Most people have an idea of what traditional insurance entails. For insurance producers, it’s the bread and butter product lines that most of the population needs. For those seeking insurance, it’s the usual wish list, including auto insurance and basic homeowners coverage. Excess and surplus lines insurance companies handle the rest, covering areas standard carriers may not touch especially during a “hard” market. We are entering into a hard market cycle.
In a hard market, insurance is more expensive and more challenging to obtain. There is a lot of demand for insurance and a lower supply of coverage. Still, for at-risk professionals, companies, and individuals, insurance is vital no matter the market conditions. It can be a tense time for an insurance producer, but it is possible to offer insurance with the right strategies and partnerships.
Insurance producers should see working with excess and surplus lines insurance companies as a way to write more business. For insureds, it’s a lesser-known opportunity to mitigate and manage risk while still doing the things they want to do.
Prime Insurance Company is one of the best excess and surplus lines insurance companies around. We have the experience, client list, and statistics to prove it. We do not infringe on the program insurance you’re already writing as a producer but augment it with our specialty offerings. We offer you a more competitive edge and provide insureds the protection they need.
Our Services as an Excess and Surplus Lines Insurance Company
Prime Insurance Company offers a wide array of specialty liability insurance products. Our work is focused on providing the unique solutions your clients need to feel secure about their insurance products. Insurance producers often come to us when their clients have been turned away by other insurers or when it seems nobody will cover a unique risk. We will work with you and your clients to underwrite insurance of all kinds, even in situations you might find surprising.
If there’s a way to offer insurance, we will find it, in spite of any adverse claims, loss history, or other challenging circumstances.
Working Directly with You
Underwriting insurance is not all we offer at Prime Insurance Company. As one of the top excess and surplus lines insurance companies in the country, we are committed to risk management in partnership with insurance producers and insureds. We want to help your clients mitigate and manage risk as much as possible, as this benefits everyone involved. We help achieve this by offering the expertise and recommendations of our risk managers, all of whom have extensive experience in various industries and fields.
Our risk managers do on-site visits to truly understand each insured’s circumstances. They attend on-site inspections, evaluate best practices, and check out emergency procedures, offering personal insight and risk management advice.
That commitment to helping out on the ground carries through to claim processing. Our claims direct access service works similarly, with our team proactively investigating any claims that come through. This includes attending mediations, settlement conferences, pre-trial conferences, trials, and other events that help resolve claims.
Prime Insurance Company’s Accomplishments
We are proud of what we have accomplished as an excess and surplus lines insurance company. In 2019, our loss ratio was 51.2% and our expense ratio was 21.7%, for a combined ratio of 72.9%. These competitive underwriting results are a direct reflection of our commitment to efficient and effective claims handling. You can explore how we compare with peers here .
Given how many insurance producers come to us with unusual and challenging risks, we are proud of many of our innovative solutions. Here’s a fun one: in 2003, Harry Caray’s restaurant in Chicago purchased the infamous baseball that allegedly cost the Chicago Cubs a pennant. A few months later, the restaurant hosted an event using explosives to blow up the ball. To pull this off without liability, Prime Insurance Company provided a unique policy covering the public destruction. The ball is now enclosed in glass at the Chicago Sports Museum.
This is one success in a long list of unique risks, including bungee jumping into an active volcano, an underwater hotel, fire coverage in the Pacific Northwest, fire walking, and more. While your own clients’ needs might not be quite this extreme, we’re here to help.
PRIME INSURANCE COMPANY is a surplus lines insurance company offering underwriting, risk management, claims, brokerage and financing services nationwide. Prime currently holds an A.M. Best rating of “A“. For latest ratings, access www.ambest.com. For more information contact Barbara Malkowski at 312.884-5801 or barbaram@primeis.com.
