Great American Adds Insurance Program for Kona Ice Franchise

Great American Insurance Group’s Alternative Markets Division has added a national program, offered in conjunction with Cornerstone Insurance for Kona Ice Franchise owners across the United States. The program will focus on providing a primary admitted property and casualty policy and workers’ compensation coverage for the mobile shaved ice franchises.

The program, based out of Hebron, Ky., was awarded to Great American effective May 1, 2019. Accordin to Rich Suter, divisional president for Great American Alternative Markets, the program will take a captive risk-sharing approach.

Mike Roaden, Cornerstone Insurance owner/principal, said he and franchise owner Tony Lamb worked together over the last five years to gather information to start a captive insurance program.

“We felt this was the best way to stabilize rates, improve coverage and get the best value for the franchisees,” Roaden said.

Cornerstone has worked with Kona Ice for the past 10 years.

Great American’s Alternative Markets Division offers agents and clients a variety of risk-sharing and traditional program insurance options that support both specialty niche programs as well as generalist businesses. The division’s captive capabilities include agency, association and group captives.

Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets.

Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company, and Great American Insurance Company of New York, authorized insurers in all 50 states and DC.