Last month, Norman-Spencer Agency, Inc., a leading national property and casualty insurance provider, expanded and redesigned its crane division to include additional crane insurance coverages and new rates.
Megan Rose, program manager for the crane division, said the updated crane and rigging program is now more competitive, offering coverage for crane rental with or without an operator, full millwright exposure with service and repair work, and the full steel erection class code that includes the welding exposure.
“We redesigned a product that is not only best for the agents and the insured, but also for the carriers that back us up,” she said. “With this program, we are able to capture more of what our agents actually write.”
A key component of the new crane program is the ability for agents to write larger crane risks with incidental coverages. “Our niche in the beginning was small cranes,” Rose said. “With the Nationwide E&S Specialty program, we have now expanded our product.”
Enhancements to the program include separate coverage for over the road liability of cranes on the general liability, blanket additional insured, waiver of subrogation, primary and noncontributory coverage, and designated construction projects general aggregate limit. Additional coverage lines through Nationwide are general liability with a 1/2/2 available limit and excess liability up to $11MM.
The crane insurance program is available in all states excluding Arizona and New York. Rose added that with the original Nova product, Norman-Spencer can still write all lines except worker’s compensation, and it provides coverage in all 50 states.
Rose noted that existing crane insurance agents are excited about the ability to write larger crane risks. “We’re also starting to see an interest from new agents, who have been writing coverages with other companies for a long time,” she said. “Now that our appetite has been expanded, agents are interested in developing relationships and increasing business with us.”