Homeowners Policies–Low–Value and Nonstandard

Specialty carriers have developed homeowners and tenants package policies for low-value and nonstandard dwelling risks in distressed areas to counter competition from urban area or statewide Fair Access to Insurance Requirements (FAIR) Plans. FAIR Plans do not offer “package” coverage on residential property. Property coverage is usually written on a named peril basis and is combined with personal liability in … Read More

Substandard Malpractice and Professional Liability

The Insurance Marketplace lists available markets for a number of specialty, unusual, or difficult-to-place malpractice and professional liability exposures. Because not every exposure and coverage need can be listed or anticipated, this classification is for any nonstandard and difficult-to-place malpractice and professional liability exposures not specifically listed.

Substandard and Low–Valued Dwelling Fire Insurance

It is difficult to place fire and allied lines insurance on dwellings, apartment houses, and tenements in poor condition or in high-crime urban areas. Most insurers decline low-valued properties because the cost to issue such policies may exceed the premium available. FAIR plans handle dwellings and tenements, particularly in urban areas, but usually not low-valued dwellings and eligible properties in … Read More

Substandard Businessowners Policy (BOP)

Businessowners policies are package policies for small businesses that provide more coverage enhancements than monoline coverage forms. Eligibility requirements vary based on the type of risk and the specific carrier’s underwriting appetite.

Substandard Crime Insurance

Many mercantile risks, such as bars, taverns, liquor stores, drug stores, and gasoline stations may not be able to purchase burglary and robbery coverages in the standard market, especially if they are located in urban areas. Markets that implement rate surcharges are available for operations that are good moral risks, take certain precautions against burglary and robbery, and can pay … Read More

Substandard Fire (Commercial)

Agents and brokers find it particularly difficult to place substandard fire insurance. Commercial risk placement difficulties may be due to the fact that the property values are low, it is a prohibited class of business, or the occupancy or hazards make the risk a poor one to accept at the rates usually charged. Most, if not all, substandard fire insurance … Read More

Substandard General Liability

The Insurance Marketplace lists available markets for a number of specialty, unusual, or difficult-to-place commercial general liability exposures. Because not every exposure and coverage need can be listed or anticipated, this classification is for any nonstandard and difficult-to-place commercial general liability exposures not specifically listed.

Substandard Package Policies

Businesses that do not qualify for coverage in the standard market still want the convenience of coverage written on a package basis. The specialty marketplace offers a number of these programs for such insureds.