Nova ART Specialty Program
In an era marked by unprecedented global challenges
and rapidly evolving risks, the need for innovative risk
management solutions has never been greater. The Nova
ART Specialty Program has emerged as a powerful tool to
help individuals and businesses navigate these
uncertainties and protect their financial well-being in
2025 and beyond. Our unique approach helps manage
and protect against risk, while establishing multiple layers
of capital, thereby creating opportunities for additional
savings and investments in both the short and long term.
The Nova Speciality ART Program is an Excess & Surplus Line—Alternative Risk Transfer tool to insure non-traditional business risks, particularly those risks that are typically self-insured (or are unavailable or too costly in the commercial market), on a cash flow efficient basis. The fully integrated insurance arrangement is a composite of the benefits of alternative risk transfer, traditional P&C underwriting, and premium financing, which in turn creates a more efficient non-traditional business risk insurance model.
Below is a list of our available coverages
The illustration below showcases sample coverages that can be customized to align with each client’s specific risk management objectives. We offer solutions for a wide range of business entity structures. While we aim to accommodate a broad spectrum of clients, certain restrictions may apply. For W-2 individuals—such as athletes or executives—coverage requires an associated business entity to be established prior to purchase.
As part of the Nova ART Program, clients receive audit defense coverage of up to $15,000 per event. Certain restrictions apply—please refer to the policy form for details or contact us to learn more.
Individuals
Examples: Executives, Collegiate/Professional Athletes, Media Personalities & Entertainers
- Brand or Reputational Damage (Cancel Culture)
- Business Litigation Expenses
- Loss from Breach of Contract
- Loss of Key Contractual Relationship
Businesses
Examples: Financial, Technology, Healthcare, Retail, Manufacturing, Professional Services
- Business Interruption
- Loss of Key Customer, Employee, or Supplier
- Loss of Revenue Due to Bankruptcy of Customers
- Loss Due to Change in Law
Self Employed
Examples: Independent Contractors, CPAs, Advisors/Consultants, Real Estate and Medical Professionals
- Loss Due to HIPAA Violation
- Errors & Omissions
- Loss of Professional License
- Representation & Warranties
FAQs
Who is the ideal client for Nova Risk Transfer?
Who is the ideal client for Nova Risk Transfer?
We work with individuals, partners, and businesses that have net income of $250K or more and who typically are in a high-risk environment. A high-risk environment in 2025 can mean having identifiable risks associated with their line of work or even having a social media account for brand and reputation exposure.
Am I able to cancel my insurance contract?
Am I able to cancel my insurance contract?
Clients have 30 days from the time the insurance policy is bound. During this period, they may cancel the policy, rendering the documents null and void, and will receive a refund.
How does Nova Risk Transfer & the premium finance company coordinate with my insurance agent or broker?
How does Nova Risk Transfer & the premium finance company coordinate with my insurance agent or broker?
Throughout the entire process, your insurance agent or broker acts as an intermediary, facilitating communication between you, the premium finance company and Nova Risk Transfer.
Is there a return of premium?
Is there a return of premium?
If after a minimum period of three years, this coverage provides for a contractual return of a portion of the premium paid by the Insured. The amount is calculated from the start date of the insurance coverage using an experience-based formula. Insurance benefits provided through the Carrier are subject to the loss experience of the total pool of insureds under the Policy. Generally, the Return of Premium policy term includes premiums paid, plus assessments paid, less claims made by the Certificate Holder, less allocated claims. This formula is discussed more fully in the application materials and Policy.
How long is the insurance coverage for?
How long is the insurance coverage for?
Coverage is provided on a 365-day term that may be renewed.
What is self-insurance?
What is self-insurance?
Traditional retail insurers offer what it called “contracts of adherence” i.e., a take it or leave it set of policy terms. You pay premiums that go towards paying for losses covered by your policy’s terms enforced. The rates in the retail market are meant to cover not only your losses, but also the losses of the insurance company clients. This means that if you don’t claim losses, your premium pays for you competitors’ losses and for the profit margin of the insurer.
With self-insurance, you set funds aside to pay for potential losses, under a tailored set on policy terms specifically made for you. At the end of the policy term, if you have not claimed losses, you retain your premium in the form of cash.
What are the reasons for individuals or businesses to consider self-insurance?
What are the reasons for individuals or businesses to consider self-insurance?
When properly structured, self-insurance can lead to a significant reduction in the overall cost of managing risk for a business and an immediate boost in cashflow benefits.
How do I start a self-insurance program?
How do I start a self-insurance program?
We have created Nova’s ART Program to make it easy. Our Nova’s ART Program is the perfect step in, with no joining costs, offers over 30 risks that are unavailable in the traditional retail insurance market, and provides cashflow benefits from day one.