QBE North America has launched a new modular property form designed to give underwriters and brokers the ability to tailor a program for each individual customer. The QBE Custom Property product contains 33 additional coverages, 50 property endorsements, and 22 crime endorsements.
It was developed based on feedback from brokers and customers as well as market analysis from Bold Penguin’s RiskGenius artificial intelligence platform.
Highlights of the new product offering include:
- A first party cyber coverage endorsement that provides coverage for business interruption, data recovery and incident response service expenses, per network security event
- Crime coverages such as computer fraud, funds transfer fraud and disappearance or destruction of Money and Securities without needing a stand-alone Crime form
- CAT capacity availability with flat or percentage deductible options
- Customizable rates on a per location basis
- Dependent property coverage including time element
QBE Custom Property is initially available in 29 states for new business policies effective March 1 and renewal policies effective April 1. QBE plans to expand the product to all 50 states, subject to regulatory approvals.
QBE North America is part of QBE Insurance Group Limited. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries.
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