The waterfront property might be stunning, but anything but easy to insure. Or the building is in foreclosure or riddled with claims. “Unusual” commercial properties — whether coastal, rural, landmark, vacant, damaged or in foreclosure — can pose a significant challenge to clients and producers.
Not Business as Usual
Here’s why: the risk doesn’t meet the guidelines of the standard market due to age, location, loss history or cancellation, or it’s “outside the box” of what the standard carriers are comfortable writing. Where, then, do you turn to cover these “unusual risks”?
Why Excess Surplus Carriers Say “Yes”
Generally, when producers can’t find coverage for high capacity risk insured with a company in the standard market, they turn to surplus lines market. The excess and surplus market (E&S)provides coverage when standard insurance carriers cannot or will not provide it.
E&S plays a vital role in property and casualty. The E&S market fills a gap for agents and brokers, as it expands their capabilities by providing hard-to-place liability risk solutions seldom found elsewhere.
Why Turn to Prime Insurance Company
Prime Insurance Company has been a preferred carrier for E&S coverage since 1992.
Prime is providing this coverage in all states. Just as Prime’s footprint is expanding, so is its capacity.
The company has increased capacity to $5MM, allowing Prime to insure larger properties, and unique situations. It’s another opportunity for producers to write more business.
Prime has an A- Excellent rating from A.M. Best, as well as over 30 years of diversified, underwriting experience for hard-to-place risks. It offers commercial and garage liability, personal lines, commercial auto, specialty and professional liability.
Prime institutes a relationship with producers in order to achieve flexible underwriting and the most suitable insurance solutions. It is this partnership approach, comprehensive services including flexible underwriting, risk management expertise and extraordinary claims management, that puts us in a position to offer higher limits.
Prime specializes in very hard-to-place risks that other carriers won’t cover, including non-renewals due to claims or risk class. Prime offers options to cover gaps and exclusions and will customize the coverage. So when the challenge is placement rather than pricing, Prime offers solutions seldom found elsewhere.