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IBA West’s Commercial Property Earthquake Program has undergone a number of exciting changes that will benefit member brokers and agents.
The program underwriter, Max Specialty Insurance Co. has merged with Harbor Point Limited under a new company name, Alterra Specialty Insurance Co. While the name change is pending approval in California, the program will continue to be underwritten by Max Specialty.
Following the merger, A.M. Best Co. in May upgraded the financial strength rating to A (Excellent) of Alterra. The rating action reflects the prospective benefit to Alterra in terms of broadening its management depth, the addition of strong underwriting terms, enhanced diversification, increase capacity and a greater scale of operations.
Program changes include an improvement in certain County Modifiers that lower the client’s effective cost in those areas. And for the first time in the Program’s 25+ year history, there will be an option for deductible choices!
The new policy application reflecting these choices is now available online.
The Commercial Property Earthquake Program, offered exclusively to the IBA West active membership, has been a viable and successful entity for many years. IBA West and Swett & Crawford are proud to offer this easy-to-use program that is both coverage and price competitive.
Please call the Program Administrator, Rhonda Kitchen (415-912-3525) with any questions regarding these exciting and positive changes. For complete product information, click here.
REMEMBER: When it comes to earthquakes, delay is the costliest form of denial, and complacency is your worst enemy!