July 9, 2020
Property markets go through hard and soft cycles as influenced by loss results in the overall insurance industry along with conditions in particular sectors. The excess and surplus market for property insurance is currently in a hard cycle. Rates are increasing and available carriers who are interested in writing loss-affected classes of business are decreasing.
Palomar is uniquely positioned to tell the stories of egg producers and help UEP members squeeze as much out of the current market as possible. Palomar’s 20-year London partner has maintained exclusive capacity for UEP members, despite the industry’s struggles. Palomar’s domestic broker partner has been diligent in identifying carriers that do not normally write egg business.
Palomar and its broker partners continue to pursue the best options available for egg producers. The Palomar team has consistent conversations with London and domestic broker partners to educate them about egg production. Palomar can pursue quotes and capacity from domestic markets, as well as Lloyd’s, Bermuda, European, and Asian markets. No one can dictate the market, but Palomar can help put UEP members in a position to reduce overall costs long-term. Below are some suggestions to help improve an egg producer’s underwriting resume:
Risk Management: A documented and transparent risk management program is crucial to help with insurance rates and also prevent additional losses in this industry. Palomar can help develop a program, or pull together processes into a cohesive, presentable program. Regular inspections of electrical systems and housekeeping practices are key elements of a plan.
Assume More Risk: Typically, this is all about increasing your deductible, but it could also mean self-insuring certain buildings or types of property. Retaining more risk signals insurers that a producer is confident in risk management and financially sound.
Review Construction and Improvement Plans: When planning for new construction or renovations, please call the Palomar team for best practices. The team can give general guidance as to elements that should help reduce the spread of a fire. Underwriters love having clear fire separation and barriers. The team can also coordinate a more thorough review of construction plans with Palomar’s loss control partners.
There are many opportunities to reduce insurance costs over time and the Palomar team is available to help. Call 770-709-7712 or email email@example.com.
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