As a result of a change in underwriter, LIBRIS insurance policyholders are receiving a "Notice of Nonrenewal of Insurance" from Fireman's Fund Insurance regarding their business owners package and workers' compensation coverage. "There is no reason for concern," said Michael Hoynes, ABA marketing officer. The notice reflects a change in the underwriter of the coverage, which occurred last summer, from Fireman's Fund to Discover Property and Casualty Insurance Company, a division of St. Paul Insurance Companies.
"This is a 'technical' change that in no way affects the scope of booksellers' coverage," explained Hoynes. "Fireman's is obligated to notify customers well in advance of renewal. LIBRIS will be sending renewal notices to bookstores for their insurance near their usual renewal date."
LIBRIS (League of Independent Book Retailer Insurance Services) is an insurance company, formed and owned by the American Booksellers Association, offering business insurance for independent retailers of new and used books as well as book publishers. Its goal is to ensure policyholders the broadest insurance coverage at the most competitive cost. Among the insurance coverages, LIBRIS offers to meet the unique needs of booksellers are full replacement cost for buildings and business personal property; business interruption/extra expense; used and rare books; computer equipment/software; business liability protection; employee benefits liability; theft; workers' compensation; and coverage for cafés and restaurants. Coverage for publishers includes customary publisher professional errors and omissions; slander; infringement of copyright, title or slogan; and similar situations.