SureChoice Underwriters Reciprocal Exchange (SURE) has launched a business owners policy (BOP) aimed at small- and medium-sized businesses in Texas that combines property and general liability coverage.
According to the announcement, this is SURE’s – a coastal property reciprocal insurer whose policies are exclusively available through insurtech company SageSure – first commercial insurance product.
Underwritten and distributed by SageSure, SURE’s BOP will provide a combination of both property and general liability coverage in “one convenient, affordable package, addressing the most common risks for growing businesses.”
Ed Konar, President of SURE said: “We are proud to bring competitive commercial insurance solutions to Texas’s business community in partnership with SageSure.
“Expanding our product offerings is central to our mission to be a source of reliable admitted capacity in coastal regions.”
The product arrives at a time when other insurers are restricting coastal capacity in response to increased frequency and severity of catastrophe losses from hurricanes, extreme winter storms, and more according to SURE.
The market continues to witness the ongoing ramifications of underinsuring commercial property, compounded by rising property valuations in the current inflationary environment that go unaddressed.
SageSure’s highlighted that their disciplined product and underwriting approach ensures property is fully insured to value at bind and verified again post inspection.
“Our product approach remains focused on providing coverage that customers need and that producers want to sell,” said Victor dos Santos, President of Commercial Insurance at SageSure. “We are excited to partner with SURE to bring our industry-leading quoting and binding capabilities and broad appetite for risk to the Texas market.”
While other commercial insurers focus on a few niche classes, the company noted, SURE’s BOP program is available for more than 300 business classes, including restaurants, retail, offices, service and processing, wholesale, lessors and artisan contractors.
SURE’s BOP follows the release of its homeowners insurance flood endorsement launched in Texas last month.
