Amwins combining weapons, molestation coverages

Amwins Group Inc. said Tuesday it is combining two coverages, deadly weapons protection and sexual molestation liability, into a single policy.

The Charlotte, North Carolina-based wholesaler said the coverage, which is being written in partnership with a London syndicate, will have annual premiums of $10,000 to $25,000 and $1 million to $5 million in limits. The coverage also includes crisis management extensions of up to $1 million as a separate limit, the company said.

Amwins said this is the first product to bring these coverages to small and middle-market business in a single policy.

The company said in its statement that because of loss frequency and severity, many insurers are protecting their balance sheets by adding exclusions or potentially inadequate sublimits for these types of risks in general liability or other policies, and that small and medium companies have been most adversely impacted by significant gaps or high retentions.

A spokeswoman said in a statement the coverages are being combined into one policy so retailers do not have to find a separate replacement for each.