An alternative insurance market solution for fuel distributors, whose coverage options have been dwindling over the past decade, will be available in early May, according to Liberty Mutual Alternative Markets.
Part of Liberty Mutual Group and Conifer Energy, Liberty Mutual Alternative Markets said it is offering the Energi program fuel marketers' captive program–a cell within a rent-a-captive insurer domiciled in Bermuda.
The program lets full-service retail and wholesale energy distributors obtain a complete property and casualty insurance package from one source rather than placing coverage through multiple channels, according to the company.
Liberty Mutual will offer coverage for general liability, workers' compensation and commercial auto. Outside the Liberty Mutual program, Conifer Energy can arrange on-site pollution liability, property, excess liability, directors and officers liability, and other coverage.
“Many well-run fuel distribution companies have had difficulty obtaining adequate coverage because of the loss records of a few bad operators,” said Bob Gaffney, president of Liberty Mutual Alternative Markets, in a statement.
Mr. Gaffney said his firm's captive program “is for distributors who want to control risk better and reap the benefits of a safe business.”
The captive arrangement is not appropriate, he said, for companies “that ignore loss prevention and are simply looking for cheap insurance premiums.”
The Energi program is primarily designed for retail and wholesale distributors of propane and home heating oil in all 50 states. The captive program is open exclusively to distributors that proactively manage their risk exposure and implement industry loss prevention best practices, the company said.
Liberty Mutual said that to help participants keep their operations safe its loss prevention consultants will help identify potential causes of loss, review current safety policies, and help distributors develop and implement cost-effective loss prevention measures and programs.
Brian McCarthy, managing director of Conifer Companies, said, “This program will bring peace of mind to energy distribution companies by providing aggressive claims management, meaningful loss prevention and critical coverage such as pollution.”
He added that “by pooling together select companies within these industry sectors, the captive program will bring long-term stability and control over risk management and insurance costs.”
The program will be offered through a network of independent insurance agents and brokers, exclusively administered by Conifer Energy, a division of Conifer Insurance Agency Inc.
More information about the Energi program is available from Conifer Energy's Richard Metivier at 978-532-5445 or online at www.coniferenergy.com.
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