Broker firm Motus Insurance Services has added Beazley to provide an ‘elective earthquake program’ for residential and commercial associations.
The program, according to a press release, is designed to bring all the benefits of a traditional master earthquake insurance policy to the more than 30,000 associations and 2.2m condo owners not covered by one.
Each Motus program is custom-built based on the specific exposures of the association. Once the board approves the Motus program for their association, each unit owner then has the option to purchase their pro-rated share of a master policy that covers unit interiors, residential buildings, and common areas.
Dan Wallis, CEO of Motus, said: “This is an important step for Motus and for our clients. We can officially write our earthquake program in all 50 states and adding Beazley as our 4th insurance carrier further validates our unique earthquake insurance program for associations.”
He added: “Each of our carriers takes a different view on earthquake risk, and the addition of Beazley adds additional capabilities to our program. This means we can offer the most competitive pricing to our clients, whether they’re focused on full coverage in the case of a major earthquake, or paying for minor repairs.”