NAS Launches Momentum™, A Breakthrough Insurance For Online Sellers

 

NAS Insurance Services, the leader in cyber liability insurance, has announced the launch of Momentum™, its newest insurance product for online sellers.  Momentum™ is a breakthrough business interruption insurance for people who sell products on Amazon and other online marketplaces. If a seller’s account is suspended by an online vendor, Momentum provides the protection they need to cover their financial losses and help them get back to business.

 

“There are over 1 million sellers on Amazon in the United States, and all of them are at risk of having their account suspended, interrupting their ability to sell and generate income,” said Michael Palotay, Chief Underwriting Officer at NAS. “In the same way a retail store would carry insurance coverage for a flood or fire, we saw a need for online sellers to have a solution they could turn to when their business was suspended.”

 

Amazon has become ubiquitous in American culture, driving the number of sellers on the platform to grow exponentially. Today, thousands of businesses rely on Amazon as their main source of income. But as Amazon’s seller base has expanded, so too has its rules and regulations – holding sellers to rigorous standards and frequently suspending sellers’ accounts if they fail to comply.

 

“While most sellers strive to adhere to Amazon’s policies, there is mounting evidence that even those who are compliant have faced an account suspension for an alleged violation,” said Jeremy Barnett, Vice President of Marketing and Business Development at NAS. “With Momentum, these online sellers have an affordable insurance solution that protects them from financial loss, while providing the peace of mind that is essential for any business owner.”

 

Momentum’s core insurance coverage starts at $250 annually and provides reimbursement for the financial loss sustained during a suspension. In addition, Momentum’s policy provides reimbursement for the cost of a reinstatement specialist to help sellers navigate Amazon’s appeal process and procedures.  The insurance also provides coverage for tax audit expenses, helping sellers cover the costs of a tax specialist in the event of an audit by the U.S Internal Revenue Service.

 

More information about NAS and Momentum can be found at www.nasinsurance.com/momentum

 

NAS is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

 

February, 2018

NAS Insurance Announces New Miscellaneous E&O Insurance for Architects and Engineers

 

NAS Insurance Services today announced the release of its newest insurance product, E&O for Architects and Engineers (A&E). This product rounds out NAS’ suite of E&O insurance solutions, including E&O for Tutors, Medical Billers, Property Managers, Technology E&O, and several other Miscellaneous E&O classes.

 

“NAS Architects and Engineers solution includes a unique set of benefits that fits the needs of the policyholder,” said Brian Alva, Vice President of Specialty Insurance. “Policyholders will not only get a comprehensive and competitive E&O policy, they’ll also get innovative coverage for technology services and state-of-the-art cyber liability coverage.”

 

NAS’ Architects and Engineers insurance provides three insurance products in one: A&E Professional Services Liability Coverage, Technology E&O, and NAS’ Cyber Liability Policy, NetGuard® Plus. By combining these three policies into one, NAS’ offering gives architects, engineers, and other design professionals a complete and reliable solution to fit the changing needs of their business.

 

As an added benefit of this policy, insureds will have access to risk management consultants to help mitigate risks, and NAS’ expert claims team for resources and support when an issue arises. NAS’ risk management resource provides access to free and confidential risk management support, including contract review and consultation from a team of legal experts. NAS expert claims team has extensive experience in E&O claims handling, providing guidance throughout the claims process to achieve a rapid and complete resolution.

 

Nicholas Rotondo, Assistant Vice President of E&O, leads the underwriting of the Architects and Engineers product from the NAS office in Atlanta, Georgia. “We’re expecting this product to swiftly gain traction with our brokers due to the broad spectrum of coverages,” said Rotondo. “This product is truly a standout among others in the A&E marketplace, and we look forward to growing our business in this segment in 2018 and beyond.”

 

For more information visit www.nasinsurance.com.

 

NAS Insurance is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

February, 2018

NAS Insurance Opens New York Office to Service Expanding Cyber Insurance Market

 

NAS Insurance today announced its expansion to New York City with the addition of Peter Hedberg as the Assistant Vice President of its Tech and Cyber Underwriting division. Hedberg’s arrival marks the growth of NAS Insurance into its 5th major metropolitan area, including headquarters in Los Angeles, and underwriting offices in Atlanta, Boston, Chicago and now New York.

 

“Peter is an industry veteran and the perfect addition to our rapidly growing team,” said Michael Palotay, Chief Underwriting Officer at NAS Insurance. “His expertise and leadership will be instrumental in serving our NY-area clients with innovative Tech and Cyber insurance solutions.”

 

In this new role, Hedberg will oversee the production of NAS’ Tech E&O and Cyber Liability business for the New York market. He will focus his efforts on managing NAS’ relationships with area producers and growing NAS’ presence in New York.

 

“I am so excited to join NAS’ fast-growing team,” remarked Hedberg. “Cyber is ever-changing and NAS has continually proven to be the innovation leader in the market.”

 

NAS Insurance is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

June, 2017

NAS Introduces Cyber Insurance for Individuals

 

NAS Insurance today announced the launch of a new cyber insurance product for individuals. Available as an add-on product for homeowners’ insurance policies, NAS’ Personal CyberPlus provides unique coverage for the growing cyber risks to individuals and families.

 

“With the increasing threat of ransomware viruses on personal computers, Smart TVs, and other internet-connected devices, we recognize the need to protect individuals from a range of cyber-related threats,” remarked Matt Sherman, NAS’ Senior Vice President of Reinsurance and Programs. “Our carrier partners, eager to meet the needs of their policyholders, are pursuing solutions that enhance their personal lines insurance offerings. Given NAS’ extensive experience in commercial cyber coverage, a personal lines cyber product is a natural extension of our expertise.”

 

NAS’ Personal CyberPlus goes beyond typical identity theft expense coverage to cover cyber bullying, cyber extortion, wire transfer fraud, and breach notification costs. In addition, Personal Cyber Plus covers legal expenses to defend against lawsuits alleging liability for a privacy breach or cyber bullying.

 

“As our lives are more connected, cyber threats are ever more present,” adds Natalie Kelly, NAS’ Senior Vice President of Claims. “Expenses incurred by victims of cyber bullying, for example, can be devastating. In addition to the emotional toll of cyber bullying, the counseling expenses, lost wages, or even the costs to switch schools can add up quickly. And, as wire transfer fraud schemes become more sophisticated, individuals are more likely to be victimized by cyber criminals and incur significant losses.”

 

At its core, Personal CyberPlus from NAS is a unique insurance product that provides expense reimbursement for a broad range of cyber-related threats.

 

NAS Insurance, a leading cyber insurance underwriter, is a full-service specialty insurance underwriting manager providing innovative solutions in product development, underwriting, marketing, risk management, and claims handling for a suite of specialty products that are distributed as both insurance and reinsurance solutions.

 

Click here for more information about Personal CyberPlus from NAS.

March, 2017