Washington, D.C. – November 2, 2020 – ICAT, a highly specialized, digital-based underwriter and producer of US catastrophe insurance, and a part of Victor, announced the launch of a new vacant buildings insurance solution for commercial property owners in 17 states. The new product was developed in direct response to the specialized needs of building owners during the current health and economic crisis and is available to agents through both ICAT and Victor in the US.
Covering buildings left vacant for less than three years and total insured value up to $25 million, the vacant buildings “all perils” policy is available to commercial property owners in Alabama, Connecticut, Delaware, Florida, Georgia, Louisiana, Massachusetts, Mississippi, North Carolina, New Hampshire, New Jersey, New York, Rhode Island, South Carolina, Texas, and Virginia. An “all perils” policy, also known as an “all risks” policy, protects the insured’s property from all perils except for those specifically excluded. It differs from a “named perils” contract, which specifically names the perils to be included.
“The pandemic and other recent catastrophic events have laid bare the unique risk exposures for building owners who have been forced to manage vacant properties for extended periods due to government-mandated shutdowns and other impacts of COVID-19,” said Greg Butler, President & CEO of ICAT.
Our new vacant buildings solution addresses a key exemption found in most property insurance policies, and offers broad coverage options to help brokers and their clients maintain effective coverage during these challenging times.”
The policy protects vacant buildings from all perils, excluding wind/hail, flood, and earthquake, though this coverage may be added on an optional basis. Coverage can also be extended to include ordinance or law, debris removal, fire department service charges, inventory and appraisal expense, and rewards.
Brian Hanuschak, CEO of Victor Insurance Holdings, commented: “Developing insurance solutions to address new or expanding risks is part of Victor’s DNA. Our new vacant buildings coverage is a great example of what can be achieved by collaborating across our businesses to provide brokers with customized solutions to support their clients’ evolving needs.”
The vacant buildings insurance policy is secured by A rated carriers on a surplus lines basis.
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Business is produced in partnership with select retail agents and wholesale brokers.
The company underwrites on behalf of strong carrier partners and Syndicates at Lloyd’s of London. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 23,000 catastrophe claims since its founding in 2005. For more information, visit www.icat.com.
Victor Insurance Managers Inc., formerly Victor O. Schinnerer & Company Inc., is a subsidiary of Victor Insurance Holdings and one of the largest and most experienced underwriting managers in the US. Victor has a rich history in specialty insurance, and offers a unique range of products and programs, which are distributed through independent insurance agents and brokers. The company is committed to empowering insurance professionals and their clients through innovation, specialized underwriting expertise, and a nimble, technology-oriented business approach. For more information, visit www.victorinsuranceus.com.
Victor Insurance Holdings is the world’s largest managing general underwriter with locations in the US, Canada, UK, Netherlands, Germany, Italy, and Australia. It handles more than $1.6 billion in premium on behalf of numerous insurance carriers, through a large network of more than 25,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance coverage – from specialty property and casualty and professional liability insurance to group and retiree benefits. Victor is committed to building on 60-plus years of experience to develop products that address risk in new and evolving areas. For more information, visit www.victorinsurance.com.