Ullico Casualty Group, LLC recently announced the availability of a new commercial lines insurance product for joint apprenticeship training committees (JATCs).
"We've always had property and casualty insurance products for unions and their funds' office exposure. Now we have an additional line tailored to JATCs," says Alieu Jallow, Commercial Lines Manager.
The new insurance product goes beyond standard policies to address the unique risks that JATCs face after trainees leave the school. "A standard package policy covers JATCs if something happens to a student or visitor at the locations," says Jallow. "But it doesn't cover what can happen after a student leaves the JATC facility. This new product fills that void."
For instance, if a trainee causes bodily harm to someone else on the job, the injured party might sue the JATC, alleging that their injuries resulted from improper training. Without the right coverage, JATCs can face severe financial costs as a result of litigation.
"Brokers have asked us to find a property and casualty solution for training facilities," says Craig Arneson, Vice President of Operations. "We worked with our carrier partners to create this product in response to the needs of our customers, and it complements our professional liability insurance for JATCs to help provide the coverages our clients need."
Ullico Casualty Group also offers commercial lines insurance to protect union halls, trust fund offices, and other union-related entities. The products stand out in the market for their attention to the unique needs that unions face.
"Our commercial products are not something we pulled off the shelf," says Arneson. "We talked to a lot of different carriers to put together something that meets the needs of our market."
For example, a business owner's policy covers general risks, such as the property and related exposures, but we also offer an endorsement enhancement that gives $250,000 in blanket limits for accounts receivable, electronics, valuable papers, as well as business income loss by that union.
In other words, if the union loses everything and has to start fresh as a result of the building burning down or some other type of disaster, this policy is intended to provide coverage. "Instead of guessing at the particular Business Income limit they need, unions can obtain coverage by this policy for the actual losses sustained," says Jallow. "It covers just the right amount of exposure, and in some cases can reduce the premium compared to the standard package policies in the market."
Learn more about Ullico Casualty Group's Commercial Insurance Lines: ullico.com/casualty