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A Managing General Agent (MGA) is a specialized type of insurance intermediary that has underwriting authority granted by an insurer. Unlike agents or brokers, MGAs can bind coverage, price policies, and handle claims they essentially act as an extension of an insurer. How do MGAs Differ From Insurance Brokers?
And with rising property values, more frequent catastrophic weather events, and emerging risks like habitability claims, its never been more critical to help your clients navigate their insurance options. What Kinds of Claims Get Made in Apartment Buildings As a team, weve seen all kinds of claims related to apartment buildings.
Hear directly from our underwriters on how Distinguished can help you win business and deliver superior service to your clients. Expert Panel Alison Sweeney , Vice President, Fine Art Expert, Distinguished Fine Art & Collectibles Alison is our Fine Art expert and underwriter working out of our New York office.
Underwriters with hospitality industry knowledge and expertise. Dedicated claims team experienced in hospitality-related losses. Our underwriters will look at the security the hotel has in place. Q: What key factors should be considered when evaluating the Hotel Primary markets? Q: What states is this available in?
We can consider weather related claims, but claims of theft, vandalism, and fire, for example, would be an automatic decline. If we are comfortable with our exposure, we may consider increasing the AOP deductible and the theft deductible , depending on the underwriting analysis. And in those cases, it would be a declination.
Responsive Claims Service : Our 24/7 claims team ensures your clients have timely access to funds when needed, minimizing project disruptions. Expert Underwriting : With years of specialized experience, our underwriters excel in assessing and insuring even the most complex or unique Builder’s Risk projects.
Soft costs : Additional expenses caused by a covered claim that are not related to building materials, equipment, or other hard costs; these soft costs could include additional reinspection fees, increased tax burdens, and insurance premiums. They require insurance to protect against potential claims.
Affects homeowner premiums : If a claim needs to be made for one of your clients’ toys, that claim could lead to increased premiums on their homeowner’s insurance, a financial burden that may not be worth the claim. Learn more about how to get a quote for your client in as little as 48 hours below.
When determining the end price of a policy, our underwriters will look at a number of factors that can influence whether the final premium will be closer to 1% or 5% of the total project cost. Expertise : Our underwriters have been insuring Builder’s Risk projects for years. Finally, submit your client’s business through our portal.
Principal’s Default: A claim under a surety bond arises only upon the default of the principal. The surety’s role is complex, as it must diligently assess the risks associated with underwriting bonds. Importantly, if the surety pays out a claim, they will seek reimbursement from the principal.
However, every project is different, so underwriters will determine the final cost of a policy based on the following factors: Location : Construction sites near bodies of water, in higher crime areas, or that include some other unique risk factor would increase the cost of the policy.
At Distinguished Programs, our specialty fine art and collectibles insurance offers several key advantages over relying solely on homeowners insurance: Doesn’t Affect Homeowner Premiums : If your client needs to file a claim, it won’t impact their homeowner’s insurance premiums.
Tailoredfor middle-market businesses, these products address risks with unique challenges, including those that are tough-to-place, with past claims, are facing financial challenges, or are involved in mergers, acquisitions, or restructuring transactions. with an A++ (Superior) XIV rating from AM Best.
This can include claims related to alleged mismanagement, negligence, or improper disclosure. Employment Practices Liability (EPL) insurance : EPL coverage safeguards the company and its employees from claims of wrongful termination, harassment, discrimination, and other employment-related issues.
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