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 ‭(Hidden)‬ Catalog-Item Reuse

HUB Private Client Launches Exclusive High Net-Worth Excess Wildfire Program

The new program helps high net-worth homeowners secure adequate levels of coverage in areas where wildfires have increased in frequency and severity.
Sponsored by

PRODUCT: HUB High Net Worth Excess Wildfire Program.

COMPANIES: The program was developed by leveraging resources across the HUB franchise and by partnering with Specialty Program Group (SPG), a leading specialty platform with diverse specialty insurance, underwriting management, digital solutions, wholesale and retail insurance brokerage services.

BEST RATING: A

FOCUS: Recently, HUB announced the launch of the new HUB High Net Worth Excess Wildfire Program to address the critical need for enhanced wildfire coverage of high-value homes. The program will be offered exclusively by HUB Private Client to address the insurance and risk management needs of affluent families and individuals.

The proprietary offering was created to help high net-worth homeowners secure adequate levels of coverage in areas where wildfires have increased in frequency and severity. It is designed as excess coverage, in partnership and complementing existing insurance market capacity.

COVERAGE DETAILS: There is coverage up to $30 million in insured value and it is provided on a follow-form basis to avoid gaps in coverage. HUB follows ISO HO3 and HO5 coverages.

“Through our vast network of experts, we find solutions for clients across all of their insurance needs to help them reach their goals and remain resilient into the future," says Gregory Butler, president, high net-worth specialty, HUB. “The wildfire product complements what we already offer agents and brokers who sell policies in this area, especially in light of limited risk appetite."

UNDERWRITING: Rate factors are based on proximity to wildfire risk, onsite mitigation and hardening of the property. Submissions are sent via a standard ACORD application and should include a copy of a physical risk inspection for both fire and wildfire perils. Single-family dwellings held within an LLC or trust are also eligible.

TARGET: High net-worth homeowners with completed homes with total insured values of less than $30 million used as a primary or secondary residence or as short-term rentals.

COVERAGE AVAILABILITY: Offered exclusively in California.

CONTACT: Gregory Butler, president, high net-worth specialty, HUB; 214-220-0808.

Will Jones is IA editor-in-chief.

17712
Monday, April 15, 2024
Personal Lines
Big I Markets