MORRISTOWN, N.J., June 29, 2016 /PRNewswire/ -- ProSight Specialty® Insurance today announced the launch of Music MendsSM, a one-of-a-kind enhancement that's unique in the traditionally-bound insurance industry. Music Mends is specially designed for touring artists, and is in response to the pain and disruption that terrorism invokes in our modern society. Specifically, the coverage is designed to provide support to touring artists who wish to help mend communities following an act of terrorism that interrupts a live performance. The cost of this enhancement is being borne by ProSight, in a demonstration of unprecedented commitment to artists and performers in the wake of a terrorist attack.
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"The idea of Music Mends came to us after we attended a concert together and learned that some of the performers had been impacted by the terrorist attack in Paris at the Bataclan concert hall," said ProSight Chief Underwriting Officer Bob Bailey, speaking of himself and Joe Beneducci, ProSight's founder and CEO. "The raw emotion from the band that night was evident, and we knew we needed to do something to help support artists who want to go back and perform for their fans. That's when the idea for Music Mends was born."
Music Mends provides a dedicated limit of coverage to insured performers to reschedule events that are cancelled or interrupted as a direct result of terrorism, and helps them do it at or near the original venue. At its core, Music Mends allows touring artists and performers to help mend communities impacted by terrorism by enabling them to bring the music back to the community, while minimizing the financial strain of doing so.
"Music has the unique ability to bring people together and heal communities at times of great need," commented Scott O'Neil, CEO, Philadelphia 76ers, New Jersey Devils and the Prudential Center. "Music Mends is an innovative concept from ProSight Specialty Insurance that provides touring acts with unprecedented peace of mind and allows musicians, managers, partners and, most importantly, affected communities to focus on what's important during a tragic event – family, friends and loved ones."
Bob Bailey adds, "ProSight has a depth of knowledge and expertise when it comes to providing specialized insurance solutions to key players in the live events space, including coordinators for world-renowned and widely-attended events and five of the top 10 U.S. music festivals of 2016. Such experience makes us an ideal partner for artists seeking protection."
Current customers will automatically have this enhancement added to their policies upon renewal, or can request that Music Mends be added to their existing policies beforehand by contacting their agents. With a proven track record of success in the live event insurance space, ProSight's mission is to provide differentiated, specialized coverage to meet the needs of artists, producers, promoters, technicians and other live event professionals. ProSight provides live event insurance coverage to U.S.-based and international companies working in the U.S., as well as American production companies involved in overseas productions.
To learn more about Music Mends, visit http://www.prosightspecialty.com/musicmends.
About ProSight Specialty Insurance
ProSight Specialty Insurance was founded by industry veteran CEO Joe Beneducci, with the explicit purpose of introducing innovation to the commercial property and casualty insurance market. ProSight designs solutions that help solve customers' problems, so each solution is targeted to enhance customers' operating performance. ProSight focuses on select niche industries, deploying differentiated underwriting and claims expertise, and then works exclusively with specialized distributors to deliver value. ProSight is fueled by a cultural desire to succeed at uncommon challenges, making the business performance of its customers a top priority. The underwriting members of the ProSight Specialty Insurance (ProSight) group of companies are rated "A" (Excellent) by A.M. Best. ProSight also operates Syndicate 1110 at Lloyd's of London, which is rated "A+" (Strong) by Standard & Poor's. Based in Morristown, NJ, ProSight has regional offices in Los Angeles, CA, Santa Rosa, CA, New York, NY, and London, England. More information about ProSight and its member insurers can be found at www.prosightspecialty.com. Follow us on Facebook, @ProSightCorp and ProSight Specialty Insurance.
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SOURCE ProSight Specialty Insurance