(Image credit: Kevin C. Norris.)
Risk Placement Services (RPS; Rolling Meadows, Ill.) has chosen the Instec (Naperville, Ill.) Policy system to implement for its new public-entity program, announced in April 2020, and undertaken in partnership with Munich Re Specialty Insurance (MRSI), the insurance business operations of affiliated companies in the Munich Re Group (Munich) that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America.
The new program addresses the unique risks faced by municipalities and special districts with a first-dollar, low-deductible insurance product. The packaged program includes general, auto, law enforcement, public officials, and employment practices liability, and can be supplemented with active-shooter, special events, cyber, and worker’s compensation coverages, according to an Instec statement.
The public entity program is the RPS’s second strategic expansion on Instec. It follows the implementation of Instec Policy by RPS affiliate RPS Bollinger for its Golf Courses & Clubs program.
The RPS public entity project began in December 2019. Despite issues arising from the COVID-19 pandemic, the project was completed ahead of schedule, in less than 90 days, and the system went live in late March, Instec reports.
Instec characterizes the launch of the new program as timely. Public entities were already facing a host of risks, from cyber threats to active shooters to natural catastrophes. Then the coronavirus pandemic hit, and on its heels the eruption of anti-brutality protests, placing law enforcement and public officials under the microscope.
“Public entities face greater exposures today than ever before,” comments Bob Lombard, area president of RPS-PNP, national program administrator for the public entity program. “Instec’s rapid implementation process allowed us to bring our new program to market just when it was needed most.”