MiniCo’s wind/hail deductible buy-back program is the company’s second initiative since being named a coverholder for Lloyd’s of London.
MiniCo Insurance Agency, a member of the Aran Insurance Services Group, has launched its second initiative since becoming a coverholder for London-based Lloyd’s. The company will offer a wind/hail deductible buy-back program for storage and non-storage properties seeking to mitigate their financial exposure by purchasing a policy that would reduce their deductible requirement.
MiniCo’s wind/hail deductible buy-back program was created as a solution for commercial property owners who currently have wind/hail deductibles applied to their commercial insurance policies. Deductibles of up to ten percent are commonly applied to policies on property in geographic locations that are prone to catastrophic wind and hail events. Higher wind/hail deductibles create a financial exposure for the property owner and may be noncompliant with the lienholder’s mortgage requirements.
The MiniCo wind/hail deductible buy-back program provides commercial property owners an option to purchase a stand-alone policy to reduce the deductible to a certain percentage or dollar amount. MiniCo will underwrite the policies and provide in-house claims services.
MiniCo President and CEO Mike Schofield commented, "MiniCo's partnership with Lloyd's creates exciting opportunities for us to develop and offer innovative insurance products for all types of commercial property. The wind/hail deductible buy-back program, our second initiative since being named a Lloyd's coverholder, is just the latest of many new products on the horizon."
Detailed information about MiniCo's wind/hail deductible buy-back program for commercial property is available at www.minico.com/buyback.
MiniCo Insurance Agency, LLC, was founded in 1974 as a provider of specialty insurance products and publications for the self-storage industry. Today the company is a program administrator offering multiple specialty property and casualty insurance products for a variety of unique industries and exposures. MiniCo Insurance Agency, LLC, the parent company of MiniCo Insurance Agency of Canada, Incorporated, is a member of the Aran Insurance Services Group. For more information, visit www.minico.com.
Lloyd's is the world's only specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licenses. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks.
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