Ironshore Inc. has established a dedicated Private Client Group to introduce its new insurance plan, the Ironshore Private Insurance Portfolio. Ironshore’s personal lines policy will be available for high net worth homeowners with properties valued in excess of $1 million.
Ironshore’s Private Insurance Portfolio provides packaged home, contents, valuable articles and umbrella liability coverage for properties located in select states. Pennsylvania and Georgia will be the first states approved for new business effective March and April 2016 respectively. States to follow will be New Jersey, Connecticut, New York, Massachusetts, Rhode Island, Maryland, Virginia and Washington D.C., subject to regulatory approvals. Ironshore ultimately will expand the product offering nationally.
Ironshore’s Portfolio provides home and contents insurance to cover the attributes and protection requirements of high value homeowners. Policy features include full home replacement cost, modified limits for other structures, contents and loss of use, cost-saving deductible options, as well as package discounts and credits for superior risks. A separate valuable articles policy offers scheduled or blanket coverage for jewelry, fine arts and other belongings with no deductible.
Ironshore’s Private Insurance Portfolio includes liability coverage of up to $1 million in the homeowner policy and up to $10 million in worldwide coverage under the personal umbrella option. Watercraft and yacht coverage with limits up to $10 million also will be available.
Kevin H. Kelley, chief executive officer of Ironshore, said the new program will be offered through specialty agents and brokers.
Ironshore’s program will not include automobile coverage but the policy extends credits for insureds with coverage provided by an insurance carrier offered through the same agent or broker. This feature is designed to allow agents to secure automobile coverage to meet their client’s needs.
Ironshore Private Client Group has formed a dedicated, personal lines claims management operation to respond in the event of a loss.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.