[ad_1]
Lloyd’s syndicate AEGIS London has launched a new digital product offering aimed at US-based private property owners for wind deductible buy-back.
For those unaware, wind deductible buy-backs are purchased by clients to lower deductibles for wind and named storm damage to their private homes in the US.
A buyback deductible is an insurance contract provision that allows an insured party to pay a higher premium to reduce or eliminate the deductible that the insured would have to pay if a claim is made.
According to AEGIS London, the new product is available to surplus lines brokers on its online quote and bind platform, Opal.
The firm’s Digital Development Manager, Calum Williams, observed that “marked changes” to the homeowners insurance market in the US had led to broker demand for a version of AEGIS London’s existing commercial wind and hail deductible buy-back product specifically for the private homeowners market.
Williams added, “The growing number of severe weather events in North America has led to growing demand for greater protection for private property owners who are increasingly having to retain more risk, particularly in the high-net-worth sector.
“At AEGIS London, we have a strong track record in underwriting wind deductible buy-backs for the commercial sector so this felt like a natural extension of our specialism.”
[ad_2]