The Excess and Surplus (E&S) Property market in the U.S. has traditionally relied on standardized policy forms and general broker manuscript forms, limiting carriers, brokers and clients to a narrow set of options for accounts in between the small business and large account segments. Sompo International recognizes these limitations and is bringing forth a new form to market that is designed to meet the needs of brokers and clients by tailoring coverages in this space.
With the introduction of the Sompo Property Preferred Risk Form, brokers and clients can access broad all risks coverage through Sompo International’s proprietary form. Developed specifically for the E&S Property market, the form provides for customized risk management solutions that go beyond the industry’s current form selections.
“Given the complexities and nuances of the E&S Property market, we recognized the need for an alternative approach for providing insureds with a broader breadth of coverage and a more flexible set of terms and conditions that can be tailored to their specific needs,” said John Lavin, Executive Vice President, E&S Property for Sompo International’s U.S. Insurance division. “The Sompo Property Preferred Risk form fills a void in this space, giving our broker partners and clients more choices in terms of their ability to access the coverage they need in addition to a more efficient claims handling and servicing process.”
The new Sompo Property Preferred Risk Form features coverage for both CAT and non-CAT perils and the option to select coverage for equipment breakdown and enhanced sublimits. The new form provides Sompo’s E&S Property team the ability to better serve commercial properties with a total insured value of $100 million to more than $1 billion, with a focus on Real Estate, Condominiums, Apartments, Municipalities, Schools (Public & Private), Institutional, Hotels / Motels, Light Manufacturing & Warehousing and Vacant Buildings.
“Flexibility has always been at the core of the E&S market and the Sompo Preferred Risk Form not only meets a need in the market, but it supports and highlights Sompo International’s commitment to the wholesale distribution channel,” said Ben Tasse, SVP, U.S. Wholesale Business Development for Sompo International. “The form allows our underwriting team greater flexibility in customizing each policy to meet each client’s specific needs and reaffirms Sompo International’s focus on serving brokers and clients in this important market.”