The product offers general liability coverage for a range of small artisan contractors, both commercial and residential, and also includes subcontracted work.
PRODUCTS: RPS Artisans
COMPANIES: RPS; Markel
BEST RATING: A
AVAILABILITY: Available to RPS-appointed retail agents through rpssmallbusiness.com.
FOCUS: Excess & surplus lines wholesale broker and managing general agency Risk Placement Services (RPS) has launched a new artisan contractors insurance product in partnership with Markel, a global specialty insurance provider.
Available through RPS' Small Business Platform, the product offers general liability coverage for qualified small artisan contractors across a variety of occupations in commercial and residential settings. From roofers and painters to tree pruners and excavators, the product also covers subcontracted work in a wide array of classes.
“We chose Markel to partner with based on their extensive knowledge and experience in coverage, forms, rate structure and, most importantly, internal claims handling," says Laura Allen, vice president at RPS. “What makes this offering unique in the marketplace is that we are allowing retail agents the ability to rate-quote-bind-issue themselves 24/7, and we are paying 12.5% commission to them."
COVERAGE DETAILS: General liability coverage includes bodily injury, damage to rented or leased premises, medical payments, personal and advertising injury, products and completed operations, and property damage.
Coverage options are available for commercial contractors, new residential construction and residential remodelers, including subcontracted work limit limits ranging from $300,000/$300,000 to $1 million/$2 million. Excess limits are also available and, in most cases, there is no deductible.
UNDERWRITING: Rating is based on gross sales. However, the insured must provide payroll and subcontracted costs as well. This is a non-admitted product, and in some states there will be a surplus lines document that must be completed and signed prior to the policy being released.
MINIMUM PREMIUM: $500
TARGET: Ideal clients are new ventures and those that do not qualify for standard markets. Target clients are small to midsize artisan contractors, also called tradesman contractors, including occupations such as electricians, HVAC technicians, landscapers, tree pruners, carpenters, painters, masons, excavators, roofers and more.
COVERAGE AVAILABILITY: All U.S. states except Alaska. The product is also unavailable in the five New York City boroughs.
CONTACT: RPS communications team.
Will Jones is IA editor-in-chief.