SURE and SageSure Launch Comprehensive Insurance Solution
SURE and SageSure Launch Comprehensive Insurance Solution
In an exciting development for business owners in California, SURE, the policyholder-owned reciprocal exchange, is teaming up with SageSure, a leading managing general underwriter, to introduce their first non-admitted business owners policy (BOP) designed specifically for the state's market.
Facing Insurance Challenges in California
The need for a reliable business insurance solution has never been more pressing in California, where the ongoing wildfire crisis continues to affect countless businesses. With 6,078 wildfires recorded this year alone, resulting in the loss of nearly 978,000 acres, business owners are left grappling with fewer insurance choices.
Commitment to the California Market
Ed Konar, President of SURE, emphasized the company's commitment to California by introducing this new BOP product. "After successfully introducing dwelling fire and surplus lines homeowners coverage earlier, this BOP program marks SURE's continued effort to meet the increasing demand for dependable coverage in challenging times," Konar stated.
An Inclusive BOP Solution
The newly launched BOP is designed to cover over 400 business classes across various industries, such as restaurants, offices, wholesale, and retail, amongst others. This extensive applicability underscores the versatility and market relevance of the insurance product, giving business owners more options.
Collaborative Efforts for Better Coverage
Victor dos Santos, President of Commercial Insurance at SageSure, highlighted the importance of this partnership. "We are proud to collaborate with SURE to develop this innovative BOP program that provides the solutions producers have been seeking. Our collective commitment creates a market-leading experience while allowing growth potential for our producers and their clients," he added.
A Broader Reach Beyond California
While California is the initial focus, SURE's BOP program has already established a presence in multiple states, including Texas, Louisiana, Florida, North Carolina, and South Carolina. This broader reach aims to provide similar solutions to business owners facing insurance difficulties across the country.
About SURE
SURE is dedicated to serving as a member-owned insurance provider focused on coastal property protection. Founded in 2021, SURE has quickly escalated its services, now catering to over 300,000 policyholders with more than $970 million of in-force premium. As Texas's first reciprocal exchange since 2004, SURE prides itself on a customer-focused approach, offering various coverage opportunities such as homeowners, dwelling fire, and commercial insurance.
About SageSure
SageSure has been pioneering the property insurance market since its establishment in 2009. As a major player in catastrophe-exposed insurance, SageSure stands out with a commitment to delivering reliable products and an exceptional client experience. With a portfolio of over $1.9 billion in-force premium and an extensive network of 640,000 policyholders, SageSure operates in 14 states, leading the way in the insurance industry.
Frequently Asked Questions
What is the new product being launched by SURE and SageSure?
The new product is a non-admitted business owners policy (BOP) aimed at providing business insurance solutions in California.
Why is there a demand for this BOP product in California?
California faces a reduction in insurance options due to increasing wildfire risks, leading to a heightened need for reliable business insurance solutions.
What industries does the new BOP cover?
The BOP covers over 400 business classes across various industries, including retail, restaurants, and offices.
How does the partnership benefit producers and clients?
The partnership between SURE and SageSure offers a market-leading experience for producers, enabling them to expand their offerings and cater to their clients' insurance needs effectively.
In which states is SURE's BOP product available?
SURE's BOP product is available in California and has also been launched in Texas, Louisiana, Florida, North Carolina, and South Carolina.
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