Agency Checklists occasional column of items of interest to the Massachusetts insurance industry. This week features news items from the following companies:
Orchid Underwriters Enters the Massachusetts commercial marketplace
Leading specialty underwriter Orchid Insurance has announced an expansion of it Comercial Lines into eight new markets including Massachusetts. With these additions, the company now has a presence in a total of sixteen states across the country.
Orchid has been known for its legacy E&S homeowner products, available in 44 states, the Bahamas and the Caribbean,” said Brad Emmons, President and CEO of Orchid Insurance. “Our successful commercial launch in the Gulf and the Southeast showcased the huge demand for coastal-focused commercial products. Since rolling out in the region our commercial division has been growing significantly by continuously bringing new products and commercial underwriting and sales resources to keep up with the demands of the marketplace.”
In addition to Massachusetts, Orchid will now have a presence in New York, Maryland, Virginia, Georgia, Connecticut, Rhode Island, and Delaware, in addition to the Commonwealth.
We are very excited to expand our commercial products along the East Coast, where we know there is a need for coastal products, as evidenced by the growing severity of wind and rain storms, as well as hurricanes,” said Bryan Schofield, Senior Vice President of Commercial Lines. Orchid will introduce to the region over 400 classes of business. The commercial division also offers D&O, Monoline General Liability, Inland Marine, Wind-Only, Builder’s Risk, EPLI and Cyber, among others. “We will continue to expand our products and markets to meet the demands of commercial insurance agents and their insureds.”
Insurance Institute for Business Home Safety
June 1st marked the official start of the 2018 Atlantic Hurricane Season which will run until November 30th. While in the Northeast all has been quite thus far, subtropical storm Alberto has already impacted the Southern United States in late May with areas impacted from the Gulf Coast through the Midwest.
With that said, the Insurance Institute for Business & Home Safety (IBHS) has sent along some tips on how both Personal and Commercial Lines insureds can strengthen their properties in preparation for the season.
“Before the next storm strikes, insureds should take a walk around their property,” said Roy Wright, CEO and president of the Insurance Institute for Business & Home Safety. “They should look for and arrange repairs to loose shingles, siding or fencing. Trim trees away from their home or business facility and clear gutters and drains of debris so rainwater can move away. These and other simple steps will help prepare homes and businesses and will save insureds time, energy, aggravation and money after the storm passes.”
According to the IBHS, the National Oceanic and Atmospheric Administration (NOAA) forecasts that between 10 to 16 named storms, with five to nine hurricanes, could occur during this year’s season. In 2017, the IBHS says that more than $200 billion in property losses occurred across the U.S.
Preparedness is the key to mitigating risks for everyone in hurricane-prone areas,” Wright added. “Insureds can protect their property through maintenance and monitoring, and with flood insurance, if they live in an area prone to flooding. If they live or own property along any waterway, flood insurance is something they should strongly consider.”
There is currently a 30-day waiting period for new flood insurance policies to become effective for homeowners and business owners, after becoming bound by their insurance carrier.
With that said, the IBHS website is providing agents and insurance professionals alike can notify their insureds that the IBHS has compiled various resources to help homeowners and business owners prepare their properties for hurricanes, tropical storms and other severe summer storms at disastersafety.org.
The National Insurance Producer Registry (NIPR) has released a new app to make accessing your licensing information easier.
The app, which debuted this week at the NAIC/NIPR Insurance Summit, now allows any insurance professional to access all of the licensing information via a mobile device.
As a trusted centralized resource for insurance professionals, NIPR is dedicated to improving our technology services to handle our volume with more efficiency and ultimately better serve our customers,” said Karen Stakem Hornig, NIPR Executive Director.
Powered by NIPR’s Database, the new app permits any state-licensed professional to use the app to view the basic information concerning their license. This includes licensing numbers, expiration dates, as well as lines of authority.
Plans for the app include giving insurance professionals the ability to renew their licenses via the mobile app as well. The new app is free and can be download by searching for the terms “NIPR Mobile” in either the Apple App Store or on Google Play.