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    Would you like to supersize your property coverage today?

    April 29, 2015

    By: Derick M. Stitik SVP and Property Practice Group Leader

    It’s a strange question, but very relevant in today’s marketplace.

    As new capacity enters the market on a daily basis, the days of stripped down excess and surplus coverage have gone by the wayside along with 5% wind deductibles. Very reminiscent of the workers’ compensation dividend plan craze of the early 2000s, as property carrier competition grows differentiating coverage forms emerge and are enhanced.

    It’s important to note that most enhancement endorsements are sub-limits offered inside the total policy limit, not in addition to. Many carriers today will oer equipment breakdown coverage, enhanced ordinance and law limits, or even calendar year deductibles on their policy form. Those are game changers on a broad form spectrum. The enhancements I’m addressing today are extension limits that can make a big difference in an everyday loss scenario. Here are a few non-standard examples:

    Pollutant Clean-up and Removalup to 25k
    Lost Key Coverageup to 10k
    Property of Others up to 10k
    Personal Effectsup to 10k
    Property Off-Premise or In-Transitup to 25k
    Fire Extinguisher Recharge $5000
    Utilities Services Coverage up to 100k
    Reward Reimbursementup to 5k
    Sewer/Water Backup25k and higher
    Lock Replacement$1000
    Accounts Receivable/Valuable Papersup to 100k
    Electronic Dataup to 100k

    The list goes on and although some are becoming commonplace among competitors, the limits vary dramatically. Most carriers have several editions of enhancement forms that can be oered based on underwriting criteria and individual risk analysis. Wholesale broker interaction is key to requesting and securing the best possible placement for your individual insured. The “cookie-cutter” approach of blindly requesting an enhanced form could leave your client’s individual higher limits sitting on the sidelines. We have catalogued the latest forms and work with our underwriters on every risk to enhance coverage form when applicable. Contact your Socius property and casualty broker today to discuss your client needs. Enjoy the rest of your summer and happy selling!

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