International Catastrophe Insurance Managers LLC (ICAT) and Lantana Insurance Ltd., a member of the Glencoe Group of Companies, have launched a commercial Builder’s Risk catastrophe product to be written on a surplus lines basis in Texas, Louisiana, Mississippi, Alabama, Florida and South Carolina.
“The devastation caused by hurricanes in these regions over the past 16 months has caused many carriers to pull back or eliminate coastal coverage, which has had a particular impact on coastal companies trying to get back to business, ” said Peter Montpellier, program underwriter for Lantana. “The Glencoe Group is pleased to be able to work with ICAT to deliver this critical product to small business owners.”
Lantana is rated “A-”, Class IX by A.M. Best. The product is designed for commercial buildings that are being newly constructed or that are under renovation or repair. Subject to the terms, conditions, exclusions, and limitations contained in the policy, coverage is provided for the building, contents, and specified soft costs on a stand-alone Wind/Hail basis. ICAT will provide primary or full limits up to $5 million.
For more information, visit www.icat.com.
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