Wholesale broker unveils insurtech program in TexasPosted On: Aug. 28, 2020 10:20 AM CST
Wholesale broker London Underwriters LLC on Friday launched an insurtech program Bunch offering commercial property, wind and terrorism coverage of up to $2 million in limits in Texas.
Initially offered exclusively to independent agents in Texas, London Underwriters hopes to expand availability of the program to all 47 states in which it is licensed in the next few months, the Aventura, Florida-based broker said in a statement.
Bunch’s initial coverage will include commercial property and wind, commercial property excluding wind, as well as terrorism coverage through the Terrorism Risk Insurance Program and expanded terrorism and property coverages.
Minimum premiums start at $250 and maximum limits available are $2 million per account, according to the insurtech firm’s website.
Wind coverage is available in some Texas counties and deductibles range from $1,000 to $25,000 for all other perils, Bunch said on its site.
Workers compensation, cyber, equipment breakdown and professional liability coverages are also in development and expected to be available by the middle of the fourth quarter, London Underwriters said.
Bunch enables insurance agents to quote and bind online, add agency fees, choose between direct bill or agency bill and to access a single platform where they can bunch customers commercial property/casualty policies in one place, London Underwriters said.