The new product offers midsize businesses comprehensive property coverage and a large suite of endorsements.
PRODUCT: QBE Custom PropertySM
COMPANIES: QBE Insurance Corp., Stonington Insurance Co., North Pointe Insurance Co., Praetorian Insurance Co., General Casualty Co. of WI, Regent Insurance Co.
BEST RATING: A
AVAILABILITY: Available to QBE's limited and preferred network of agents and brokers.
FOCUS: QBE Custom Property offers state-of-the-art coverage based on feedback from brokers and customers and comprehensive market analysis supported by artificial intelligence.
“Midsize businesses face rapidly evolving and complex property risks," says Tom Fitzgerald, president of specialty & commercial, QBE North America. “Our new property policy responds by providing comprehensive coverage in a very flexible, modular policy structure. It shows our commitment to midsize businesses and will play a central role in our suite of property-casualty products as we look to grow our presence in this important market segment."
The product's modular approach includes comprehensive base coverages and a large suite of endorsements to give brokers and QBE underwriters the unique ability to precisely tailor a program for each individual customer.
“Our use of Bold Penguin's RiskGenius artificial intelligence platform, which we have fully integrated with our systems, really helped with the development," says John Beckman, chief underwriting officer, QBE North America. “It enabled us to quickly and thoroughly compare key policy terms and conditions in the marketplace and drill down to the specific nuances of the coverages available."
COVERAGE DETAILS: QBE Custom Property improves on QBE's existing property offering and is a key element of QBE Specialty & Commercial's product portfolio. Overall, QBE Custom Property contains 33 additional coverages, 50 property endorsements and 22 crime endorsements.
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, including computer fraud, funds transfer fraud and disappearance or destruction of money and securities without needing a standalone crime form.
- CAT capacity with flat or percentage deductible options.
- Customizable rates on a per-location basis.
- Dependent property coverage, including time element.
UNDERWRITING: Preferred business includes insureds with rigorous risk management practices in place, including preventative maintenance programs and business continuity plans; adequate sprinkler protection; and noncombustible or better construction.
MINIMUM PREMIUM: $25,000 for preferred risks.
TARGET: The product is designed for midsize companies with revenue less than $3 billion and are generally spending between $100,000 and $3 million in premium for p-c insurance. Target industries include consumer goods (retail), real estate, manufacturing, hospitality and wholesale.
COVERAGE AVAILABILITY: QBE Custom Property is in the process of rolling out to all 50 states. As of March 2, it is available in 33 states: AL, AR, AZ, CO, DE, GA, IA, ID, IL, IN, KY, LA, MD, MI, MN, MO, MS, ND, NE, NH, NM, OH, OK, OR, PA, SC, SD, TN, UT, VT, WI, WV, WY.
CONTACT: Charles Greer, vice president, large property underwriting leader, QBE.
Will Jones is IA editor-in-chief.