Commercial Property: Programme Details

Small Business Programmes

We operate three in-house small business programmes covering Ground Up/Full Value, Excess Property, and Primary Limits. These programmes are designed to accommodate business that does not typically fit standard market appetite, and rates reflect that.

Ground Up / Full Value

• TIV up to $7,500,000
• Almost always CAT peril offerings, primarily Wind Only; AOP considered on vanilla-type occupancies
• Minimum premium: USD 5,000

Excess Property

• TIV up to $6,000,000; total excess limits up to $5,000,000
• Can sit excess of most wind pools including Citizens and NCJUA
• We will not offer terms requiring ground up coverage for Business Interruption

Primary Limits

• TIV up to $25,000,000 (higher considered on merit)
• Preferred primary limits: USD 500,000 / USD 1,000,000 / USD 2,500,000 / USD 5,000,000

What we typically exclude across small business programmes

• Monroe County, FL
• Open-sided buildings
• Buildings with EIFS
• Equipment Breakdown
• Builders Risk including renovations (open market options available)
• Mobile Homes (open market options available)
• Docks, Piers, Marinas, Seawalls (open market options available)
• Standalone Business Interruption
• Stock, Vehicles, Inland Marine

Large Excess Programme

Accounts typically consist of single to a dozen locations with preferably clean excess loss records. Can be used as excess or as a buffer layer. Coverage ranges from All Risks through to standalone perils and All Risks Excl. Flood and EQ. Terrorism is always excluded.

Occupancies include but are not limited to: Habitational (inc. Condos), Auto Body Shops, Manufacturing, Packaging and Storage, Agri and Fruit Packing, Religious, Recreational, Retail, and Hospitality.

Typical programme parameters

• Average account TIV: USD 35,000,000; large portfolios over $100,000,000 also considered
• Average limit purchased: USD 15,000,000; supported excess limits up to $50,000,000 offered
• Average attachment point: USD 10,000,000; lower attachments from $2,500,000 considered depending on TIV
• CAT perils: compressed limits up to $5,000,000
• Minimum premium: USD 35,000
• State exposures include but are not limited to: CA, OH, FL, NH, DE, MI, MA, MN, SC, NC, IL, TX

Where markets are unable to offer 100%, we have extensive experience cork-screwing limits to achieve 100% of a first excess layer.

Wind Deductible Buyback

We have operated in this space for over 15 years and currently hold in-house authority for multiple carriers.

• No TIV restriction
• Maximum limits up to $10,000,000; further capacity available for larger limits; loss limits also considered
• Available in any state
• Multiple locations considered
• Minimum premium: USD 5,000

Types of buyback coverage available

• Wind and Hail / All Wind and Hail / Named Windstorm / Hurricane
• Flood (aggregated limits)
• Earthquake
• Wind Driven Rain
• Builders Risk (12, 18, and 36-month options; hard costs only, excluding soft costs and delay in start-up)
• AOP buybacks available only in combination with other perils, not on a standalone basis

During wind season, terms will include

• Exclusion of any weather system, whether named or not, identified by the National Hurricane Centre prior to inception
• Underwriters reserve the right to amend or withdraw terms where an identified weather system may give rise to a claim prior to inception
• Terms open for up to 14 days maximum

What we typically exclude

• Monroe County, FL (considered outside the programme)
• Open-sided buildings
• Mobile Homes (open market options available)
• Docks, Piers, Marinas, Seawalls (open market options available)
• Vehicles, Stock, Inland Marine

Standalone Wind Driven Rain

• TIV up to USD 50,000,000
• Primarily Coastal States
• Minimum premium: USD 5,000

Typical limits (all aggregated)

• Up to $100,000
• Up to $250,000
• Up to $500,000
• Up to $1,000,000

What we typically exclude

• Monroe County, FL (considered outside the programme)
• Open-sided buildings
• Mobile Homes (open market options available)
• Docks, Piers, Marinas, Seawalls (open market options available)
• Vehicles, Stock

Standalone Business Interruption

Statewide appetite for monoline peril BI requirements. Bespoke wordings crafted for Wind/Hail and Flood.

Typical occupancies

• Mobile Home Parks
• Habitational Associations
• Condo Associations

Typical limits

• Single location: up to $2,000,000
• Multi-location: up to $4,000,000
• Statewide: up to $5,000,000

Typical deductibles: 14 to 30-day waiting period. Primary layers reviewed where required.

