New Jersey-based American Safety Insurance Services, Inc. said it has acquired a team of underwriters and entered the surplus lines property market, offering both monoline property and commercial multi-peril coverage.
Targeted classes of business include habitational risks, such as apartments, senior housing or new and renovated urban housing, mercantile/shopping centers, builder’s risk, vacant commercial property and light manufacturers.
The new CMP product can include property, inland marine, general liability and crime coverages. Polices are written on standard ISO forms on paper that is rated “A” (Excellent) VIII by A.M. Best. Premiums begin at $10,000 for package policies and $5,000 for monoline property. Limits up to $15 million are available.
Coverage is available in most states on a non-admitted basis and in New York and New Jersey on an admitted basis.
ASI’s commercial property line will be marketed and underwritten through its Middletown, N.J., office by a property team headed by Jeannette Guercio and James St. John.
ASI’s property products are accessible to approved wholesale brokers only.
American Safety Insurance Services, Inc. (ASI) offers products in the alternative insurance market for environmental remediation, contracting and other specialty risks underwritten by American Safety Casualty Insurance Co., American Safety Indemnity Co. and American Safety Risk Retention Group, Inc.
ASI is a subsidiary of American Safety Insurance Holdings, Ltd., a Bermuda-based holding company.
Source: American Safety Insurance Services, Inc.
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