Promoting Wortham’s Assurance for Regulated Utilities (ARGUS) Program
To APPA Members with Generation Assets
January 9, 2017 – Hometown Connections and Wortham Power Gen Insurance have added the brokerage firm’s Assurance for Regulated Utilities (ARGUS) property insurance program to their national public power insurance marketing program. Wortham Power Gen launched ARGUS in 2015 and is currently serving 16 public power utilities in 9 states. Going forward, ARGUS will fall under the Hometown/Wortham umbrella, promoting ARGUS to the approximately 250 members of the American Public Power Association (APPA) that own and insure greater than 20MW of generation assets.
Hometown Connections is APPA’s utility services subsidiary. Wortham Power Gen has long been an advocate of APPA members benefiting from their combined purchasing power as well as their superior risk profile. This superior risk profile comes from highly trained and experienced operators, exceptional maintenance programs, and access to tort immunities.
Wortham Power Gen’s ARGUS program already serves APPA members in California, Washington, Minnesota, Texas, North Carolina, Massachusetts, Vermont, Connecticut, and Wisconsin. In addition to providing property insurance, the brokerage firm is working with Hometown Connections to provide cyber liability insurance and a free Cyber Risk Evaluation Tool to APPA members. Both the cyber liability and property insurance programs are securing group purchasing premiums that are averaging 20 to 40% lower in the first year than those available to utilities purchasing individually.
Highlights of Wortham Power Gen’s ARGUS property insurance program:
- Designed for Power Generators, the policy is an “All-Risk” format covering such perils as fire, flood, severe weather, terrorism, and mechanical/electrical failures.
- The policy pays for replacement cost, rather than depreciated value.
- There is no sharing of policy limits or deductibles, and the policies are non-assessable.
- The program is underwritten by a panel of “A”-rated insurance companies in London, Europe, and the U.S.A, reducing the risk of single carrier financial issues.
- A claims specialist is available to assist APPA members in the preparation of documents, quantification of the claim, and claim submission to underwriters.
- An asset appraisal service can be included (some restrictions apply).
- APPA members interested in the ARGUS property insurance program should complete the ARGUS Property Application or e-mail WorthamPower Gen at email@example.com.
- Wortham Power Gen Insurance will provide a side-by-side comparison of the ARGUS Program and the utility’s or joint action agency’s present insurance program.
- ARGUS complements the Cyber Liability Insurance Program offered by Wortham Power Gen and N-Dimension Solutions and the free Cyber Risk Evaluation Tool offered by Wortham Power Gen and ITEGRITI.
- All Wortham Power Gen Insurance programs take advantage of the APPA membership’s group purchasing power to negotiate better insurance pricing, terms, and conditions.
- Please complete this survey to help determine where the APPA/Hometown Connections insurance programs should focus next.
“As we address the insurance needs of public power, we are pleased to help Wortham Power Gen expand its ARGUS property insurance program to cover a wider range of public power utilties,” said Bill Smart, Senior Vice President of Business Development, Hometown Connections. “Given the tight economic conditions under which APPA members are operating, it’s vital that they obtain comprehensive insurance policies at reasonable costs.”
“During the first six months we have been working with Hometown Connections and APPA as public power’s premier insurance broker, we have uncovered a deep demand for policies that are designed and priced specifically for the APPA membership,” said George Adkins, Managing Director and Power Generation Practice Leader, Wortham Power Gen Insurance. “With the property and cyber insurance programs up and running, we look forward to expanding our brokerage services to meet the full range of insurance needs of public power utilities and their communities.”