|Example 1 - Beauty Salon and Barber Shops (Massachusetts)
|ABC Wholesale Broker Inc.
|Capacity Seeker Type
|SME Liability SME Packages SME Property
|Main Products, Coverages and Limits
|Beauty, barber and nail salons - property and liability packages General liability that expands the definition of bodily injury to include mental anguish or emotional distress with no deductible Loss of income on actual loss sustained basis up to the stated limit available Personal property of others up to contents limit Equipment breakdown coverage available Special cause of loss including theft available Property limits: Up to $3m TIV, $1m coastal TIV General and professional liability up to $m each occurrence / $2m aggregate No deductibles on liability
|US licensing requirements
|EU licensing requirements
|Relevant Lloyd's Risk Codes
B3 - PHYS DAMAGE BINDER FOR COMMERCIAL PPTY IN USA
E9 - MISC PROF IND E&O EXCL USA EXCL "E3" "E5" "E7" CODES
|Brief outline of the program’s distribution
|Our program's distribution comprises about 30 intermediaries + 2 online comparison sites.
|Brief outline of how risks are underwritten, rated and priced and policies issued
|This product is offered through our quote-to-bind platform with optional extensions Risks are rated on the platform. Agents/brokers can also call into our underwriters who log quotes on the platform.
|Business Written Impacted by OFAC, UN, EU or HMT Sanctions
|Program Profile processes description
|Referrals to underwriters for high-risk conditions and special triggers originating from our quote-to-bind platform. Our underwriters and IT department are all located in the Boston, MA area We use an off-the-shelf platform that we have customized for our business operations. We have a product manager which covers off this program along with 4 others.
|Description the stage of maturity of this program
|Established – Normal historic data available. Typically, track record of 3+ years in existing operation, adequate systems and controls.
|Underwriting Performance and Projections
|Policies and Premiums
|Claims and Losses
|What capacity currently supports or has historically supported this program, if any?
|Why are you seeking capacity?
|What authorities, limits and structures are you seeking for your program? Will this sit alongside or replace current capacity?
|Types of agreement
|Binding Authority Agreement, Prior-Submit Facility, Line Slip Facility
|Claims Authority Sought
|Minimal AM Best Financial Strength Rating
|Other Participating (Re)Insurers
|What are the proposed commercial terms for the program?
|Business and financial plans
|Underwriting, claims and operations
|Compliance and governance
|Policies and procedures
|ABC Wholesale Broker Inc.
|Business Trading Bases
|Year of incorporation
|Company Registration No.
|Massachusetts Division of Insurance
|Regulatory reference No.
|Country of Incorporation
|Credentials and Membership
|Brief description of the company seeking capacity
|We are a smaller broker specializing in small business across Massachusetts.
|Have any principal personnel of the Capacity Seeker been charged with or convicted of a criminal offence other than a minor motoring offence?
|Have any principal personnel of the Capacity Seeker been a party to any legal action, or if any legal proceedings have been commenced to which your company is a party or are any such actions pending in which your company has been named as a defendant?
|Have any principal personnel been subject to any application for liquidations, receiverships, bankruptcy or similar proceedings or been subject to an administrative order?
|Have any principal personnel of the Capacity Seeker entered in to or propose to enter in to an agreement or assignment with creditors or otherwise acknowledge insolvency?
|Have any principal personnel of the Capacity Seeker been disqualified under company law?
|Have any principal personnel of the Capacity Seeker had a licence or authorisation to conduct insurance business refused, suspended, withdrawn or not renewed?
|Has the Capacity Seeker ever had a delegated authority from any insurer, including a Lloyd’s managing agent / syndicate terminated mid-term or not renewed by the insurer / Lloyd’s managing agent?
|Has the Capacity Seeker made any professional indemnity claims or notified insurers of prospective claims in the last 5 years?