Primary and Excess Flood

• TIV up to $100,000,000
• Primary limits to match NFIP; excess limits over NFIP available
• CBRA Zones and V Zones within appetite
• Statewide offerings

What we exclude

• Risks with basements
• Medical Equipment
• Stock including Vehicles
• Liability

Builders Risk

We have open market capabilities for Builders Risk (Completion of Contract). Please refer any risk that would be a fit for the London market and we will accommodate where we can.

Commercial AOP (Great Lakes)

For commercial risks requiring All Other Perils coverage, primarily inland business.

General preferences and parameters

• Single location risks preferred; multiple buildings on one location acceptable
• TIV up to $25,000,000; sweet spot $5,000,000 to $15,000,000
• We write primary, excess of loss, and full value policies; 100% of risk only, we do not quota share
• Equipment Breakdown available for additional premium
• Ordinance or Law available on risks built post-2000

Maximum limits by construction type

• Frame/NC: $2,500,000 primary ($5,000,000 if 100% sprinklered)
• Joisted Masonry: $5,000,000 to $10,000,000
• MNC or better: $10,000,000 and above
• Exceptions apply for coastal and multi-building risks; please ask if unsure

Minimum insured-to-value requirements

• Frame: USD 100 per square foot
• Joisted Masonry: USD 125 per square foot
• Masonry Non-Combustible: USD 150 per square foot

Wind criteria by state

• LA, MS, AL, GA, SC: post-1995 construction only for Tier 1 and 2
• FL: MNC construction or better, post-1995
• TX: no Galveston County; post-1995 for Tier 1 and 2 including Harris County
• NC and above: open with no restrictions
• No barrier island business

Typical classes considered

Condominiums, Apartments, Strip Malls and Shopping Centres, Warehouse and Distribution, Hotels and Motels (minimum USD 65 per night, occupancy over 60%, Google rating 3.5 and above), LROs, Offices, Nursing Homes and Assisted Living, Vacant Risks, Restaurants, Schools, Health and Country Clubs, Gyms, Convenience Stores, Churches, Auto Repair/Sales.

Absolute declines

• Risks where utilities (plumbing, heating, wiring, roofs) have not been updated within the past 10 years
• Woodworkers including furniture manufacturers and pallet manufacturers/refurbishers
• Cannabis-related risks (growing or dispensary)
• Aluminium wiring (pigtailed or not)
• Non-circuit-breaker panels (Federal Pacific Stab-Lok, Zinsco, etc.)
• Risks where we do not cover the building
• Risks where BI exceeds 50% of TIV
• Recyclers
• Course of Construction or Renovation risks (including where only the existing structure is covered)
• Cold Storage, WHLL, Docks (other than incidental), Greenhouses
• Adult Entertainment, Cotton Gins, Tobacco
• EIFS construction pre-2000
• Drug/Alcohol rehabilitation and halfway houses
• Schedules of LROs or Habitational
• High Wildfire-exposed areas

Open Market

For accounts falling outside our in-house programmes.

• TIV over USD 25,000,000
• Preferred primary limits: USD 5,000,000 / USD 10,000,000 / USD 25,000,000 / USD 50,000,000
• Quota share options available

Submission Requirements

To obtain quote terms

• Realistic target premiums and deductibles; this allows us to quickly establish whether we can assist, and a ballpark estimate can be provided if unavailable
• Completed ACORD form
• SOV in Excel format with all COPE and square footage information completed
• 5-year loss record (can be offered as a subjectivity)
• Sight of underlying quote terms where applicable
• Engineering or survey reports for heavier occupancies such as manufacturing

To bind

• Inception date (we will not backdate without confirmation of no losses as at the binding date)
• Signed ACORDs
• Confirmation of Surplus Lines Broker and licence number
• Confirmation of underlying carrier and policy number where applicable
• 5-year loss history

Additional requirements for Commercial AOP (Great Lakes)

• SOV in Excel format: mandatory
• Fully completed ACORD showing values by location, building age, construction, square footage, updates, PC Class, protections, and narrative
• Updated supplements where available
• Loss runs required (minimum 3 years); new purchase or new construction excepted
• Inspection on every risk required within 45 days of inception