Coverage
Petra provides a broad array of coverages ranging from our standard lines to our specialized solutions. Insurance protection can also be scaled in size to meet your organization's specific insurance needs.
Hospitality
Petra Risk Solutions Hospitality program provides coverage expressly tailored for luxury hotels, full service hotels, limited service motels, restaurants, spas and resorts. Our professional services, coupled with our specialized insurance plans, offer clients a high quality program unequaled by other providers.
In addition, our experts offer on-site loss control consultation, superior claims assistance and proven support for your unique exposures to liability associated with your specialty business.
The following coverages are available:
General Liability
Spa Professional Liability
Directors and Officers
Property
Crime
Boiler and Machinery
Auto
Umbrella
Workers' Compensation
Earthquake and Flood
Group Benefits
Standard Coverages
Boiler and Machinery
Boiler and Machinery insurance meets coverage needs of organizations that own or use steam boilers, pressure vessels, and various types of machinery. Steam Boilers and machinery are insured property under Building and Personal Property Coverage (BPP); however, they are susceptible to some causes of loss that are not covered by the commercial property cause-of-loss forms.
Boiler and Machinery insurance covers loss to boilers and machinery as well as other perils including steam boiler explosion, electrical disturbances (other than lightning), mechanical breakdown, and others. The resulting business interruption, extra expenses, and spoilage of perishable property can be covered.
Machinery breakdown coverage can be purchased as part of a commercial package policy or on an individual basis as a monoline boiler and machinery policy.
Crime & Cyber Crime
Crime Insurance is designed to protect corporate assets from causes of loss stemming from employee dishonesty, forgery, computer fraud, and extortion. The policy also covers two important types of property excluded in commercial property forms: money and securities. Crime Insurance on money and securities covers destruction or disappearance in addition to theft.
Directors and Officers
Individuals who serve as the directors and officers of a corporation can be sued for breach of their corporate duties. Such suits may be made by stockholders or by persons outside the company. The potential for substantial financial losses is a threat that every director and officer of all corporations must identify. In recognition of this exposure, many corporations agree (or may even be required by law) to indemnify their directors and officers for the costs resulting from suits against them.
Directors and Officers (D&O) liability policies typically contain two insuring agreements. The first covers the directors and officers of the insured corporation for their personal liability as directors and officers that results from a "wrongful act". The second, often referred to as company reimbursement coverage, covers the sum that the insured corporation is required or permitted by law to pay to the directors and officers as indemnification.
Employment Practices Liability
In response to an increase in lawsuits by employees against their employers for various employment related offenses, many organizations now purchase Employment Practices Liability Insurance (EPLI). This insurance covers the insured organization, its directors, and officers, and, often, all of its employees for liability arising out of various employment-related offenses alleged to have been committed against its employees.
General Liability
Commercial General Liability (CGL) is the most basic, and often the most important, coverage for insuring commercial liability loss exposures. The exposures covered by CGL insurance are often characterized as premises, operations, products, and completed operations. With the exceptions of automobile exposures and workers' compensation obligations, CGL insurance covers the majority of liability exposures facing many organizations.
Group Benefits
Today there are more benefits options than ever before. Finding the balance between premium and coverage is critical for employers faced with current downward economic pressures. A comprehensive benefits solution centered on service and support can increase employee productivity, improve morale, strengthen company loyalty and lighten the workload on Human Resources Administration.
Health Savings Accounts (HSA) and Health Reimbursement Arrangements (HRA) are examples of benefit plans that can reduce employer costs without sacrificing the scope of coverage afforded to employees.
Expert knowledge coupled with unparalleled service and support makes Petra the right choice for a comprehensive benefits solution.
Services Include:
• Cost Containment Strategies - Plan designs that sustain long term cost containment
• Enrollment Team - Hands on expert assistance at open enrollment
• Wellness Guide - Provides wellness education and coaching resources
• HR Support - Services range from Best Practice advice to customized solutions
• COBRA Administration - Takes COBRA off your desk and helps ensure compliance and minimize liability risk
Coverage includes:
• Group Medical, Dental & Vision
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Group Life & Disability
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Flex, Supplemental and Voluntary Programs
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Key Man Life and Disability
Professional Liability
Insurers provide Professional Liability insurance for people in many different professions and occupations. Those who purchase Professional Liability insurance include physicians, dentists, veterinarians, nurses, accountants, architects, engineers, lawyers, insurance agents, and brokers. The coverage provided by a Professional Liability policy varies with the type of professional activity being insured. Virtually all Professional Liability is on a claims-made basis.
Property Management Profession
Commercial Property (CP) insurance can be loosely described as insurance on commercial buildings and their contents. That is not an entirely accurate description, because CP insurance also covers certain structures that are not buildings. Moreover, it insures items of personal property other than those that are strictly contents of buildings, such as property in the open. However, with only limited exceptions, CP insurance is restricted to property on (or within 100 feet of) the insured location. Thus, most of the personal property insured is "contents", that is, personal property inside buildings.
Umbrella Policy
The main purposes of a commercial Umbrella Policy are as follows:
1. To provide an additional amount of insurance when damages for which the insured is held liable exceed the per occurrence limit in an "underlying" liability policy.
2. To pay liability claims that are not covered in full by an underlying policy because the aggregate limit in the policy has been depleted or exhausted.
3. To cover loss exposures that are outside the scope of the coverage of underlying policies.
An important condition of umbrella policies is that the insured must maintain certain underlying coverages, up to stipulated limits of liability, during the policy period. Thus, virtually every Umbrella Policy contains a "schedule of underlying coverages." Requirements for underlying insurance vary from insurer to insurer.
Workers' Compensation
With the exception of maritime employers, almost all employers must obtain Workers' Compensation insurance or qualify as a self-insurer under the applicable state Workers' Compensation statute. Except in the few states that require Workers' Compensation insurance to be bought from the state government, most Workers' Compensation is provided in connection with employers liability insurance in a single policy.
The Workers' Compensation portion of the policy covers the insured's obligations for occupational injury and disease under the relevant Workers' Compensation law(s). The employers liability portion of the policy covers common-law suits against the employer that arise out of employee injury or disease.
