Home with 5 claims HELP!

Feb 4, 2019

  1. WolfpackAgent
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    WolfpackAgent Expert

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    State:
    North Carolina
    I know some E&S will require a very high deductible for specific perils but with the number you have here maybe this isn't even an option.

    NC has a FAIR Plan but I would only be able to do DP1 there. SC doesn't have one and only has a state-backed plan for coastal wind & hail. Wish you the best!
     
  2. xavyc3
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    xavyc3 New Member

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    State:
    New Jersey
    Not the answer you want to hear, but you probably want to stay away from this type of customer. You'll do better in this business if you look for profitable customers and don't try to take all customers. These customers will ruin your loss ratios and kill your chances of getting competitive carriers. Unless you place the business with a wholesaler, than its not your problem.
     
    xavyc3, Mar 20, 2019
    #12
  3. BADTROUT
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    BADTROUT Guru

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    State:
    Colorado
    Cochrane & Co has been great on risks like this for me. I would consider moving on or at least offer some loss and.claim mitigation advice .. get a 25k deductible and a fat credit card... call me if your house turns up missing.
     
  4. pfg1
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    pfg1 Guru

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    Reading this thread...what happens if NO ONE will take them? What do they do? What if they have a mortgage and are required to have ins? Or...what if they only company that will take they they can't come close to affording?

    Just my curiosity is all, not in the P&C business.
     
    pfg1, Mar 21, 2019
    #14
  5. fed up
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    fed up Guru

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    the mortgage company will place forced coverage
     
    fed up, Mar 21, 2019
    #15
  6. BADTROUT
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    BADTROUT Guru

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    They would be self insuring their personal belongings and there would be zero personal liability so forced coverage obviously isnt optimal but... ya get what ya get.
     
  7. Mateo Morrison
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    Mateo Morrison New Member

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    State:
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    Try AllRisks, they do insure all protection classes. Of course they will get surchaged on that claims, a lot. But I think a Non-Std at Allrisk will pick it up.
     
  8. Ladeemelie
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    Ladeemelie Expert

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    State:
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    UPDATE on this: sorry I got busy and forgot to post what happened with this client. He told me that he called North Star and they insured him for less than $1200 a year. Knowing North Star, I would have to say this is a lie. He probably will try and go uninsured. Eyeroll.
     
  9. fed up
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    fed up Guru

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    State:
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    Or he has a policy with no coverage
     
    fed up, Apr 2, 2019
    #19
  10. Markthebroker
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    Markthebroker Guru

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    I wouldn't write something with 5 claims. Now, one of my clients has 8 auto repair shops and around $2mil in payroll. If he had 5 claims, ok, fine. I get it. I quoted someone else with 5 large tire franchise stores, around 100 employees, and $76,000 in premium. That is ok too. But not one house. I don't understand WHY you would want a risk like that.
     
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