Ironshore establishes dedicated private client group

The plan is intended to better serve high net worth homeowners, with home, contents, valuable articles and umbrella coverage

Insurance News

By Lyle Adriano

Ironshore Inc. announced Feb. 29 that it has established a dedicated Private Client Group to introduce its new insurance plan. This new plan, called the Ironshore Private Insurance Portfolio, will be made available to high net worth homeowners with properties valued more than $1 million.

The company’s Private Insurance Portfolio offers packaged home, contents, valuable articles and umbrella liability coverage for properties in certain states. The first two states where the product will first launch are Pennsylvania and Georgia, effective March and April 2016 respectively.

Ironshore’s product will eventually be offered in Connecticut, Massachusetts, Maryland, New Jersey, New York, Rhode Island, Virginia, and Washington D.C., subject to regulatory approvals. The insurer ultimately plans to provide the product nationwide.

 “Ironshore has designed the Private Insurance Portfolio to address the distinct coverage needs of high value homeowners requiring customized protection for their properties, valued belongings and family members,” said Ironshore Chief Executive Officer Kevin H. Kelley. “Ironshore will offer the  new program through specialty agents and brokers capable of providing their clients with individualized advice and service.”

The product features include full home replacement cost, modified limits for other structures, contents and loss of use, cost-saving deductible options, package discounts, and credits for superior risks. Another separate valuable articles policy provides scheduled or blanket coverage for jewelry, art pieces, and other belongings and personal effects with no deductible.

The program, however, will not include automobile coverage. The policy extends credits for policyholders with coverage provided by another carrier offered through the same agent or broker. This allows agents to select the right type of auto insurance coverage their clients need.

“Our experienced team will ensure that claims are handled with adherence to the highest standards of claims service. The Ironshore Private Client Group will assure homeowner confidence in securing streamlined, comprehensive coverage, backed by our unwavering commitment to timely response and claims resolution, ” reassured Private Client Group head Daniel Olmsted.

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