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Dear Association Executive,
Re: Time Sensitive Information Regarding the NATIONAL ASSOCIATION OF
REALTORS® Professional Liability Insurance Program
We are pleased to inform you that the Board of Directors of the NAR has
decided to move the existing Professional Liability Insurance Program to
ACE American Insurance Company, a subsidiary of ACE, Ltd. effective
January 1, 2008. ACE is an A+ rated insurance carrier with a market
capitalization of $20.6 billion dollars and $71 billion in total assets.
The coverage to be provided by ACE is broader and will include coverage
for Foundations, Employment Practices Indemnification Coverage, and
Network Security Coverage. Therefore, those associations that historically
purchased excess coverage for their Foundations, Employment Practices
indemnification (judgments/settlements for employment practices) and
network security, will now have coverage under the base policy.
In order to ensure a smooth transition, please read the information below
very carefully.
The expiring insurance program (Illinois National Insurance Company) and
the new insurance program (ACE American Insurance Company) are both
written on a claims made basis.
Therefore, IT IS IMPORTANT THAT ALL KNOWN CLAIMS (written or oral, prior
to 1/1/08), THREATS OF LITIGATION, OR ANY FACTS, CIRCUMSTANCES, OR
SITUATIONS THAT MAY SUBSEQUENTLY GIVE RISE TO A CLAIM ARE REPORTED
PURSUANT TO THE TERMS OF THE EXPIRING POLICY to American International
Companies, 175 Water Street, New York, NY 10038 , and the Legal Affairs
Department, NATIONAL ASSOCIATION OF REALTORS®, 430 North Michigan Avenue,
Chicago, Illinois 60611-4087. We ask that each of you take the time to
submit reports as noted above.
If you have any questions, please feel free to contact either Vanita
Jordan Moore at 312-329-8543, vmoore@realtors.org, or me at 312-329-8374,
mstarkhood@realtors.org.
Thank you for your attention to this important matter.
Regards,
Mary Stark Hood
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