BOSTON, MA (1.10.08) – - Brownstone Insurance Agency has partnered with Everest National Insurance Company to underwrite and administer the Brownstone Package policy.
Everest is a top rated (A.M.Best A+ XV) company that specializes in program business; a perfect fit for us at Brownstone Insurance.
Effective January 1st, 2008, all new Brownstone Insurance habitational policies will be underwritten by Everest National. Any current AIG policies will be effective until the expiration date.
The change from AIG to Everest has offered us a great opportunity to improve our habitational policy-writing skills, and we’re very excited about the change.
We have partnered with Everest for 3 reasons:
- The ability to expand the Brownstone Program
- More rating flexibility
- They help us serve our clients more effectively
Ability to Expand the Brownstone Program
More Territories- Working with Everest, we have been able to expand the program territory to include all of Massachusetts, Rhode Island and Connecticut. Through our affiliate office in New York, the Brownstone Program reaches to New Jersey and New York as well. With a larger territory, you are able to insure more buildings with Brownstone.
More Classes- Another major reason for the change of carrier was our need to include more property classes within the Brownstone Program. With this change to Everest, we can now include apartments, condominiums, offices, mercantile and fire-resistive buildings. Again, more property classes mean stronger selling power to our brokers and agents.
Larger Buildings- In the past, the Brownstone Program had been limited by building size. The Program has expanded with our switch to Everest, and we recognized our need to write larger properties. Now with Everest, we have the ability to insure buildings with up to 100 units, double what we used to insur with AIG.
Better Coverage- Overall, our coverage limits have been greatly improved by moving to Everest. Liability limits have increased to $2,000,000/$4,000,000. We have higher limits on sub-coverage like demolition, water backup, flood and earthquake. We now have more deductible options up to $10,000, and can even offer blanket coverage.
More Rating Flexibility
Higher Limits- Our in-house underwriting authority has increased 500% to $25,000,000, and through re-insurance our limits are boundless.
Ability to serve our clients better
Less Restrictive Underwriting Requirements- By working with Everest, we have more flexible loss control level requirements. Instead of basing loss control on valuation, it is now based on number on units.
Even better, our coastal requirements are improved as well, reduced to only 1/2 mile (compared to 1 mile with AIG)
Simpler Application- Even though our previous application was pretty simple to fill out, it is now even better. Having only only 2 pages, it takes just a few minutes to fill out.
Furthermore, we only need a new application filled out every 6 years, a huge improvement over the previous 3-year cycle.
More Authority as Agency- With more authority for our in-house underwriting department, our turnaround time is fast. We are able to get instant indications, fast quotes and same day policy issuance in most cases.
About Brownstone Insurance Agency
The Brownstone Insurance Program was established in New York City in 1973. The concept for the product was developed by insurance agents living in the up-and-coming neighborhoods of renovated, older buildings in need of habitational policies.
The Brownstone Program was established, and for over three decades it has grown and changed as much as the neighborhoods in which it started.
Today, Brownstone’s Boston affiliate offers some of the most competitive products with competitive prices, underwritten by an insurance company with an A+ rating. We’ve been insuring Boston’s neighborhoods for over 25 years, and we look forward to 25 more.
About Everest National Insurance Company
Everest National Insurance Company represents the primary insurance operations for Everest Reinsurance Company, one of the leading professional reinsurance organizations in the world.
Everest National Insurance Company specializes in primary program insurance opportunities written through underwriting managers, which we refer to as Program Administrators. With our affiliated companies, we offer Program Administrators the products needed to write programs throughout the United States.
We have a staff of seasoned insurance professionals in the underwriting, claims, actuarial, operations, systems, accounting, loss control and premium audit disciplines to assist Program Administrators in analyzing opportunities and developing an approach that favorably positions the program in the market. Everest’s Direct Retail underwriting facilities offer coverage through independent agents to the commercial account market.
