Amwins launches product combining DWP + SML coverage
Amwins, a global distributor of specialty insurance products and services, announced the launch of an exclusive product that combines Deadly Weapons Protection (DWP) and Sexual Molestation Liability (SML) coverages into a single policy. Exclusively available through Amwins, this is the first and only insurance product on the market that brings these coverages to small and middle-market businesses on a single policy form.
Due to loss frequency and severity, many carriers are protecting their balance sheet by adding exclusions or potentially inadequate sub-limits for these types of risks across general liability or other policies. Small to middle-market businesses are most adversely impacted with significant gaps or high retentions.
“Many carriers are excluding or sub-limiting this coverage at renewal, and agents are struggling to find a replacement. It became clear there was a market gap and need for a coverage solution for these unexpected expenses.” – Mark Bernacki, president of Amwins Special Risk Underwriters and Amwins’ Alternative Risk Practice Leader.
“Despite difficult market conditions, the exposure has grown. There has been increased frequency of SML claims in recent years, and the number of deadly weapon assaults in the U.S. has also grown. When one of these tragic events happens within an insured’s business, they don’t want to face it alone.” – Matt Jarrett, executive vice president of Amwins Brokerage. With this product, insureds will have claims-made coverage in place and not be left exposed should an incident occur.
Amwins’ first of its kind, exclusive DWP + SML package policy is written in partnership with an “A- XV” rated London syndicate. Average premiums range from $10K to $25K, and limits range from $1M to $5M. This product comprises enhanced provisions not found on typical policies, including “pay on behalf of” wording and crisis management extensions (up to $1M as a separate limit). Target accounts include small and middle-market businesses within healthcare, hospitality, public entities, real estate and transportation/livery.