Intact Increases Excess Coverage for High-Value Properties
PRODUCT: Intact Specialty Property.
COMPANIES: Intact Insurance Specialty Solutions is backed by the financial strength of Atlantic Specialty Insurance Company, a subsidiary of Intact Financial Corporation.
BEST RATING: A+.
AVAILABILITY: Appointed agents and brokers only.
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FOCUS: Brokers and clients that need a solution for high-value excess property exposures can turn to Intact Insurance Specialty Property’s new excess coverage. With the ability to offer up to $250 million in capacity for excess property placements, the Intact Insurance Specialty Property team strengthens its commitment to its partners with enhanced capacity.
The coverage is designed for a broad range of commercial properties that require substantial limits beyond traditional primary layers.
“Securing high excess coverage for unique property risks can be challenging in the current insurance market,” said Derek Hall, president of Intact Insurance’s U.S. Specialty Property group. “Intact’s A+ rating and ability to provide up to $250 million in excess capacity for a broad range of commercial properties, combined with our team of experienced underwriters and exceptional service, are key differentiators in this space.”
COVERAGE DETAILS: Coverage attaches in excess of $5 million, but the maximum policy limit will vary depending on the individual risk characteristics and attachment point. Limits up to $250 may be available.
UNDERWRITING: Submissions must include loss history and COPE (construction, occupancy, protection, exposure) information.
MINIMUM PREMIUM: $25,000.
COVERAGE AVAILABILITY: All U.S. states.
TARGET: Target classes of business include apartments and condominiums, commercial real estate, manufacturing, retail and wholesale, education, and public entities. Specifically, the manufacturing category covers a wide range of operations, such as metal fabrication, food production, furniture making, plastics, electronics and consumer products.
The mercantile sector includes retail stores, restaurants, theaters and casinos. Public entities encompass municipalities, schools, colleges and universities, as well as county and state schedules. Real estate targets include office buildings, shopping centers, hotels and multi-family residences such as apartments and condominiums. Lastly, warehousing focuses on distribution centers and cold storage facilities.
Will Jones is IA editor-in-chief.
