#United States #Atlanta #Earthquake Insurance #Risksmith Insurance #Specialty Underwriter

Introducing Risksmith's New DIC Earthquake Insurance Program

In a significant development within the insurance landscape, Risksmith Insurance Services has launched a new Difference in Conditions (DIC) Earthquake insurance program aimed at addressing the unique needs of hard-to-place property risks. As a specialty Managing General Underwriter (MGU) renowned for its expertise in the excess and surplus (E&S) property arena, Risksmith is well-poised to provide unparalleled options for properties typically deemed too risky by traditional insurers.

A Tailored Approach to Complex Risks

This innovative insurance solution is specifically designed to cater to larger and more complicated property exposures. According to Ravi Patel, the Executive Vice President and Head of Property at Risksmith, the program not only delivers flexibility but also encompasses a profound understanding of the risks involved. The DIC Earthquake program sets itself apart by allowing brokers and clients to customize coverage that meets their specific needs, particularly for challenging properties, including older buildings and those situated in high liquefaction zones.

Key Features of the New Program

Risksmith's DIC Earthquake insurance program boasts a range of attractive features:

• - High Limits: Coverage limits can reach up to an impressive $25 million, providing substantial protection for businesses.
• - Flexibility in Coverage Definitions: Insured parties can choose between carrier or manuscript earthquake definitions, enhancing customization.
• - No Total Insured Value (TIV) Cap: One of the standout aspects is the absence of a maximum on TIV, which is particularly beneficial for large-risk properties that may surpass traditional coverage thresholds.
• - Specialized Coverage Options: The program also includes coverage for earthquake-related sprinkler leakage, further extending protection.

Focus on Major Earthquake Zones

The launch of this program comes at a vital time, as it provides solutions for properties situated within major earthquake zones across the United States. Regions like California, the Pacific Northwest, and New Madrid are notably susceptible to seismic activities, making robust insurance solutions essential for businesses operating in these areas.

Risksmith's Commitment to Responsible Underwriting

At the heart of every initiative at Risksmith is a commitment to responsible risk-taking and a focus on long-term value creation. The company operates within an underwriter-first culture, emphasizing a thorough analysis of risks before crafting insurance solutions. This philosophy is exemplified in the design of the DIC Earthquake program, which leverages the deep technical expertise of its underwriting team to address the complexities of commercial property risks that many market players often overlook.

Advice for Brokers and Insureds

As the insurance landscape continues to evolve, brokers and insureds are encouraged to engage with Risksmith on their DIC Earthquake insurance offerings. With the capability to tailor solutions and meet the demands of unique property risks, brokers can now provide coverage that not only protects but also enhances the value of their clients’ investments.

Conclusion

Risksmith Insurance Services continues to set industry standards with its focus on innovation and responsibility. The launch of the DIC Earthquake insurance program signifies an important step forward in offering comprehensive solutions for even the most challenging property risks, ensuring that businesses can thrive despite the uncertainties posed by natural disasters.