To cover diverse and potentially catastrophic risks
Chartis, a property-casualty and general insurance organisation, has introduced OMNI-GOLD, developed by its Cat Excess Liability Division to enable higher educational institutions to purchase follow form excess casualty coverage and a combination of excess financial lines coverages in one policy.
OMNI-GOLD is designed to cover diverse and potentially catastrophic risks such as a dormitory fire, foodborne illness in a dining hall, serious injury from an overzealous stadium crowd, allegation of harassment in a classroom or class action suit from faculty alleging discrimination associated with lack of tenure.
OMNI-GOLD offers a shared aggregate excess limit of liability of up to €/$50m in principal areas of exposure, eliminating the need to purchase individual excess policies. Most importantly, insureds do not have to change the way they currently purchase insurance, with the ability to maintain separate primary policies and continue primary carrier relationships with familiar coverage language. OMNI-GOLD drops down in the event of a covered loss.
Jeremy Johnson, President of Cat Excess Liability, said: “Given the unpredictability of liabilities and litigation, the purchase of catastrophic liability limits by higher education institutions is vital. OMNI-GOLD addresses the liability risks that these institutions face with broad coverage, local service, flexibility and choice.”