 | We currently write Commercial Package,
General Liability and Property policies. We do not write
Businessowners policies. |
| We actively write in NY, NJ
& PA. |
| We are rated B+ IV by AM
Best. Our reinsurance is written by GMAC Re. |
| Brokers have no binding
authority. |
| We offer a Commission Override
for a production commitment. |
| The North Sea Brokers
Agreement contains a clause making the broker responsible for all earned
premiums, other than audit premiums. |
| We do not offer direct
billing. Brokers are billed for all policies. |
| We require a deposit on all business when bound, usually
33% of premium. |
| Our Quote Turnaround Time is
48 hours for a fully completed submission. |
| Applications can be faxed to:
516-825-1947 |
| Applications can be e-mailed
to: apps@north-sea-ins.com |
| Claims
Information |
| Our market direction includes
the following types of businesses: Retail; Wholesale; Light Manufacturing; Residential
Trade Contractors; Offices; Restaurants and Neighborhood Taverns;
Real Estate. |
| We are a standard lines
carrier and use ISO rates and rules. |
| Our minimum new business
premium for Direct Brokers is $2000 in NY and $1500 in other states. |
| We write new ventures. |
| We write 24 hour exposures. |
| We do not write "purely
habitational" risks. Habitational occupancy must be no more than
75% of the building area (square footage). |
| We offer Terrorism Coverage on
all quotes. |
| We will consider a risk that
has been in business but does not have prior expiring coverage with a signed
three years no losses statement. |
| We require a signed
application for all business when bound. |
| Loss runs are required on all
bound accounts with premiums above $5000 and on all those eligible for
Experience or Schedule Rating. |
| On all other accounts a fully
completed loss section of the ACORD application or a signed "No
Loss" letter from the insured will be accepted. |
| We inspect all new
business. If an inspection can not be completed within the first 60
days of coverage, we will be forced to cancel the policy. |
| We freely write Property
limits to $2 million per location for most risks and can offer up to $5
million on select business. |
| The Maximum Property Value at
any one subject location for all property coverage is $5 million. |
| We write a maximum aggregate
limit of $250,000 for building & contents for highly combustible
occupancies such as plastics, paper goods, woodworkers. |
| Our maximum limit for
perishable contents is $100,000 for Grocery or Fruit & Vegetable Stores. |
| We do not write frame
construction in urban areas including the 5 Boroughs of NYC. |
| We write frame construction in
other areas but for Special or Broad Form with a $5000 water damage limit. |
| If the building was
constructed prior to 1950, we offer Special or Broad Form with a $5000 to
$25,000 maximum water damage limit. |
| We do not offer Replacement
Cost coverage on Buildings built prior to 1950 unless the building has been
completely rehabbed. |
| We will write condo/co-op
buildings up to our maximum limits if they do not have recreational areas. |
| No property is written for
coastal property within 1/4 mile of a bay, sound, ocean or ocean inlet. No
property coverage is written on barrier islands. |
| Wind deductibles (generally 2%
of values) will be used for coastal properties that are more than 1/4 mile
and less than 1/2 mile from a bay, sound, ocean or ocean inlet. |
