CIBA Insurance Services

Discussion in 'P&C Insurance Forum' started by moeasadi, Apr 9, 2009.

  1. moeasadi
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    moeasadi Super Genius

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    Has anyone used this association for placing commercial property risks?
    Their coverage are very competatively priced, but they mainly use NA insurers.
     
  2. insurancegal
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    insurancegal New Member

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    Yes I am very familiar with CIBA as I worked for their competitor for a while. They offer 2 types of policies - each with different limits/coverages. It is written under a master policy. One expires on 3/31 and the other on 6/1 so if you were to place business with them all policies would be pro-rated. Since it is a master policy all their members (insureds) share all the limits. Not something most people are comfortable hence the competitive premiums.

    They do offer some kind of built in earthquake coverage as well which makes their policies enticing but again with a shared limit. The competitor I worked for could not compete as they offer much higher property limits and the GL limits are not shared.

    You have to get appointed with an MGA to access this program. You can go online to get more info.
     
  3. moeasadi
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    moeasadi Super Genius

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    Thanks for sharing. I got appointed last month and so far sold a few.
     
  4. moeasadi
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    moeasadi Super Genius

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  5. vnrao
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    vnrao New Member

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    With the global recession and unexpected closing of businesses, you would rather spend money on immediate needs with instant benefits. Insurance services do not give the instant gratification you need but is long-term protection for you and your assets. If you are looking for ways to save money on insurance services, take your time researching the right solution. The steps below can get you started:
     
  6. kwilvert
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    kwilvert New Member

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    I have been told that CIBA insurance policy holders/members do not share the limits, each member has their own per occurence limit per location, and that this is not a pooled program. It is a risk purchasing group. I know they offer limits up to $1 billion on property. I have conflicting information that this is not a shared limit, and then hear that it is a shared limit.

    Does anyone have any information that proves the limit is shared, or that this is a risk pooling program?
     
  7. Bertolinoins
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    Bertolinoins Guru

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    The program has changed over the years. As of right now, the only shared limits are the umbrella above $10m and the flood/eq. I also believe the common anniversay date (3/31) is no longer required. Their property rates are not that great, but since they offer blanket limits with no co-insurance with a per location limit of $500m, they will go down to $85 per foot where other carriers will not. They can get down to a 12 cent composite rate where Travelers, CIG, Fireman's Fund and Mercury can get down around a 8 cent rate... But none of those carriers can go under $125 per foot so CIBA can undercut them. It is a good program if your client is stupid and cheap, or very sophistcated with an understanding of insurance and risk management. It is a bad product to try to sell against a good agent because there are some holes and grey area. Most clients get confused by the questions posed (shared limits, ITV, common date) and end up sticking with a standard carrier.
     
  8. moeasadi
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    moeasadi Super Genius

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    It is a bad product to try to sell against a good agent because there are some holes and grey area. Most clients get confused by the questions posed (shared limits, ITV, common date) and end up sticking with a standard carrier.[/quote]


    I really like to know what are the holes and grey area.I sell this for large propoerties where Travelers is not compatitive.They are also very good for vacant buildings that are a lot in this economy.
     
  9. Bertolinoins
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    Bertolinoins Guru

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    Moesadi,

    I am recently appointed directly with CIBA and I Have written a fair amount of business with them through a MGA over the years... I am not saying anything negative about the product but it can be confusing for property owners/managers when all of the limits were shared... not just the umbrella. Their program has improved every year IMO.

    Confusion leads most Boards/Managers to just do nothing and keep the coverage with Travelers or Farmers. If you have a good working relationship with the board and the association manager then there will be few issues... if the other agent has their ear and you do not... CIBA is a tough sell.
     
  10. TiredAgent
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    TiredAgent New Member

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    Hate to open an old thread, but recently received a memo that states the following:

    "This is to advise you that CIBA coverage will terminate Monday morning 12:014.M., March 31, 2014 for policies with an expiration date of March31,2014. Coverage is not bound for the March 31,2014 to March 31,2015 new policy year unless a Renewal Quote Bind Order is received and confirmed by CIBA.

    As a reminder, renewal evidences and invoices will not be issued or uploaded to the Broker Portal until a Renewal Quote Bind Order is received and a confirmation is sent by CIBA."

    Anybody else get this and/or know what happened?
     
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