The business owners policy has eligibility for more than 300 business classes across eight industries, including restaurants, offices, wholesale, habitational and more.
PRODUCT: South Carolina SURE BOP
COMPANIES: SURE; SageSure.
BEST RATING: A
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Recently, SureChoice Underwriters Reciprocal Exchange (SURE), a policyholder-owned coastal insurer, announced its expansion to the South Carolina commercial property market with its business owners policy (BOP) offering.
In partnership with SageSure, a managing general underwriter (MGU) focused on catastrophe-exposed markets, the announcement comes at a time of continued pressure for South Carolina's commercial property insurance marketplace, driven by rising rates, new business restrictions, carrier exits and few small business insurance markets.
“This product builds upon the expertise that SageSure and SURE have demonstrated in the homeowners market and brings similar solutions to small business owners," says Victor dos Santos, president, commercial insurance, SageSure. “SageSure's commercial team, which developed this product for SURE, has deep expertise in commercial risk across numerous classes to ensure broad appetite, tailored coverage and competitive pricing driven by a granular rating approach."
“By providing essential capacity amid hardening market conditions marked by rising rates, new business restrictions and carrier exits, this product provides an essential market for small business risk where few are available," dos Santos adds.
COVERAGE DETAILS: SURE's South Carolina BOP has eligibility for more than 300 business classes across eight industries, including restaurants, offices, wholesale, habitational, lessors risk, retail, service and processing, and artisan contractors. Building on its BOP programs in Texas and Louisiana, SURE's BOP for South Carolina broadened business class eligibility further to include hotels and motels.
Highlights include increased liability limits of $2 million, the ability to write resort islands and coastal capacity up to 0.1 miles from a primary shoreline.
UNDERWRITING: Underwriting requirements largely consider ownership management; the risk's construction, occupancy, protection and external exposure; and hazard location. Certain operations within a business class may be restricted or have additional eligibility requirements.
TARGET: Small and medium-sized business owners with up to $5 million per location of insured value with resilient construction.
COVERAGE AVAILABILITY: SageSure offers the SURE BOP in SC, NC, LA, TX and FL. It also offers SafePort BOP in SC, NC, LA and VA.
CONTACT: Ruth Awad, senior director, investor relations and executive communications, SageSure; 615-477-1315.
Will Jones is IA editor-in-chief.