Amwins launches wildfire coverage
Amwins Access, a wholesale distributor and underwriter, has launched two excess wildfire products for residential properties in California that are written in partnership with an AM Best, A rated carrier.
Amwins’ excess wildfire products were developed for high-value residential properties, including tenant-occupied and vacation rentals, that are not eligible for primary insurance. The single-peril product is specific to wildfire loss. The multi-peril product provides fire, including wildfire, and extended coverages consistent with the California FAIR (and similar) plans up to a dwelling replacement cost of $10 million. Amwins stated that it will add additional capacity to both programs over time.
“A decade of wildfire losses in California created the perfect storm for exposed, high-value residential properties. Along with the capacity challenges, the situation makes the process of placing coverage more complex, leaving insureds vulnerable to last-minute cancellations and outsized losses.” – Scott Sauter, personal lines practice leader for Amwins Access.
“Our strategy at Amwins Access is two-fold: first, to deliver profitable results and best-in-class distribution for our market partners; and second, to problem-solve on behalf of our retail agent partners and build innovative products around their needs. That focus, in addition to months of productive collaboration with our market partners, contributed to a successful launch of excess wildfire products in California”. – David Lavins, president of Amwins Access.