Move aimed at addressing underinsurance
By Terry Gangcuangco
Feb 05, 2024 ShareHUB Private Client, the high-net-worth personal lines division of global brokerage HUB International, has launched its HNW excess wildfire program to address the issue of underinsurance.
Initially offered in California, the program aims to help affluent families and individuals secure adequate levels of coverage in areas where wildfires have become more frequent and severe. It was developed in partnership with the Specialty Program Group (SPG) platform.
According to HUB, excess coverage will be provided on a follow-form basis, with the eligible primary carriers providing coverage with a sublimit for the peril of wildfire or fire.
Eligible properties are completed homes with total insured values of less than $30 million that are used as a primary or secondary residence or as short-term rentals, as well as single-family dwellings held within an LLC or trust.
Katherine Frattarola, executive vice president at HUB Private Client, said in a release: “Our overriding goal is to solve our clients’ most pressing problems through innovation.
“In a climate of volatility, uncertainty, and limited solutions, we are delivering a product that will make it possible for high-net-worth homeowners in the most vulnerable areas to protect their homes and families from the threat of wildfire.”
Moving forward, the plan is to expand the offering to other states.
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