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Free of Particular Average (American Conditions) (FPPAC)

Eliminates coverage in an Ocean Marine policy for partial loss to cargo unless the loss was caused by stranding, sinking, fire, or collision.





Insurance Industry News from ProgramBusiness.com

One of the BestStorefront owner Philadelphia Insurance Companies announced that James J. Maguire, Jr., President and CEO Of Philadelphia Consolidated Holding Corp., has been named one of the nations “Best CEOs,” according to DeMarche Associates, Inc., a leading investment research and financial consulting firm. The award recognizes a small group of American CEOs—163 out of 6,700 candidates—who over the last three years generated the most shareholder value per unit of CEO compensation. Maguire is one of four Philadelphia-area CEOs to receive the award. “The boards and shareholders associated with these companies have good reason to celebrate because they are getting the most corporate value for the least amount of CEO compensation,” says Robert Marchesi, chairman of DeMarche Associates. “They have proven to be tremendous assets to their companies.” In operation since 1962, PHLY designs, markets, and underwrites commercial property/casualty, personal lines and professional liability insurance products incorporating value added coverages and services for select industries. The Company, whose commercial lines subsidiaries are rated A+ (Superior) by A.M. Best Company, is nationally recognized as a member of Wards Top 50 and Forbes Platinum 400 list of Americas Best Big Companies. The organization has 42 offices strategically located across the United States to provide superior service. For more information, visit their storefront at www.programbusiness.com.
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