Commercial XS or Umbrella needed urgently

[MichaelRS]

Have an account who does rebar installation in heavy construction (highways, bridges, etc) in NJ.

I need at least $1M XS asap and I can't seem to get options. Been trying for two months.

Anyone have any suggestions? Someone you've worked with on a harder construction account in the past that's moved swiftly? I know that we are going into a holiday, but hoping someone is working Monday that can assist.

Technically will need a $5M limit, which the insured was paying $10k for.

Looking to bind terms today or asap thereafter.

Any help or direction is appreciated.

 

[Al3x Lee]

Looking to bind terms today or asap thereafter.

Tough situation, but getting a bind on that kind of account on a Friday afternoon right before 4th of July weekend is not going to happen.

Excess is hard to get right now. I don't know the market well enough in NJ, but I'm sure it's even more difficult than in Oregon.

You can give Prime a shot if you don't have any other avenues, but your client will need deep pockets and be willing to sign a blood pact. https://www.primeis.com/product-lines/excess-casualty-insurance/

 

[MichaelRS]

You can give Prime a shot if you don't have any other avenues, but your client will need deep pockets and be willing to sign a blood pact. https://www.primeis.com/product-lines/excess-casualty-insurance/

Talked with them on the primary GL already and they quoted 30-45k. Was able to secure for less than that. PS They go by Xinsurance now. Not sure why they keep changing their name ;-)

Yeah, everything is stupid tight right now and they all want more money. Most greedy situation in insurance I've seen since I started in 2004. Economy, inflation, and losses are not helping either.

 

[Al3x Lee]

Talked with them on the primary GL already and they quoted 30-45k. Was able to secure for less than that. PS They go by Xinsurance now. Not sure why they keep changing their name ;-)

Yeah, everything is stupid tight right now and they all want more money. Most greedy situation in insurance I've seen since I started in 2004. Economy, inflation, and losses are not helping either.

30-45K sounds about right for them! Best of luck placing the excess. I'd make other recommendations but I don't know that any of my contacts would work the East coast

 

[AZDave]

Dude, working this for two months and need by Monday?

How many MGA's have you sent this too? Who carrys the underlying, and why won't they offer?

I've had excellent experience with RT Specialty, but maybe you already submitted there?

This operation should have always had at least $5M excess, just my thoughts.

Good luck! I'll call this mission improbable!

 

[Markthebroker]

I'll call this mission improbable!

Lolz. Contractors have some nice juicy premiums, but they are usually a nightmare.

 

[Al3x Lee]

Lolz. Contractors have some nice juicy premiums, but they are usually a nightmare.

Agreed, they've especially been a nightmare lately. I think I'm going to move away from actively pursuing them.

 

[AZDave]

Give me your bad dreams boys, I will insure them!

Second thoughts, maybe not all of them....

Any progress on this @MichaelRS ?

 

[MichaelRS]

Any progress on this @MichaelRS ?

I was able to get it done for the 7-30 effective date through XS Brokers out of Mass. Carrier was Ategrity Specialty (A- IX) at $15k MP (plus tax/fees) for $5M with no exclusion for highway or bridge work.

Underwriter did ask about "superstructures" so may not be an option if you are extending outside of highway or bridge work aside from what you divulge to underwriting and they are OK with.

Contact for anyone that may need to hard-to-place brokered business in the future:

Matt O’Brien
Placement Specialist – Brokerage Casualty
13 Temple St Quincy MA 02169



D: 508.446.6786
E: [email protected]
W: www.xsbrokers.com


I've worked with XSB a lot in the past and they are a great outfit. Underwriters are hungry to write business and we all know that's what often makes the difference. Hope it's a help to another agent out there when they are pulling their hair out on an account.

 

[Markthebroker]

Umbrellas and Excess are tough these days. I am wrapping up the files for a $5mm XS over a concessions business. GL, Liquor, and W.C. You know those people that walk up and down the stairs selling beer and hotdogs during ball games? Yup, I just wrote one of those.

The XS wasn't easy. The underlying wasn't much easier. The premium was nice, though.