through Builders & Tradesmen's Insurance Services' platform, the Victory Admitted Contractor General Liability rater.

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ICC Holdings disclosed that its board allowed the company to submit applications to the Illinois Insurance Department to offer its existing insurance policies to cannabis-related businesses in the state, effective after the state's legalization of recreational use of cannabis.

Additionally, the company's subsidiary, Illinois Casualty Co. will submit applications to offer its current policies in other jurisdictions where doing so is legal if the Secure and Fair Enforcement Banking Act of 2019 or similar legislation is enacted into law. The offering of the insurance products would happen no earlier than Jan. 1, 2020, subject to the said contingencies.

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Allianz Global Corporate & Specialty expanded its emergency response services as part of its environmental impairment liability coverage when pollution and/or contamination events happen. The coverage includes pollution insurance and businesses interruption indemnity, covering loss of profits and extra expenses.

The company launched partnerships with GM Consultant, an independent loss adjusting and consulting firm, and HETI, a full-service environmental health and safety risk management company. Specialists from the companies will aid environmental impairment liability clients in assessing the root cause of an incident, designing and implementing a personalized crisis response, and supporting communication and third-party coordination.

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Travelers Cos. Inc. revealed a life sciences practice to offer insurance and risk management services across the fields of pharmaceuticals, medical devices and digital health.

The company is now offering life sciences organizations access to several lines of coverage, such as errors and omissions, cybersecurity and industry-specific products liability, including clinical trials.

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Hanover Insurance Group Inc. introduced a watercraft insurance offering.

The product provides coverage for watercrafts, including motorboats and sailboats, between $3,000 and $300,000.