NIP Group, a leading specialty insurance provider with over 35 years of experience, in collaboration with AmTrust Financial Services, Inc. (AmTrust), a top US insurer, are proud to introduce PropanePro™, a new insurance solution tailored for the Propane Gas Distribution industry.
WOODBRIDGE, N.J., July 23, 2024 /PRNewswire-PRWeb/ -- NIP Group, a leading specialty insurance provider with over 35 years of experience, in collaboration with AmTrust Financial Services, Inc. (AmTrust), a top US insurer, are proud to introduce PropanePro™, a new insurance solution tailored for the Propane Gas Distribution industry.
This innovative program leverages NIP Group's deep understanding of Program Underwriting and AmTrust's extensive experience in specialty insurance, including Workers' Compensation. It is designed specifically for insurance brokers serving Propane Gas Distributors engaged in retail delivery and sales of propane/butane across residential, commercial, industrial, and agricultural sectors.
PropanePro™ is built on NIP Group's commitment to safeguarding safety-conscious organizations, supported by a Program Underwriting team with over a decade of Liquid Petroleum Gas (LPG) industry expertise. The program offers broad coverage, an extensive product offering, and risk management services, custom fit for leading LPG operators dedicated to the highest standards of safety.
"The timing is right for PropanePro™ as Propane Gas Distributors navigate a business insurance market with fewer options and rising premiums, particularly in commercial auto. This distinctive program solution, blending NIP Group's risk innovation with AmTrust's broad capabilities, takes business insurance for Propane Gas Distributors to the next level," said Tom Doherty, SVP of National Programs at NIP Group.
"AmTrust is focused on meeting the needs of the Propane Gas Distributors industry, by leveraging our long-term partnership with NIP Group to drive innovation and provide outstanding insurance and risk solutions through niche expertise, and unparalleled service," commented Dan Hickey, President of AmTrust Specialty Insurance.
The new program addresses the individual needs of:
- Residential Distributors: Experienced LPG operators provide essential services to residential customers across the country who rely on propane as a heat source for furnaces, water heaters, cooking equipment, interior appliances, gas grills, pools, and more. These operators reinforce their commitment to safety with their customers by mandating continuous propane handling education to staff such as field technicians and vehicle maintenance mechanics.
- Commercial Distributors: Many LPG operators have a larger portfolio of residential customers compared to commercial clients, however the gallon distribution needs of commercial clients, including restaurants and industrial & agricultural contractors, may be equal to or greater than their residential customer base. Like residential distributors, commercial LPG operators implement safety practices that often exceed industry standards and include documentation of overall operations and service work performed.
PropanePro™ will serve companies in over 35 states, with additional state eligibility expected soon after launch. A key differentiator for PropanePro™ is its extensive product offering, including General Liability, Commercial Auto, Excess Liability, Workers' Compensation, Property, and Inland Marine, all from the same insurer.
Eligible Class Codes include:
- SIC 5984 – Gas Dealers and Distributors
o 13410 Gas Dealers – LPG
o 13412 Gas Distributors – LPG
o 95648 Heating or combined heating and air conditioning systems or equipment
o 18437 Stores – No food or drink – Other than Not-for-Profit
- 8350 – Workers' Compensation Class Code
We encourage insurance brokers to discover how PropanePro™ can significantly improve safety and growth opportunities for clients in the LPG industry. For additional details on this new program, please visit NIPGroup.com/PropanePro or reach out to PropanePro™ Business Development lead, Sean Delapaz, at [email protected].
About NIP Group
NIP Group is the leading specialty insurance provider, offering comprehensive package solutions and monoline insurance products for 25+ industries and 50+ classes. For more than 35 years, we've proudly partnered with best-in-class, A rated XV carriers and a trusted, national network of insurance brokers, working together to protect safety-focused organizations from coast to coast. Learn more at http://www.NIPGroup.com.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers' compensation, business owner's policy (BOP), general liability and extended service and warranty coverage. For more information about AmTrust, visit http://www.amtrustfinancial.com.
Media Contact
Colin Rice, NIP Group, 8666445361, [email protected], www.nipgroup.com
SOURCE NIP Group
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