“There are more than 20,000 registered contract lobbyists in the United States who are contracted by national and regional companies and associations, and located in all state capitols across the nation,”
Las Vegas, NV (PRWEB) January 24, 2011
A new risk retention group, the State Capitol Insurance Risk Retention Group, Inc. (http://www.StateCapitolInsurance.com), has been formed to meet the Professional Liability insurance needs of registered state and federal contract lobbyists. State Capitol Insurance was formed by members of the National Association of State Lobbyists (NASL) and is endorsed by the association.
“There are more than 20,000 registered contract lobbyists in the United States who are contracted by national and regional companies and associations, and located in all state capitols across the nation,” said Randy K. Haynie, President of State Capitol Insurance and Chairman of NASL. “More and more, professional lobbyists are contractually required to carry Professional Liability Insurance, also called Errors & Omissions (E&O) coverage, with limits of at least $1 million. We formed State Capitol Insurance to meet this growing and important need for our profession and as required by our clients.”
According to Haynie, this E&O policy will also be made available to members of law firms covering their lobbying/governmental affairs activities, and to contract lobbyists on Capitol Hill in Washington, D.C. Coverage is available to members and non-members of NASL. State and federal contract lobbyists around the nation are all eligible to purchase this coverage, and do not need to be members of NASL.
“E&0 coverage is a best practice that should be secured by every contract lobbyist,” David A. Smith, Treasurer and Officer of State Capitol Insurance, Board of Directors member of the Public Affairs Council in Washington, D.C., and a Partner in one of the country's largest state lobbying firms. “Each day, more and more corporations will simply demand E&O as a requirement to represent them. State Capitol Insurance not only meets this demand, but keeps insured members updated with information on ethics, risk management, client communication suggestions and other public affairs best practices.”
The E&O coverage will be sold directly to professional lobbyists, is offered on a Claims Made basis with limits up to $1 million and aggregate limits of $1 million, $2 million and $3 million. There is an extended reporting period and no deductible. Policy premiums are based upon the lobbyist firm’s client base size and number of lobbyists per firm with 5 percent discounts offered to those professionals who take approved continuing education courses on Ethics and Reporting Requirements at least once every two years.
State Capitol Insurance, which is domiciled in Nevada, is licensed to sell coverage in all 50 states, but is not available to “company or association lobbyists” who are considered to be employees. Its Board of Directors represents seven states and the Advisory Board members are from 12 states, and all are members of NASL.
“With the endorsement of NASL and broad representation from a dozen states, our advisory board and board of directors will ensure that State Capitol Insurance meets the professional liability insurance needs of state contract lobbyists,” said William J. Mueller, Vice President of State Capitol Insurance and NASL Board of Director, who is a Senior Partner of a premier lobbying/government relations firm in Nebraska.
State Capitol Insurance is administered by Risk Services, LLC, the largest manager of risk retention groups in the U.S., managing approximately 20 percent of the country’s risk retention groups. A risk retention group is a policyholder owned insurance company designed to provide its policyholders with a continuing, reliable, stable source of commercial liability insurance in a manner that protects the participants from the soft and hard cycles of the traditional insurance industry.
Actuarial research is being done by Milliman, one of the nation’s largest actuarial firms. BMS Intermediaries, the risk retention group’s broker, has placed the program’s reinsurance in the Lloyd’s of London market and with other leading reinsurers.
Claims will be handled by the Claims Committee of State Capitol Insurance.
State and federal contract lobbyists seeking E&O coverage or more information on State Capitol Insurance, should visit http://www.StateCapitolInsurance.com, or contact Randy Haynie, president, at 225-336-4143; Randy(at)Haynie(dot)com, or Nathan Dierks, program manager, at 800-226-0793, ext. 337; firstname.lastname@example.org.