SURE and SageSure Launch Comprehensive Insurance Solution
In a promising move for business owners in California, SURE—a policyholder-owned reciprocal exchange—has partnered with SageSure, a prominent managing general underwriter. Together, they are unveiling their first non-admitted business owners policy (BOP) tailored specifically for the California market.
Addressing Insurance Challenges in California
The need for dependable business insurance has become increasingly urgent in California, where the ongoing wildfire crisis is impacting numerous businesses. With 6,078 wildfires reported this year, resulting in the loss of nearly 978,000 acres, business owners find themselves with dwindling insurance options.
Commitment to the California Market
Ed Konar, President of SURE, reaffirmed the company’s dedication to California with the launch of this new BOP product. "After successfully introducing coverage for dwelling fires and surplus lines homeowners previously, this BOP program is a testament to SURE's ongoing mission to provide reliable coverage during these challenging times," Konar noted.
An Inclusive BOP Solution
The newly launched BOP is crafted to encompass over 400 business classes across multiple industries, including restaurants, offices, wholesale, and retail. This wide-ranging applicability highlights the product's versatility and relevance, giving business owners more options for coverage.
Collaborative Efforts for Enhanced Coverage
Victor dos Santos, President of Commercial Insurance at SageSure, spoke about the significance of this partnership. "We’re thrilled to work with SURE in creating this innovative BOP program, which addresses the solutions that producers have been searching for. Our joint commitment fosters a top-notch market experience and opens up growth opportunities for both our producers and their clients," he explained.
A Broader Impact Beyond California
While California serves as the primary focus for this initiative, SURE's BOP program has also made inroads in several other states, including Texas, Louisiana, Florida, North Carolina, and South Carolina. This broader reach aims to deliver similar solutions to business owners nationwide who are navigating insurance challenges.
About SURE
SURE is committed to being a member-owned insurance provider dedicated to protecting coastal properties. Founded in 2021, SURE has rapidly expanded its services, now serving more than 300,000 policyholders with over $970 million in in-force premium. As the first reciprocal exchange in Texas since 2004, SURE prides itself on a customer-centric approach, offering diverse coverage options like homeowners, dwelling fire, and commercial insurance.
About SageSure
SageSure has been at the forefront of the property insurance sector since its inception in 2009. Renowned for its focus on catastrophe-exposed insurance, SageSure is dedicated to providing reliable products and outstanding client service. With a portfolio boasting over $1.9 billion in in-force premium and a vast network of 640,000 policyholders, SageSure operates in 14 states, leading advancements in the insurance landscape.
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) designed to deliver business insurance solutions specifically for California.
Why is there a demand for this BOP product in California?
California is experiencing a decrease in insurance choices due to rising wildfire risks, creating a significant need for trustworthy business insurance options.
What industries does the new BOP cover?
This BOP covers over 400 different business classes across various sectors, which include retail, restaurants, and offices.
How does the partnership benefit producers and clients?
The collaboration between SURE and SageSure offers a superior market experience for producers, allowing them to broaden their offerings and effectively meet their clients' insurance needs.
In which states is SURE's BOP product available?
SURE's BOP product is initially available in California and has also been rolled out in states such as Texas, Louisiana, Florida, North Carolina, and South Carolina.
