Arch Insurance on providing coverage for difficult-to-insure classes

Arch Insurance on providing coverage for difficult-to-insure classes

Due to its accomplishments in providing solutions for difficult-to-insure classes of business, Arch Insurance has been named one of Insurance Business’ 5-Star Program Carriers for 2021. Paul Sullivan, EVP of P&C programs at Arch Insurance, told IBA about the qualities that make the company stand out from the competition.

“I think what makes us stand out – what we hear the most from our program administrator partners – is that we listen,” said Sullivan. “And we pride ourselves on listening to those partners that are experts in their business and [on working] with them to build better solutions both for our existing programs, as well as for opportunities that may come to us as new business.”

These attributes are the foundation of Arch Insurance’s 20-year partnership with McNeil & Co, which provides risk management and insurance for ambulance services and fire departments. The company also has newer partners, such as American Specialty, a business engaged in sports and entertainment. Another is Paragon Insurance Holdings, which is involved in equipment rental.

A notable area of coverage due to the impact of the COVID-19 pandemic is the restaurant business, where Arch Insurance has partnered with ProHost, a division of Distinguished Programs. Sullivan also cited habitation programs as a difficult class in which the company is working with NSM Insurance to offer coverage for clients affected by wildfires and winter freezes.

“It’s difficult to find a spot in the country today that doesn’t have significant catastrophe exposure from one peril or another,” he said. “[To handle that], you rely on your partner and their expertise. You rely on their data and together use of a lot of technology and new tools to make sure you’re making the right decisions.”

To determine the most appropriate program for a particular customer profile, he said, brokers must ask the right questions. “When you call McNeil, you would be asking them all the questions about not just accounts, but the industry … What risk management do they bring? What claim services do they bring? What do they bring to the table for your insurers?”

Sullivan emphasized the need to consider a program administrator’s entire portfolio because doing so brings benefits through expertise and experience in knowing the important types of coverage relevant to the market.

Watch the full coverage here.

Source link

Leave a Comment

%d bloggers like this: