PRODUCT: Pathpont's Vacant Building and Land Product

COMPANIES: Pathpoint, Westchester Specialty Group, Crum & Forster

BEST RATING: All carriers are rated A or better.

AVAILABILITY: Quotes available to all agents on the Pathpoint website, binding authorized once the agent is appointed.

FOCUS: Pathpoint, the insurance industry's first digital excess & surplus lines distributor, recently released a new product, helping agents provide property owners with coverage that affords peace of mind while their building or land sits vacant. The product helps agencies quote nonadmitted vacant land and property coverage in under five minutes.

The company developed the product in response to agents expressing a need to more efficiently secure coverage for vacant properties. Agents shared that obtaining this product could be painful and slow in the E&S market, so Pathpoint set out to streamline the process. 

“Vacant property is yet another product that independent agents need regular access to and often find themselves leaning on wholesalers to place. And for the most part, it's more emails, more follow-ups, and more pain," says Alex Bargmann, Pathpoint CEO and co-founder. “We built our product specifically around the idea of fast and easy quotes. If it's something our markets want to cover, any agency can quote it in a few minutes with us."

COVERAGE DETAILS: Pathpoint's Vacant Building and Land Product is available as either monoline general liability, property or package coverage. With term lengths of three, six, nine or 12 months, agents can easily provide their clients with coverage that meets their specific needs. Deductibles can be as low as 1%.

UNDERWRITING: Agents can request an instant quote up to $2.5 million in total insured property value. The product covers properties and land that are under renovation or that are less than 30% occupied.

Buildings up to three stories in height and up to 25,000 square feet and those built as early as 1900 are eligible, and coastal and wind-exposed property will be considered. Pathpoint will not insure locations already under construction or scheduled for demolition or properties that store fireworks, paints or liquor. All entrances must be secured.

MINIMUM PREMIUM: $495 for general liability and $895 for a package.

TARGET: Independent agents serving small or medium-sized commercial insurance clients.

COVERAGE AVAILABILITY: Pathpoint offers coverage nationally, but the products are strongest in MA, NJ, PA, MD, VA, GA, FL, TX and OH.

CONTACT: Pathpoint, 548 Market St. PMB 77315, San Francisco, California 94104-5401.

Will Jones is IA editor in chief.