Specialized Risk Insurance
Specialized Risk Insurance- Coverage provided for specific exposure often provided by carriers who specialize in writing these risks:
- Flood Insurance
- Landslide Insurance
- Earthquake Insurance
- Boiler & Machinery
- Mobile Vendors Coverage
- Liquor Liability
- Marine & Inland Marine Insurance
Professional Liability (including Directors & Officers)
- Homeowners Associations
- Non-Profit Businesses and Organizations
- Accountants - Technology-Architects-Engineers
- Medical Providers- Legal Services
Specialty Risk Insurance - Insurance provided by carriers (often *non-admitted insurers) that provide protection for unusual risk or high risk exposures.
Petroleum & Chemical industry exposures-( Manufacturing & Transportation of)
Nuclear & Radiation (including utility ,medical, & industrial application)
Property and Liability risks that do not meet the minimum underwriting standards of preferred insurance markets (older properties that have not been updated to current construction codes or standards, risks that have been cancelled or non renewed by other carriers for poor claims history).
*Non-admitted insurance, also called surplus lines insurance, is generally out of state and not held under the same rules and regulations as admitted insurance. As a result, a non-admitted insurance company doesn't enjoy the benefit of having its claims resolved in the event of a bankruptcy. However, non-admitted companies also have much more pricing flexibility, as they don't have to submit their rates to the individual states for review. Consequently, non-admitted carriers can insure higher-risk events, such as earthquakes, or specialty risks, such as professional liability insurance, that admitted carriers often can't afford to cover
