3 Reasons To Choose Monoline Property Insurance

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Not all insurance risks are created equal. That’s a lesson that many business owners learn the hard way when trying to purchase coverage for a property that standard insurance companies won’t write. However, there is help in the surplus insurance market with a monoline property insurance program. Here are three reasons customers often seek such policies.

1. Unique Risks

Businesses with unique risks may find their properties don’t fit neatly within many underwriting guidelines for package policies. Buildings that are uniquely constructed with ornamental flourishes, historic structures, and some structures that are prone to particular catastrophes may be covered with a monoline property policy.

2. Large Investments

Many insurance companies are reluctant to insure too many properties owned by the same individual or corporation. Especially if they are in the same geographic proximity, the risk of a catastrophic loss would mean insolvency for the insurer. Instead, they may insure a portion of the portfolio and recommend a monoline property insurance program for the rest.

3. Tailored Coverage

While package policies are often more cost-efficient and provide property, liability, and other coverages together, monoline property policies offer more flexibility in how the coverage is fit to the risk. They also may include perils otherwise excluded or offer significantly higher policy limits than a traditional insurance policy.

Monoline property insurance policies exist to fill in the gaps that package policies may not provide. Choosing the right insurance for any business is an essential part of any risk management strategy.

Categories: Insurance
This post was written by , posted on April 29, 2021 Thursday at 1:58 pm