CANTON, Mass., Nov. 6 /PRNewswire-FirstCall/ -- OneBeacon Professional Partners, a member of OneBeacon Insurance Group , today announced a new professional liability insurance product designed specifically for real estate professionals.
"Realtors require unique insurance coverage due to the complexities of real estate transactions. We are very pleased to introduce our new Realtors Errors and Omissions product, which delivers a powerful and complete solution specifically designed for the real estate industry," said Kim Pihlstrom, senior vice president of lawyers professional liability for OneBeacon Professional Partners. "We can now provide coverage for small to midsize independently owned and operated real estate agencies providing services to third parties. Additionally, we will target real estate professionals performing residential and commercial sales, leasing and property management transactions."
The Realtors Errors and Omissions product offers a number of specialized protections and features, including a broad definition of covered professional services; a definition of insured that includes independent contractors and franchise grantors; defense costs paid in addition to the limits of liability; no hammer clause; personal injury provision; punitive damages coverage (where insurable by law); and much more.
Tailored risk management services are another key feature of this powerful solution. "Qualified customers can take advantage of telephone, fax or email consultations, as well as on-site risk assessments and education services," said Karen Chambers, product leader for Realtors Errors and Omissions and assistant vice president of professional liability for OneBeacon Professional Partners.
The new solution also offers cross-selling opportunities between OneBeacon Professional Partners and other areas of the OneBeacon franchise. For example, OneBeacon Small Business targets realtors for property and general liability coverage through the OnePac package product for small businesses. Said OneBeacon Small Business vice president Chip Hamann, "We are eager to partner with OneBeacon Professional Partners to offer a more comprehensive solution for realtors that meets their professional liability needs as well as traditional property and casualty needs."
For more information about OneBeacon Professional Partners' Realtors Errors and Omissions solution, visit http://www.onebeaconpro.com/ > Products > Miscellaneous Professional Errors and Omissions.
OneBeacon Professional Partners is a member of OneBeacon Insurance Group that specializes in professional liability solutions for targeted industries including hospitals, managed care organizations, long-term care facilities, health care facilities, media and lawyers. Additionally, OneBeacon Professional Partners provides custom products including health care provider excess insurance and HMO reinsurance.
About OneBeacon: OneBeacon Insurance Group's underwriting companies offer a range of specialty and segmented commercial and personal insurance products. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance products are available countrywide, and commercial and personal lines are offered in select geographic territories.
OneBeacon's U.S. headquarters is in Canton, Massachusetts. The company is publicly traded on the New York Stock Exchange under the symbol "OB" and is "A" rated by A.M. Best.
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This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to OneBeacon's:
-- growth in adjusted book value per share or return on equity; -- business strategy; -- financial and operating targets or plans; -- incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; -- projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; -- expansion and growth of our business and operations; and -- future capital expenditures.
These statements are based on certain assumptions and analyses made by OneBeacon in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
-- claims arising from catastrophic events, such as hurricanes, earthquakes, floods or terrorist attacks; -- recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate; -- the continued availability and cost of reinsurance coverage; -- the continued availability of capital and financing; -- general economic, market or business conditions; -- business opportunities (or lack thereof) that may be presented to it and pursued; -- competitive forces, including the conduct of other property and casualty insurers and reinsurers; -- changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors or its clients; -- an economic downturn or other economic conditions adversely affecting its financial position; -- other factors, most of which are beyond OneBeacon's control; and -- the risks that are described from time to time in OneBeacon's filings with the Securities and Exchange Commission, including but not limited to OneBeacon's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 filed February 29, 2008.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
