Dateline: 28/09/2000
Enhanced protection for diverse needs of golf clubs and courses
SCHAUMBURG, IL, September 28, 2000 -- In response to the burgeoning popularity of golf and the growing diversity of golf club amenities, the Enterprise Risk business unit of Zurich U.S., a leading commercial property and casualty insurance company, has introduced a comprehensive insurance program for private and public golf courses, the company announced today.
Zurich U.S.’s new golf insurance program offers property, general liability, workers compensation, auto and umbrella insurance coverages. Additional enhancements include the sometimes hard to find directors & officers liability insurance, limited pollution, liquor, employment-related coverage for public courses, and environmental protection for those courses with underground storage tanks or built on landfills.
"Golf is now being played by 26.4 million Americans on 16,365 golf courses across the country," said Sonjia O’Neill, Services Segment Manager for Zurich U.S.’s Enterprise Risk unit. "Almost 450 new courses opened in 1999 alone."
The new program is designed for public and private 18-hole golf courses with green fees of $45 or more per player. The program is open to most Zurich U.S. producers and will initially be offered in 37 states. Insurance coverages are underwritten by Zurich American Insurance company or other members of Zurich U.S.
"When we analyzed the risks and exposures of operating a golf club and studied what was available in the marketplace in terms of coverage, it became clear that it was time to update the traditional insurance plan for today’s golf course," Ms. O’Neill explained. "Not only did we want to offer more comprehensive coverage, we also needed to bring to our golf course policies the innovative services we use in other areas, including a paperless claims process and 24 hour a day claims reporting. Most important, our clients were generous enough with their time to review our new product at various stages during its development so that we could make refinements that really fit our customers’ needs."
The Enterprise Risk unit of Zurich U.S. provides package and custom casualty programs to middle market and large multinational corporations, as well as captive solutions and programs to customer groups and associations.
Zurich U.S. (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the multinational, middle market and small business sectors in the United States. Headquartered in Schaumburg, Ill. and operating in all 50 states and the District of Columbia, Zurich U.S. has 6,400 employees and assets of $10.2 billion. The company writes more than $4 billion in annual premiums. Zurich U.S.’ business units are Enterprise Risk, Diversified Products, Small Business, Construction, Global Energy, Specialties, Zurich Services and Fidelity & Deposit. Zurich U.S. is a member of the Zurich Financial Services Group, a global leader in the financial industry. Zurich U.S. is rated A+ (Superior) by A.M. Best and AA+ (Excellent) by Standard & Poor’s.
The Zurich Financial Services Group is a global leader in the financial services industry, providing its customers with solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in five business segments: non-life and life insurance, reinsurance, Farmers Management Services, and asset management. Headquartered in Zurich, Switzerland, the Group’s worldwide presence builds on strong positions in its three key markets: the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching over 35 million customers and employing 68,000 people. Based on consolidated figures for 1999, the Group achieved gross premiums of USD 48 billion. This amount includes insurance deposits as well as premiums from the Farmers Exchanges. The net income amounted to USD 3.26 billion. On June 30, 2000, the Group had USD 435 billion of assets under management, of which USD 260 billion represent funds managed for third-party institutional and retail customers.
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Media contacts:
Fran Harding
Zurich U.S.
(410) 338-9500
fran.harding@zurichna.com
Caroline Luz
Miller DeMartine Group
(203) 221-2790
cluz@mdgpr.com