Navigating the Commercial Specialty Lines Market
Finding comprehensive insurance coverage can be difficult for independent agents working for businesses with unusual needs or increased exposure to risks. Mainstream insurers often fail to offer coverage, or if they do, they charge exponentially higher premiums forcing agents to bypass traditional sourcing.
What Is Specialty Insurance?
The specialty lines market is a portion of the insurance industry that provides coverage for unusual or higher-risks clients. Wholesale insurance managers like GA Mavon & Co. serve as intermediaries between independent agents and the insurers who focus on the specialty market. Typically, specialty lines fall into two distinct categories:
Difficult or Unusual: A good example of a difficult or unusual need that requires specialty insurance is a director’s or trustee’s liability policy, simply because of the expertise required in writing such insurance.
Higher Risks: Policies for businesses that are exposed to a higher than normal risk of claims, either due to the dangers involved or to the nature of the business, fall into this category. Some examples include an establishment serving alcohol or a factory manufacturing dangerous chemicals or explosives.
Independent agents are blessed with a great resource in GA Mavon & Co. Explore the large portfolio Mavon Insurance has at its disposal and find the right coverage for your commercial specialty client.