HomeMy WebLinkAbout000288.tiff 3/31/2015
Weld County Retirement Plan
1150 O Street
Greeley, CO 80632
Subject: Change in Policy Terms
Named Insured: Weld County Retirement Plan
Insurer: Alterra America Insurance Company
Policy No.: AGL 0011360
Policy Period 6/16/2014 to 6/16/2015 12:01 AM Local Time
Dear Insured,
Thank you for your Professional Liability business with Ullico Casualty Group Inc. Please review the
attached renewal packet.
We are pleased to continue our long term relationship as a managing general agent with our carrier
partner. Alterra America Insurance Company, a Markel company, was acquired by Markel Group in
2013. As states accept our filings, our Fiduciary and Union Liability policies will renew with Markel
American Insurance Company, headquartered in Richmond, Virginia, which has a rating of A, XV from
A.M. Best Company as of 12/31/2014. Ullico Casualty Group updates policies as exposures in the
Union workplace evolve, and we have taken this opportunity to expand coverages to meet the needs of
our insureds. We are pleased to offer an even broader policy form, issued by an even stronger insurance
carrier.
Please note that we may now offer higher limits on multiemployer Fiduciary Liability policies, up to $25
million, through Markel American.
If you have any questions, please contact your broker of record or Ullico Casualty Group at
888.315.3352.
Thank you again, and we look forward to providing a renewal quotation on your Professional Liability
policy.
Tina Fletcher
VP, Ullico Casualty Group
8403 Colesville Road
Silver Spring, MD 20910
202.682.4976
tfletcher@ullico.com
CC:Arthur J. Gallagher Risk Management Services Inc(CO)
INTERLINE
' POLICY NUMBER: AGL 0011360
INSURED NAME: Weld County Retirement Plan
MARKEL®
NOTICE TO POLICYHOLDERS -
TRANSFER OF CARRIER
•
SCHEDULE
Current Markel Company: Alterra America Insurance
Company
New Markel Company: Markel American Insurance
Company
Your expiring insurance policy was issued with the Current Markel Company
shown in the Schedule above. Beginning with the renewal of this policy, the
insuring company will change to the New Markel Company, also shown above.
About Markel Corporation
Markel Corporation is headquartered in Richmond, VA and has associates
located across the globe. We are a diverse financial holding company serving a
variety of niche markets. Our financial goals are to earn consistent underwriting
and operating profits and superior investment returns to build shareholder value.
We remain committed to offering you premiere service and quality products to
meet your insurance needs. For more information, please contact your insurance
agent or visit our website, www.markelcorp.com.
MPIL 1076 09 14
Governmental Fiduciary Liability
it
MARKEL®
Markel American Insurance Company
GOVERNMENTAL FIDUCIARY LIABILITY CLAIMS MADE POLICY
ADVISORY NOTICE TO POLICYHOLDERS
This is a summary of the major changes in your policy as a result of revisions to the Fiduciary Liability policy. No coverage
is provided by this summary nor can it be construed to replace any provision of your policy. You should read your policy
for complete information on the coverages you are provided. If there is any conflict between the policy and this summary,
ry
THE PROVISIONS OF THE POLICY SHALL PREVAIL.
Only the changes that broaden or restrict coverage have been identified in this notice. This notice does not
reference most changes made to the policy that are for clarification, consistency or editorial only, unless noted below.
GOVERNMENTAL FIDUCIARY LIABILITY—CLAIMS MADE GOV-1000(11/2014)
A. BROADENING OF COVERAGE
1. The"HIPAA" and "PPACA"coverages found under the definition of Loss no longer have a sub-limit on the Policy
Certificate. Full limits are provided within the Aggregate Limit of Liability.
2. Section IX. Definitions, A. Administration has been modified to extend this coverage to Insureds in their
capacity as a fiduciary or settlor.
Administration means:
a. Giving advice to participants and beneficiaries with respect to a Trust or Plan;
b. Interpreting a Trust or Plan;
c. Handling the records, effecting enrollment, and termination or cancellation of participants under a
Trust or Plan;
d. Choosing, changing, terminating, or eliminating provisions of a Trust or Plan, including amending
benefits, requiring employee contributions, or changing the level of employee contributions;
exclusively in a fiduciary or settlor capacity. •
3. Section IX. Definitions, H. Employee Benefit Law and P. Loss have both been modified to include:
•
Health Information Technology for Economic and Clinical Health Act(HITECH Act)
B. MODIFICATION IN POLICY LANGUAGE
1. Section II. Defense and Settlement part G. has been modified to clarify how a claim is handled when both
covered and uncovered matters exist.
2. Section VII. Conditions part A.5. has been modified to show the new mailing address for reporting claims.
3. Section VII. Conditions part E. No Action Against the Insurer was modified to remove the mandatory
Arbitration language.
4. Section VII. Conditions part P. Changes in Exposure was modified to clarify how the policy will respond for
mergers, acquisitions, and terminations.
5. Section IV. Exclusions has modified the Prior & Pending Litigation Date to reference prior known acts that
could lead to a claim. A separate exclusion was added, item 2., in reference to Prior Claims being excluded if
prior notice was given to a prior carrier.
MPGL 1008 01 14 Page 1 of 2
6. The following definitions were added to Section IX. Definitions for clarification purposes and to align with other
terms of the policy:
a. Aggregate
b. Limit of Liability
c. Self-Insured Retention
MPGL 1008 01 14 Page 2 of 2
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