A homeowners catastrophe product for residential dwellings in South Carolina’s coastal counties has been introduced by International Catastrophe Insurance Managers, LLC and Praetorian Financial Group, Inc. (Praetorian).
The new ICAT product, written on a surplus lines basis, provides catastrophe coverage for dwellings valued from $200,000 to $5 million in insured value. Replacement cost coverage is available for both owner and non-owner occupied residential properties.
“Unfortunately, the rash of hurricanes over the past 16 months has caused carriers to retreat from the South Carolina coastal market,” Kurt Brandau, ICAT vice president of business development, said. “We are very pleased to be able to team up with Praetorian to fill this pressing coverage void.”
According to ICAT, coverage limits may be selected individually, subject to maximum amounts. Deductibles range from 1 percent to 15 percent and discounts are available for windstorm protective devices. Replacement cost coverage can be endorsed for personal property. Additional coverage options include ordinance or law, mold cleanup and removal, and additional property coverage.
ICAT, a Boulder, Colorado-based agency founded in 1998, specializes in catastrophe risk underwriting. It provides wind/hail coverage for the Eastern seaboard, Hawaii and the Gulf Coast, including Florida, as well as earthquake coverage throughout the western and mid-western United States.
Praetorian Financial Group, Inc., a member of the Hannover Re Group, is widely recognized as a specialty lines leader in the property and casualty insurance industry. The policies will be written by Clarendon America Insurance Company, also a member of the Hannover Re Group, which enjoys “A-” (Excellent) Financial Strength and Class X Financial Size ratings from A.M. Best.
For information about ICAT’s new homeowners catastrophe product, contact Kurt Brandau or Patty Gardner (303) 447.1155.
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