It's true, most events, businesses, and operations can be insured. Some of these risks are truly out of the ordinary. In this post, we highlight some of the more unusual exposures that can be covered with a policy from an Excess and Surplus (E&S) specialty insurance broker.
Celebrities & High Profile Individuals
In 2019 image is everything. Today's celebrities are vulnerable to public scrutiny and occasionally that public scrutiny can be costly. These high profile individuals may also require higher limits than a regular policy would allow due to their level of visibility or value of owned assets. Specialty brokers provide solutions for celebrities and public figures and can bridge a gap not covered by the standard market. Personal Umbrella is typically the coverage used to provide this higher level of protection.
Tenant Occupied Homes with a Wood Stove
Dwellings with a wood stove can be deemed as a risk to some insurers. A fire related claim is understandably something that is to be avoided. Agents can still find coverage for these homes and even find coverage for buildings with up to four units. These units can be rental units with or without an owner occupied unit.
Seasonal Homes
Ocean front views and cozy rolling hills sound like a blissful option for homeowners. Unfortunately, the locations of these properties can be considered a risk due to the distance from a fire hydrant or the proximity to a body of water. Luckily, specialty markets can easily write homes in property classes of 7 through 10, and offer additional options for homes near ponds, rivers, lakes and oceans.
Marijuana
This growing and incredibly lucrative product should be considered, if not pursued, as a target class for Agents in states in which marijuana is legalized. As states gradually lift regulations against marijuana, more markets pursue building this plant-based book of business. Prior to pursuing this product we recommend reading up on the legalization laws in your state. Click here to obtain information about marijuana legalization by state.
Cyber Security
The industrial revolution spurred an expansive manufacturing market. In 2019, technology is the current revolution and the growth of technology specific businesses, and web-based software applications, creates an expansive appetite for cyber coverage. Every business with financial transactions should consider adding a cyber security related insurance product to their coverages. Most specialty insurance brokers offer this coverage as a singular product or attached to an existing type of coverage.
The risks and classes above are just a few of the many odd and unique personal and commercial lines offerings covered by a specialty insurance broker. We're here to serve you as an Agent and help you grow your business. If you're curious about whether we cover a unique class give us a call at 1-800-548-4301. We'll walk you through whether we can provide coverage, or why a specific risk might be declined.
