NAS Insurance specializes in insurance products and manages underwriting. For over 40 years, it has been a bridge between US distribution and the London capital and is among Lloyd’s Cover’s most significant global holders.
The Los Angeles-based company has four offices in Los Angeles, New York, Chicago, and Atlanta. It employs over 180 people and offers open market and reinsurance solutions for difficult-to-place risks. The company also possesses flexible policy drafting and underwriting authority.
A brief history
From 1975 to the present, NAS Insurance has dominated the development and market of specialist insurance products. Red Robin started it with a sharp eye for new business risks and a desire to fill the gaps in the traditional commercial insurance market with creative insurance solutions.
For instance, NAS was the pioneer company in the US in providing insurance for legal costs associated with the various commercial risks that firms encounter. When the product was developed, typical liability insurance coverage did not cover this.
A Lloyd’s cover holder is what?
As long as the conditions of a binding authority are met, Lloyd’s cover holders, such as NAS Insurance, can sign an insurance contract for Lloyd’s syndicate. “When a Lloyd’s managing agent assigns its authority to an approved cover holder under a binding authority.
The approved cover holder may enter into insurance contracts and issue insurance documents as proof that they have been accepted,” the company clarifies.
An authorized cover holder can collect premiums, manage claims, and perform other duties. The legally binding authority agreement will specify the extent of its authority.
Products from NAS
For NAS Insurance, addressing the gaps is the main focus of product innovation. The company provides specialty solutions for various risks on a wholesale, program, and reinsurance basis. It is most well-known for its remedies for sexual misconduct and molestation liability, Medefense Plus, and Cyber Liability Netguard Plus.
Three main categories comprise NAS Insurance’s product line:
Specialty remedies:
– Abuse/molestation insurance
– Allied medical malpractice insurance
– E&O for architects & engineers
– e-MD cyber liability (for healthcare providers)
– Employment practices liability
– Management liability
– Medefense Plus
– Miscellaneous E&O
– Miscellaneous E&O for medical billers
– Miscellaneous E&O for property managers
– Miscellaneous E&O for tutors
– Sexual misconduct and molestation liability
– Social services PL/GL
– Tenant discrimination insurance
Tech & cyber solutions:
– Cyber liability – Netguard Plus
– NAS CyberNET
– NetGuard Select
– Technology E&O – TechGuard
Reinsurance solutions:
– Cyber liability reinsurance
– Employment practices and liability reinsurance
– Medefense Plus Reinsurance
– NetGuard Farm
– Personal CyberPlus
Cyber experts
Because of its activity in the cyber insurance market, NAS Insurance is especially well-known. Since its founding approximately 15 years ago, it has written cyber liability insurance. It offers cyber liability reinsurance solutions, which enable program administrators and insurance carriers to offer add-on cyber liability coverage without incurring additional overhead.
R&D expenses, or risk. Furthermore, NAS Insurance has worked hard to raise awareness of the rapidly changing cyber risk among customers and the more significant insurance sector.
Matt Sherman, senior vice president of NAS Insurance Services’ specialty reinsurance and programs division, stated, “A lot of carriers, program administrators, and brokers still don’t feel comfortable getting into cyberspace.”
They might lack the subject matter knowledge, underwriting experience, and claim knowledge necessary to sell cyber insurance with assurance. In this situation, NAS insurance is valid.
We can provide the product, services, and support accompanying it. Insureds must understand that subject matter expertise exists at every stage, regardless of who drafts the cyber coverage and performs the services.
NAS Online
“Make it simple for our partners to do business with us, both offline and online,” is the mission statement issued by NAS Insurance’s chief executive officer, Richard Robin, the son of the company’s founder, back in 2014. The corporation introduced NAS Online to provide customers with simple access to specialized products and programs.
NAS Insurance products, such as cyber liability, miscellaneous E&O, defense Plus, e-MD, and tenant discrimination insurance, can be purchased through NAS Online. Users can generate estimates and prices and issue policies.
Internal disputes
NAS Insurance, a big insurance company, is having problems inside. Disagreements between bosses or workers or arguments about company rules and plans could cause these problems. These fights affect the company’s mood, make work slower, and hurt its profits.
The fights can show up in different ways, like when different parts of the company don’t get along or when people fight over who gets what resources. Sometimes, people disagree about what the company is supposed to do. Inside NAS Insurance, fights might also start because some people want more power, don’t talk to each other well, or feel like decisions aren’t fair.
If the fights aren’t fixed, they could worsen and make the work atmosphere terrible. More people might leave their jobs, and the company’s reputation could be hurt. To fix the fights, NAS Insurance needs to make sure everyone talks openly, leaders are honest, and there’s a culture of teamwork and respect.
If NAS Insurance works on fixing the fights and finds ways to solve them, it can return to its primary job of providing good insurance services while making sure everyone at work is happy and getting things done.
FAQs
1. What does NAS insurance stand for?
NAS stands for “North American Specialty Insurance Company.” It’s an insurance provider offering specialized coverage for various industries and sectors.
2. What types of insurance does NAS offer?
NAS Insurance provides various insurance products tailored to specific industries, including cyber liability insurance, media liability insurance, miscellaneous E&O (Errors and Omissions) insurance, and more.
3. Is NAS insurance available nationwide?
Yes, NAS insurance operates across the United States, offering its coverage to businesses and individuals in various states.
4. How can I contact NAS insurance for inquiries or claims?
You can contact NAS Insurance through their official website, where you can find contact information for customer service, claims assistance, and general inquiries. Additionally, you may be able to reach them by phone or email on their website or through policy documents.
5. Does NAS insurance provide coverage for my specific industry?
NAS Insurance offers coverage for a diverse range of industries, including technology, healthcare, media and entertainment, professional services, and more. You can inquire about specific coverage options related to your industry by contacting NAS Insurance directly or speaking with an insurance agent.