Ciicago-based Hub International Personal Insurance, a division of Hub International Limited , has launched HUBPro, a homeowners’ insurance product designed for people living in areas that have a high risk of catastrophic events.
The product is being offered on homes in areas along the nation’s coastline and other areas affected by high winds, brush fires, and floods or rising water. HUBPro coverage will also include homes under construction in these areas.
“The shrinking availability of insurance coverage in areas that tend to experience catastrophic losses from time to time has placed pressure on insurance agents to create solutions,” said James Kane, president of Hub International Personal Insurance. “This product is a direct effort to allow our clients who are building a home, living along the coast or residing in other desirable scenic areas the piece of mind to enjoy their homes, not worry about them.”
HUBPro is an exclusive product designed through a partnership between HUB International, SBJ Ltd., an international insurance and reinsurance broker, and the Hiscox Syndicate at Lloyd’s of London. Hub International Personal Insurance will be the exclusive broker of HUBPro.
HUBPro is targeted to homeowners that have property with a market value in excess of $500,000 and will insure each property up to its full value specified in the policy, or replacement cash value at the time of loss.
The program will be administered by Program Brokerage Corp., the surplus lines wholesale operation of Hub International based in New York, including rating and policy issuance as well as claims management.
Source: Hub International
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