General Star Launches High Value Homeowners Program

March 6, 2013

General Star Management Company announced its High Value Homeowners program. Effective March 1, the product is offered through All Risks, Ltd, the program administrator for this new facility. Together, they will provide eligible homeowners with customized insurance solutions in 12 states and Washington, DC. The program is written on a non-admitted basis and expansion into additional states is anticipated.

Coverage will be written by General Star Indemnity Company, rated A++ (Superior) by A.M. Best Company, and carries an AA+ Insurance Financial Strength Rating from Standard & Poor’s Corporation. General Star is a wholly-owned subsidiary of General Reinsurance Corporation, a member of the Berkshire Hathaway family of companies.

Designed for high value risks, the program offers “Coverage A” limits ranging from a minimum of $250,000 to a maximum of $1,500,000. The maximum liability limit is $1,000,000.

Protection for wind and hail perils is available. Eligibility is based upon proximity to water, and the coverage is subject to deductible requirements.

Additional features include Scheduled Personal Property, Extended Replacement Cost, Water Backup and Sump Discharge/Overflow, Ordinance or Law and Animal Liability coverage.

“We are delighted to team up with All Risks to introduce a customized product, backed by top-rated security, into the high value homeowners’ marketplace,” said Andrew Fox, VP and program underwriting executive for General Star. “All Risks has a nationwide reputation as a top-notch program administrator, ranging from distribution capabilities to product development and enhancement expertise. We are excited about adding that expertise to the equation.”

General Star President and CEO Robert Jones said he is eager to expand General Star’s program offerings via this latest collaboration with All Risks. ”Their knowledge of the line of business combined with a seasoned Programs sales force and marketing support is a terrific advantage. I have great confidence in the ability of the program to rapidly achieve its potential. Our new homeowner policyholders will have the comfort of a very secure insurer ready to deliver the protection we promise.”

Source: General Star

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