ARC News

Valerie Mayer Named Chief Financial Officer of ARC Excess & Surplus, LLC

ARC has hired Valerie Mayer to assume the position and duties of Chief Financial Officer. Valerie comes to ARC with over 25 years of experience where she was last the CFO of Allied Physicians Group, a physician lead pediatric group with 35 locations. Valerie built the Allied Physicians Group’s accounting department from the ground up inclusive of all internal controls, transaction posting policies, submission policies, efficiency measures, and overall performance.

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Cheers to 38 Years!

Please join all of us at Arc Excess & Surplus as we celebrate another milestone – 38 years of quality service for our clients! Our success and longevity could not be possible without the hard work and dedication of everyone at ARC. And with 10 locations around the country, there is no one better to help our clients manage risk and succeed!

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Understanding How Insurance Covers Fraudulent Wire Transfers

Originally published on November 14, 2019 by Chris Quirk

Fraudulent wire transfers are an unfortunate reality in today’s business world, and as a result, many companies are now turning to insurance to help protect against these losses. The good news is that fraudulent wire transfers can be insured and the coverage is readily available at very affordable rates. The bad news is that placing the coverage correctly is very tricky, requiring significant expertise and attention to detail, so the chance of improper placement is high. In the marketplace today, coverage can be commonly found on a Commercial Crime insurance policy, or a Cyber Liability policy.

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The Hammer Clause – What Is It and When Is It Important?

Originally published on July 30, 2020 by Chris Quirk

What is the Hammer Clause?

The hammer clause is a coverage condition found in many management and professional liability policies. It works to cap the liability of the Insurance Company in the event that plaintiff offers you a settlement, but you reject it and continue defending. If you choose to reject the settlement offer and continue to ght, the Insurance Company will only cover you for the proposed settlement amount, and defense costs incurred up until you received the settlement offer. All additional costs will be excluded.

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Understanding How Preambles Affect Insurance Policies

Originally published on October 12, 2019 by Chris Quirk

What are Preambles?

Preambles are the clauses in a policy that determine the scope of coverage being provided or excluded. In Executive & Professional Liability policies, they are often the most important clauses in the whole document. More money has been paid or denied to insureds based on policy preambles than any other clause. There are countless court decisions that illustrate the importance that preambles have on the coverage provided by an insurance policy.

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Understanding Retro, Continuity, Pending and Prior Dates

Originally published on August 31, 2019 by Chris Quirk

Retro/Continuity/Pending and Prior Dates – What Are They?

These dates are your policy’s way of enforcing the basic principle of insurance that you cannot insure a known loss. In the insurance world, there is a common saying: ““you cannot buy fire insurance on a burning building.” Insurance is intended to protect against uncertainty by transferring part of that risk to the insurance company. Keep this in mind, you are transferring the risk of uncertainty to the insurance company. Once you determine that a loss is either occurring or imminent, you are unable to transfer the risk because the uncertainty has disappeared. Typical insurance is not intended to mitigate known losses. This principle is generally easy to enforce when the cause of loss and loss itself occur close in time. For example, if you discover that you are in the path of a specific hurricane, you will be barred from purchasing new insurance to protect your property from that hurricane (but not from future unknown hurricanes).

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Our 2023 Scentsy Buddy Drive Donation Was a Success!

Again, another successful year for the Scentsy Buddy Donation!

Robin Valerio from our Mid-Atlantic office spearheads an annual drive to collect Scentsy Buddies for children in the hospital.  This year we reached our goal and were able to collect 300 buddies for the children at St. Christopher’s Hospital of Philadelphia.

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Robert Crocitto Named President of ARC Excess & Surplus, LLC

ARC Excess & Surplus, LLC is pleased to announce that Robert Crocitto has been named President of ARC Excess & Surplus, LLC.  Rob was most recently Executive Vice President and Chief Brokerage Officer and this promotion represents the next step in recognizing Rob’s contribution to the success of ARC and his ability to help lead the company.  Rob has been instrumental in managing ARC’s relationships with our key trading partners, and growing our relationships with retail brokers and clients across all lines of business.

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Stephen Cavallaro Named President of Professional Risk Facilities, Inc.

ARC Excess & Surplus, LLC is pleased to announce that Stephen Cavallaro has been named President of Professional Risk Facilities, Inc.  Professional Risk Facilities, Inc. (PRF) is a Managing General Agent with underwriting authority, including quoting, binding and policy issuance for a broad range of Financial Products.  Stephen started at PRF back in May of 2001 and has effectively led PRF for the past 15 years.  Stephen is responsible for leading all aspects of PRF, including marketing the PRF MGA programs, setting the direction of PRF’s underwriting in coordination with PRF’s insurance company partners and managing the PRF team, which consists of 14 underwriters and administrative staff.

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ARC Announces John Casale as Chief Financial Officer

ARC has announced that John Casale will be assuming the role of Chief Financial Officer.  Joan Brunjes, who has previously maintained this position, will be retained as a consultant to support John in this transition.

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