Wildfire coverage complements the California FAIR Plan, closes coverage gaps for high-value residential
CHARLOTTE, N.C. (July 19, 2022) – Today, Amwins Access
, a nationwide binding and brokerage platform for small P&C and Personal Lines accounts, announced the launch of two excess wildfire products for residential properties in California. Amwins’ single and multi-peril wildfire products were designed to complement a self-insured retention plan or the California FAIR (or a similar) plan. The products were written in partnership with an AM Best, A rated carrier.
California is home to the largest number of properties at extreme wildfire risk in the United States. According to the Insurance Information Institute
, the top 10 costliest wildfires have occurred in California with eight of those occurring within the last five years. As losses mount, insurers and reinsurers continue to limit their exposure to catastrophe-prone markets. This drives residential property owners to lower-limit, public coverage plans like the California FAIR plan which caps dwelling coverage limits at $3 million.
Amwins’ excess wildfire products were developed for high-value residential properties, including tenant-occupied and vacation rentals, that are not eligible for primary insurance. The single-peril product is specific to wildfire loss. The multi-peril product provides fire, including wildfire, and extended coverages consistent with the California FAIR (and similar) plans up to a dwelling replacement cost of $10 million. Amwins will add additional capacity to both programs over time.
“A decade of wildfire losses in California created the perfect storm for exposed, high-value residential properties,” said Scott Sauter, personal lines practice leader for Amwins Access. “Along with the capacity challenges, the situation makes the process of placing coverage more complex, leaving insureds vulnerable to last-minute cancellations and outsized losses.”
With climate change and weather patterns indicating there’s little relief in sight, the Personal Lines team at Amwins Access took on the challenge of the California wildfire market head-on.
“Our strategy at Amwins Access is two-fold: first, to deliver profitable results and best-in-class distribution for our market partners; and second, to problem-solve on behalf of our retail agent partners and build innovative products around their needs,” said David Lavins, president of Amwins Access. “That focus, in addition to months of productive collaboration with our market partners, contributed to a successful launch of excess wildfire products in California.”
As a leading wholesale distributor and underwriter of insurance products, Amwins offers a range of primary wildfire solutions in California in addition to the new excess wildfire products. The firm also provides retail agents in California with a one-stop-solution for admitted and non-admitted personal lines products, including primary and excess flood coverage.
Amwins’ excess wildfire products are available in California only and to Amwins appointed retail partners exclusively. For more information, contact your Amwins Access broker or visit our website to request an appointment.
About Amwins Group, Inc.
Amwins is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, N.C., the company operates more than 155 offices globally and handles premium placements in excess of $26.4 billion annually.