Ironshore introduces new $1m private insurance portfolio
Ironshore, the Bermuda-based insurer, has established a dedicated Private Client Group to introduce its new insurance plan, the Ironshore private insurance portfolio.
Ironshore’s personal lines policy will be available for high net worth homeowners with properties valued in excess of $1 million.
The insurer’s private insurance portfolio provides packaged home, contents, valuable articles and umbrella liability coverage for properties located in select states.
The first states that will be approved for new business are Pennsylvania and Georgia, effective March and April 2016, respectively. Some of the states to follow will include: New Jersey, Connecticut, New York, Massachusetts, Rhode Island, Maryland, Virginia and Washington DC. Ironshore will ultimately expand the product offering nationally.
Ironshore’s portfolio provides home and contents insurance to cover the distinct attributes and protection requirements of high value homeowners. Policy features include full home replacement cost, modified limits for other structures, contents and loss of use, cost-saving deductible options, as well as package discounts and credits for superior risks.
A separate valuable articles policy offers scheduled or blanket coverage for jewellery, fine arts and other belongings with no deductible.
The firm’s private insurance portfolio includes comprehensive liability coverage of up to $1 million in the homeowner policy and up to $10 million in worldwide coverage under the personal umbrella option. Watercraft and yacht coverage with limits up to $10 million also will be available.
Ironshore’s programme will not include automobile coverage but the policy extends credits for insureds with coverage provided by an insurance carrier offered through the same agent or broker. This feature is designed to allow agents to secure automobile coverage to meet their client’s needs, according to the firm.
The insurer’s Private Client Group has formed a dedicated, personal lines claims management operation to respond in the event of a loss.
Kevin Kelley, chief executive officer of Ironshore, said: “Ironshore has designed the private insurance portfolio to address the distinct coverage needs of high value homeowners requiring customised protection for their properties, valued belongings and family members.
“Ironshore will offer the new program through specialty agents and brokers capable of providing their clients with individualised advice and service.”
Daniel Olmsted, head of Ironshore’s Private Client Group, added: “Our experienced team will ensure that claims are handled with adherence to the highest standards of claims service. The Ironshore Private Client Group will assure homeowner confidence in securing streamlined, comprehensive coverage, backed by our unwavering commitment to timely response and claims resolution.”
