Coast Insurance reports strong uptick in new specialty area
Trident Underwriting and Trident Marine Insurance merged in early December to form Coast Insurance, a single, stand-alone underwriting business. The new company will continue to specialize in maritime insurance, but it will also put a fresh emphasis on other sectors such as vacant properties, barber shops and hairdressers, and funeral homes.
Coast’s general manager of underwriting, Stephanie Muller (pictured), said the empty premises area in particular has demonstrated significant rising velocity.
“Unoccupied properties have been one of our most popular specialty products since we debuted,” she added. “As a result, we’re being bombarded with requests to cover abandoned premises.”
According to Muller, demand has been increasing over the past eight or nine months.
“I believe a lot of individuals hung on to premises in the first 12 months of COVID as they reviewed what they were going to do, what was required, and how long this would carry on,” she said.
Businesses were either evaluating what sort of office space they required at the moment, downgrading to smaller quarters, or relocating out of areas they had previously leased, she added.
“Some of these buildings are uninhabited, and your traditional insurer won’t cover it once it’s been unoccupied for a certain period of time,” she continued, “but we can cover it if it’s unoccupied.”
Other concerns with conventional insurance, she suggested, might arise.
“Once we have a renter in there, we’re no longer at risk,” she explained. “So, depending on whether there’s someone in there or not, the broker and the customer can have that smooth transition.”
According to Muller, their insurance package normally includes fire, lightning, earthquake, and aircraft as the base cover, but extra hazards and covers can be added based on the structure and who is inspecting it.
Vacant land insurance is another option in what appears to be a rising category of insurance.
“I think one huge driver of our business in that region right now is that if you acquire a block of land before you’re ready to build on it, there’s a long wait time,” she added.
She said that this is due to the numerous building and home remodeling projects now underway. According to building industry statistics, Australia is now undergoing a construction boom. As a result of the strong demand for building materials, moving them to a new location might be delayed.
“As a result, your site may stay unoccupied for longer than you expect, and many authorities may need you to obtain liability insurance,” she explained. Continue reading…
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