Arch Insurance coverage on offering protection for difficult-to-insure lessons
Arch Insurance has been named one of Insurance Business’s 5-Star Program Holders for 2021 for its performance in providing solutions to difficult-to-insure businesses. Paul Sullivan, EVP for P&C programs at Arch Insurance, told IBA about the qualities that set the company apart from the competition.
“I think what sets us apart – what we hear most from our program administrator partners – is that we listen,” said Sullivan. “And we pride ourselves on listening to the partners who are experts in their business and [on working] with them to develop better solutions for both our existing programs and opportunities that new business could offer us. “
These attributes are the basis of Arch Insurance’s 20-year partnership with McNeil & Co, which provides risk management and insurance for emergency services and fire departments. The company also has newer partners like American Specialty, a sports and entertainment company. Another is Paragon Insurance Holdings, which deals with equipment rental.
One notable area of coverage due to the impact of the COVID-19 pandemic is the restaurant business, where Arch Insurance has partnered with ProHost, a division of Distinguished Programs. Sullivan also cited residential programs as a difficult class in which the company is partnering with NSM Insurance to provide insurance coverage for customers affected by forest fires and winter frosts.
“It is difficult today to find a place in the country that is not exposed to significant levels of one or the other danger,” he said. “[To handle that], you can rely on your partner and their expertise. They rely on their data and share a lot of technology and new tools to ensure that you make the right decisions. “
In order to determine the most suitable program for a particular client profile, brokers need to ask the right questions. “If you called McNeil, you would ask them all of their questions about accounts and the industry… What risk management do you bring with you? What claims do they provide? What do you bring your insurers to the table? “
Sullivan emphasized the need to consider a Program Administrator’s full portfolio as it benefits from the expertise and experience of knowing the key types of coverage that are relevant to the marketplace.
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