Amwins Access, a binding and brokerage platform for small property & casualty (P&C) personal lines accounts, has launched two excess wildfire products for residential properties in California.
The products, which were written in partnership with carrier AM Best, are designed for high-value residential properties, including tenant-occupied and vacation rentals that are not eligible for primary insurance.
Amwins highlighted that according to the Insurance Information Institute, the top 10 costliest wildfires have occurred in California with eight of those occurring in the last five years. As losses continue to rise, Amwins said it is paramount insurers and reinsurers limit their exposure to catastrophe-prone markets.
The recently launched product provides fire, including wildfire, and extended coverages consisten with the Calfornia FAIR (and similar) plans up to a dwelling replacement cost of $10m.
Scott Sauter, personal lines practice leader for Amwins Access, said, “A decade of wildfire losses in California created the perfect storm for exposed, high-value residential properties. Along with the capacity challenges, the situation makes the process of placing coverage more complex, leaving insureds vulnerable to last-minute cancellations and outsized losses.”
Earlier this year, International insurance broker Howden has launched a Wildfire Excess Liability Lineslip (WELL) in response to the increasing need for insurance cover for contractors and subcontractors operating in wildfire-prone areas in the US, such as California, Washington, Oregon and Arizona.
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