- Thursday, Jun. 12, 2014
ProSight Specialty Insurance® (“ProSight”) group of companies, today announced its latest product innovation designed for ProSight DICE customers with the introduction of WrapGap℠, a one-of-a-kind production policy endorsement designed to safeguard independent commercial producers from potential losses not covered by a client’s Wrap-Up policy and transferred to the production company. WrapGap℠ was unveiled in front of an audience of independent commercial producers attending AICP Week’s Business Affairs Boot Camp insurance panel discussion in New York City. As the official insurance partner of AICP, ProSight hosted this symposium with other insurance industry thought leaders and introduced the production community to WrapGap℠, available beginning today in New York.
The genesis of WrapGap℠ is tied to the collaborative efforts of ProSight and AICP, as the two organizations worked to develop ProSight’s Ad Counsel: Bridging the Gap of Insurance Wisdom for Today’s Commercial Producer, the first-ever comprehensive insurance and risk management guidebook tailored to the specific needs of commercial producers. The editorial process drew from ProSight’s extensive underwriting experience in the media space and unparalleled focus on innovation and was fueled by insights from the unique perspective of AICP’s leadership. Over the course of many months, the alliance explored insurance and risk transfer challenges faced by independent commercial producers, including dealing with a client’s Wrap-Up policy and understanding coverage.
“For years, our industry has tried its best to navigate complex insurance problems that arise when dealing with clients’ Wrap-Up policies,” said Matt Miller, President & CEO, AICP. “Through our joint work on publishing Ad Counsel, and with ProSight’s out-of-the-box thinking, I’m impressed by how in-tuned the company is with its customers’ issues, leading to the creation of a game-changing product like WrapGap℠.
Today’s commercial producer often does not have access to their client’s actual Wrap-Up insurance policy, creating uncertainty about limits, exclusions and overall adequate coverage and proper indemnification of the production company in the event of a loss. When added to the commercial producer’s annual DICE policy, ProSight’s WrapGap℠ closes potential gaps in primary coverage provided by a client’s Wrap-Up policy. WrapGap℠ provides an added layer of coverage for the commercial producer and eliminates any deductibles that a producer would normally be responsible for without WrapGap℠ coverage, ultimately saving money in the long run. Commercial production companies can learn more about WrapGap℠ at http://aicp.prosightspecialty.com.
“WrapGap℠ is just one in a long line of innovations from ProSight. As experts in the commercial media space, we’re out scouring the landscape to find ways to make insurance better for our customers,” said Kevin Topper, Vice President, Commercial Media, ProSight Specialty Insurance. “Thanks to our alliance with AICP, we were able to identify the ways Wrap-Up insurance policies aren’t always written with the best interests of commercial production companies in mind, and we knew that we had to respond to this industry need.”
WrapGap℠ is part of ProSight’s ongoing commitment to provide innovative solutions that go beyond traditional insurance services to focus on unaddressed customer needs. Central to ProSight’s deep underwriting expertise within each niche is the inherent understanding of the unique needs of each customer, and the ability to identify and deliver tailor-made benefits that can help them effectively manage and enhance their overall business.
ProSight Disclaimer: The description of any coverage herein is a summary only. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Issuance of coverage is subject to underwriting by ProSight Specialty Insurance.
About ProSight Specialty Insurance
ProSight Specialty Insurance Group was founded by CEO Joseph Beneducci in 2009 and is backed by affiliates of TPG Capital and GS Capital Partners. ProSight Specialty Insurance focuses on niche markets where it has differentiated underwriting and claims expertise and partners exclusively with specialist distributors who have a deep understanding of their customers. For more information, please visit www.prosightspecialty.com.
ProSight Specialty Insurance is the official insurance partner of the AICP.