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Guaranty Agreement Definition

In a two-party contract where one party agrees to perform if another party fails to do so. The guarantor is only required to perform after the obligee has tried to force the principal to perform using every reasonable and legal effort available to him/her.


Insurance news courtesy of Program Business. Originally Published 09/16/2003

Venture Programs Renews

A hearty thank you to renewing storefront Venture Programs of Westchester, PA
http://www.programbusiness.com/tracking/sftracker.asp?SFid=138.

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Venture is a leading national insurance program administrator that researches, designs, underwrites and markets high quality insurance solutions.

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Founded in 1994, Ventures mission is to provide "best-in-class" insurance packages for select industries—-currently Golf & Club, Hospitality, Banking, Technology and Life Science—-that are available exclusively through insurance agents and brokers. Among Ventures services are underwriting and policy issuing services for many of the worlds leading carrier groups, including Alea North America, Chubb, Hartford, Hiscox Syndicates, Lloyd's of London, Seneca and USLI.

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Venture offers a proactive in-house risk management service designed to supplement carrier loss control services. Venture focuses on the clients best interest by encouraging first dollar loss prevention. When a claim occurs, Ventures loss control managers work closely with independent, third-party administrators (TPA) to mitigate immediate impact to the carrier and long-term impact to the policyholder.

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Venture continually strives to combine the highest quality insurance products with the highest level of service to form a truly comprehensive, multi-faceted insurance solution for select industries. This commitment to continual improvement shows in the underwriting results for Ventures partners and the growth in premium within the industry.

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Venture provides:
Program Research & Development
National Program Marketing
National Agency Distribution
Specialty Program Underwriting
Policy Services-Systems Compliance
Risk Management & Loss Control
Independent Claims Management
Finance, Licensing & Administration

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Venture also maintains a unique Intellectual Property (IP) division called Venture Intellectual Properties (VIP). Through this division, Venture provides engineering, manufacturing and a broad array of potential insureds with protection against third-party suits of alleged IP infringement under the under the brand, VIP Defender sm.
For more information, visit the Venture storefront at http://www.programbusiness.com/tracking/sftracker.asp?SFid=138.

Insurance news courtesy of Program Business. Originally Published 09/16/2003