ASMP has been advised that Taylor & Taylor Associates is announcing policy changes related to some of their business insurance programs. If you are a client of Taylor & Taylor Associates, you may have received a notice of policy cancellation from Allianz, the insurance carrier of your current Taylor & Taylor Associates policy. If you have received a cancellation notice, ASMP and Taylor & Taylor Associates are advising you to contact your Taylor & Taylor Associates sales representative to discuss the status of your policy. Your sales representative will be able to assist you with enrollment in a new insurance program. Additionally, we have been advised by Taylor & Taylor Associates that they will be sending a letter to all affected ASMP member clients explaining the changes and the options available to them.
In the interim, Taylor & Taylor Associates has provided the following statement about the policy changes:
Allianz is continuing to offer liability and on premises property coverage on a package policy form versus the business owners policy form. Allianz is also offering photographers the option to purchase reshoot, extra expense, camera floater, props sets and wardrobe, third party property damage and errors and omissions coverage as options. The two main differences are the package policy contains a $1,000 minimum premium and each customer now needs to select a business interruption coverage limit, assuming they wish to buy this coverage, whereas the business owners policy provided an actual loss sustained limit for twelve months.
Chubb is offering liability together with a production package policy that offers the same reshoot, extra expense, camera floater, props, sets and wardrobe and third party property damage coverage options starting April 1 2020. The Chubb program does not currently offer the errors and omissions liability coverage option. Those photographers wishing to keep the errors and omissions liability endorsement should remain with Allianz.
The benefits of the Chubb program are that it might offer a lower minimum premium for some photographers, and Chubb does not have an annual dollar limitation on the amount of revenue generated from videography work.
Thank you for your patience during this transition of policy programming at Taylor & Taylor Associates.