HELP! I need and Insurer/Underwriting for a new Insurance Category

Dec 2, 2018

  1. obiswill
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    obiswill Expert

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    Hi All,

    I need some help. I had a client come to me Friday with a unique concern (sorry in advance for being cryptic, but it's necessary right now). As he was telling me about his problem and explaining to me how many of his colleges (1000's) have had a similar problem, he was wondering if there was an insurance policy he could take out to protect him and his assets. That's when I realized that for the protection he needs, there is not an insurance policy for. That is where I need the forums help.

    Does anyone know what insurance company and/or underwriting I can approach with starting this new category of insurance to a select group of individuals?

    For example...if anyone here is familiar with Credit Default Swap insurance (check out the movie: The Big Short). This insurance did not exist until someone proposed it and an underwriter underwrote it. It is along those same lines.

    In other words, how can I get an insurance policy underwritten, that has not be written previously? If anyone could provide any details and/or point me in the right direction, I would be eternally grateful.

    Thanks!
     
  2. Sean OHara
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    Sean OHara New Member

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    What is the peril him and his 1000s of colleges face? What do they stand to loose if the peril occurs?

    There are literally thousands of products out there I’m sure there’s one that exists for them that you could partner with an sell.
     
  3. Markthebroker
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    Markthebroker Guru

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    It can be done. For example, Zurich wrote a special program to insure Lyft. However, it took something like 2 years to build.

    I recently worked on building a custom tire warranty FTP program with CNA.

    If you want to do it, it's going to take a lot of time, and there needs to be plenty of premium for the insurance carrier to take the time, resources, actuaries, compliance, underwriters etc.

    First you're going to need to figure out if it's actually insurable. Next, if you want our help, you're going to need to be a little less vague.
     
  4. adjusterjack
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    adjusterjack Guru

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    Colleges or colleagues?

    You create the program and approach an insurance company with the idea.

    Not the easiest thing in the world to do but can be quite lucrative if successful.

    I did it for mobile home parks in my area years ago.
     
  5. Markthebroker
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    Markthebroker Guru

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    This guy contacted me and described the situation privately. It's not an insurable event. I told him that. Then he decided to describe the situation again. I told him again it wasn't insurable and that I've tried.

    Then he gave me some gibberish about how he had asked a bunch of people and gotten different answers, then said he was a scientist, then gave me some nonsense about Edison trying over and over again on the lightbulb.


    Sometimes I am surprised to hear how many people fail in insurance. Other times, like now, I am not surprised. The sad thing is, people like this are often the reason I have been successful.
     
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