PRODUCT: Hallmark Specialty Property
COMPANY: Hallmark Financial Services Inc.
BEST RATING: A- (Excellent)
AVAILABILITY: Coverage is available through wholesale brokers.
FOCUS: Hallmark’s new excess & surplus property division, Hallmark Specialty Property, is now up and running. The division focuses on shared and layered programs, providing independent agents and brokers with an additional facility, says Gerald A. Dupre Jr., unit president.
Various product offerings include primary, excess and quota share placements, including all-risk, DIC programs, deductible buy-backs and single-peril programs, as well as flood and earthquake options, Dupre says. “If an exposure is a bit more difficult, we provide brokers with options to carve it out and treat it separately,” he explains. “We’re available to help an insured manage their catastrophe risk retention.”
The company strives to expedite its response to the broker. “Within 24 hours, we confirm whether we can consider the risk through our clearance process,” Dupre says. “We do not provide duplicate quotes on the same risk—the first broker gets our response. Within 72 hours, we try to provide them with a position on the account within the triage process.”
Hallmark tries to look at all submissions within three days to know whether the company will take it further or decline the risk.
With a 38-year career in property insurance, Dupre emphasizes his experience as a differentiator. “In the surplus lines world, it’s about the seasoned professionals who bring a wide array of relationships and experience to the table,” he says, adding that the Hallmark staff averages 20-30 years of experience in the insurance industry.
The new division complements Hallmark’s current casualty lines of coverage and provides additional capacity to help complete programs that come to Hallmark through their wholesale broker network on behalf of the retail agents, Dupre says: “In the world of shared and layered business, it moves Hallmark into the mainstream of surplus lines carriers.”
All Hallmark’s E&S lines property products are distributed through wholesale brokers.
UNDERWRITING: Hallmark Specialty Property underwrites both catastrophe and non-catastrophe exposures. Hallmark provides up to $10 million in capacity, with deductibles as low as $5,000 for all other perils. Catastrophe exposure deductibles are commensurate with the risk for all-risk and single-peril carve-outs.
Hallmark accepts ACORD applications or manuscript submissions, but requires all statements of values on the standard industry Excel spreadsheets. Hallmark writes on an annual basis—no multi-year contracts.
MINIMUM PREMIUM: $10,000 on excess; $25,000 on primary.
TARGET: Small to large regional and national accounts. Targeted classes of business include religious, institutional, education, municipalities, hospitality, entertainment, health care, light manufacturing and processing and commercial realty, including excess habitational and condominiums.
COVERAGE TERRITORY: U.S.
CONTACT: Gerald A. Dupre Jr., president; Hallmark Specialty Property Insurance, Atlanta Financial Center – North Tower, 3353 Peachtree Road NE, Suite 960, Atlanta, GA 30326; 470-240-2534. Email proposal submissions.
Ronimarie Acord is an IA contributor.
