Question??

[redkee]

I only do life&health,I know next to nothing about P&C.What is "industrial fire insurance"? please advise-thanks

 

[GRF]

Whoever mentioned industrial fire insurance to you more than likely meant either a BOP, a Commercial Policy that covers fire, theft, vandalism and etc...

 

[rousemark]

Industrial Fire has nothing to do with any type of BOP coverage. It is a "Fire Policy" written on substandard dwellings..The overage is a lot more restrictive than a standard homeowners and is written in small amounts. You can get coverage on an owned structure or coverage for just contents. It was and is written mostly by debit or home service agents..Back in the day, premiums were collected weekly but now premiums are monthly. United Insurance Company still writes Industrial Fire. I don't know about other states but in Tennessee, you can get an Industrial Fire license without having to get a P&C license.

 

[redkee]

Thanks-That's kind of what I thought.I see a life&health agent who now is also licensed for industrial fire insurance .He likes working
substandard dwellings and neighborhoods.I like better neighborhoods for many reasons.

 

[djs]

Ahh, I got to learn something here. My initial reaction was along the lines of what GRF said, but Rousemark takes the prize!

Here is the answer (based on Florida, I assume its the same elsewhere). California doesn't have this and I assume many states don't.

Non-resident Industrial Fire Insurance or Burglary Insurance Agent

Florida Statutes 626.729 defines an "INDUSTRIAL FIRE OR BURGLARY AGENT" as a general lines agent who is limited to transact insurance against loss by fire of either buildings and other structures or contents which may include extended coverage; windstorm insurance; basic limits owners', landlord's, or tenant's liability insurance with single limits of $25,000; comprehensive personal liability insurance with a single limit of $25,000; or burglary insurance, under which the premiums are collected quarterly or more often and the face amount of the insurance provided by the policy on one risk is not more than $50,000, including the contents of such buildings and other structures, and the insurer issuing such policy is operating under a system of collecting a debit by its agents

 

[rousemark]

What throws people is the word Industrial. They associate it with insuring a manufacturer, etc. However, as far as I can tell, the name was derived from the fact that it was sold to industrial workers at rates double what ordinary insurance cost and the premium was collected from them once per week. Often the insurance man would be waiting outside the plant door on paydays to collect premiums as workers got off work

 

[Josh]

Not meaning to be harsh, but maybe on any new threads we can be more specific on the thread title? "Question??" is very vague and could mean nearly anything.