Verita launches new deductible buy-back policy

Rhea-AI Summary

Verita CSG has launched a new Deductible Buy-Back policy aimed at providing coverage for wind, hail, and named storm deductibles within All Risk Property Insurance programs. This policy is designed to help insureds manage unexpected expenses and comply with lender requirements. Available across all 50 states, the policy covers coastal and inland areas prone to windstorms and hurricanes. Verita's CEO, Edward Chiang, emphasized the product's role in enhancing their innovative insurance solutions. The policy has no minimum premium and covers various property types, including condominiums and hotels.

Positive

• Introduction of a novel Deductible Buy-Back policy aimed at reducing unexpected expenses for insureds.
• Coverage includes both coastal and inland areas prone to windstorms and hurricanes.
• Policy is available in all 50 US states, expanding market reach.
• No minimum premium required, making it accessible to a broader range of customers.
• Wide-ranging applicability to various property types, including condominiums, multi-family housing, hotels, office spaces, and retail units.
• Product aims to help insureds meet bank or lender requirements, potentially easing financing agreements.

Negative

• No specific financial data or projected revenue impact provided in the announcement.
• Lack of detailed information on pricing structure and potential cost implications for customers.
• Potential challenge of market adoption and competition within the insurance industry.

NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- Verita CSG, Inc. (Verita), a visionary Managing General Underwriting (MGU) company, today announced the introduction of an innovative new product providing insureds with the ability to purchase a Deductible Buy-Back policy. This new policy aims to protect insureds from unexpected expenses by providing coverage for wind, hail and named storm deductibles imposed by their All Risk Property Insurance program. This policy can also help mitigate the instances whereby a bank or lender requirement is imposed in order to seek a lower retention as a means to honor a financing agreement. Coverage is available for windstorm and hurricane exposures in coastal areas, in addition to inland/non-coastal areas that are susceptible to tornado and hail.

Shaun Gonzales, Head of Property, Verita, commented, “Our goal is to provide our broker partners and insureds with impactful solutions to their insurance needs. We are excited to introduce our new Deductible Buy-Back Policy, which utilizes a fully integrated technology platform.”

Additional features of Verita’s new Deductible Buy-Back policy include:

• Available in all fifty US States,
• Wide-ranging appetite including condominiums, multi-family housing, hotels, office space & retail units,
• The policy incorporates follow-form, which links and follows the overlying property policy,
• No minimum premium required

Edward Chiang, CEO, Verita, commented, “We are delighted to expand our product offering with the launch of our new Deductible Buy-Back policy. This product enhances our innovative, long-term insurance solutions to further distinguish Verita as a market leader within the industry classes we serve.”

To learn more, please visit: www.veritainc.com

About Verita

Verita CSG, Inc. (d/b/a Verita CSG Insurance Services, Inc. in the States of California and New York) (“Verita”) is a general agent with its principal place of business in Portsmouth, New Hampshire (CA license #: 0660690). Verita underwrites insurance business on behalf of certain non-affiliated insurance companies subject to pre-approved underwriting guidelines. Verita is licensed as a property casualty insurance agency in all states in which products are offered. Availability and qualification for coverage, terms, rates and discounts may vary by jurisdiction. Policy obligations are the sole responsibility of the issuing insurance carrier. Coverage under any insurance policy is subject to the terms and conditions of that policy and is ultimately the decision of the buyer. Verita receives commission and/or additional compensation from its insurance company partners in connection with its sale of insurance to you. WTW is an investor in Verita.

Media Contacts

Douglas Menelly
Douglas.Menelly@wtwco.com +1 (516) 972 0380

Arnelle Sullivan
Arnelle.Sullivan@wtwco.com +1 (718) 208-0474

FAQ

What is Verita's new Deductible Buy-Back policy?

Verita's new Deductible Buy-Back policy offers coverage for wind, hail, and named storm deductibles within All Risk Property Insurance programs.

When was Verita's Deductible Buy-Back policy introduced?

The policy was introduced on May 23, 2024.

What areas does the Deductible Buy-Back policy cover?

The policy covers coastal and inland areas prone to windstorms, hurricanes, tornadoes, and hail.

What types of properties are covered under Verita's Deductible Buy-Back policy?

The policy covers a wide range of properties, including condominiums, multi-family housing, hotels, office spaces, and retail units.

Is there a minimum premium for Verita's Deductible Buy-Back policy?

No, there is no minimum premium required for this policy.

How does Verita's Deductible Buy-Back policy help with lender requirements?

The policy can help insureds meet bank or lender requirements by offering a lower retention option, aiding in compliance with financing agreements.