Swiss Re is now offfering a nonadmitted coverage for the members of the Independent Insurance Agents and Brokers of America (IIABA).
The nonadmitted product is designed for agencies with unique operations and special needs where coverage customization is critical. Larger agencies with expanded product offerings or with unusual ownership structures, agencies specializing in higher-hazard coverages (such as wet marine or long-haul trucking), and less experienced agencies and even agencies with significant losses are aggressively being pursued. Policies are underwritten and claims handled by the same team at Swiss Re that services the Big I’s admitted program.
Coverage is written on nonadmitted paper from First Specialty Insurance Corp. and backed by Swiss Re’s financial strength and A+ (Superior) A.M. Best rating. Policies are written on a claims-made basis, with limits of up to $5 million per claim with a $10 million aggregate available. Deductibles start as low as $5,000.
Source: Swiss Re
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