In response to unmet capacity needs created by the devastating natural disasters of 2005, International Catastrophe Insurance Managers, LLC (ICAT), and National Fire and Marine Insurance Company (Berkshire Hathaway Group) have launched a new catastrophic coverage product for commercial special risks.
ICAT’s new product features earthquake policies for businesses with unique underwriting requirements due to factors such as location, high value concentration, nonstandard construction and special occupancies. The coverage is designed for firms with up to $500 million in total insured value and provides per-risk limits of up to $10 million in either primary or buffer layers.
“In 2005, the United States witnessed the most catastrophic devastation from natural disasters ever recorded,” said Hank Perry, senior vice president of ICAT. “The events caused tremendous capacity issues in catastrophe-exposed regions. ICAT is very excited to team up with National Fire and Marine Insurance to provide a creative solution to this market need.”
According to John Johnson, chief underwriting officer with ICAT, the new product provides the capacity required to offer comprehensive coverage for earthquake risks in the western and mid-western regions of the United States.
“Partnering with National Fire and Marine, we are now in the position to aggressively underwrite coverage for special risk opportunities in the commercial market,” said Johnson.
ICAT, a Boulder, Colorado-based general agency founded in 1998, is a leader in catastrophe risk underwriting. ICAT provides earthquake coverage throughout the western and mid-western United States as well as wind/hail coverage for Hawaii, the Gulf Coast and Eastern seaboard, including Florida.
National Fire and Marine Insurance Company is a property/casualty member of the Berkshire Hathaway Group of insurance companies. The insurance group is rated A++ by A.M. Best.
For additional information about the new Commercial Special Risk Program, contact an ICAT underwriter at 303.447.1155.
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