If you are looking for Senior Care coverage, South Western Insurance Group Limited’s sister company – MedThree Insurance Group – is your one-stop shop for the wide range of risks unique to this class. Long-term care clients, retirement homes, and assisted living facilities, says senior underwriter Eugene Wangyal, face regular exposure to everything from general and professional liability, to crime. “But our direct binding authority lets us quote all of these coverages, and more.” According to Wangyal, MedThree’s core senior care package has been specifically designed to address:
- General and Professional Liability (with the ability to arrange for excess liability on top of any additional limits the insured might be seeking),
- Property coverage,
- Boiler Insurance or Equipment Breakdown (in the form of full-blown coverage with blanket limit of $50 million),
- Crime (with limits ranging from $10,000 to $250,000), and
- Business Interruption – Actual Loss Sustained.
- Cyber Coverage.
- LEI (Legal Expense Insurance).
But the company also has access to a variety of additional markets and coverages that allow them to meet virtually any client need within the senior care space. “We can arrange for D&O insurance as well as Auto insurance to protect clients with vehicles that transport their residents,” Wangyal says. “We can even help with Wrap-Up Liability and Builder’s Risk policies for insureds that may be building new retirement facilities. Our niche market approach essentially means we are well-positioned to offer superior capacity, enhanced product coverages, and extremely competitive pricing.” Wangyal explains that MedThree underwriters have the authority to write building values ranging from a $9 million (total insured value) framed construction property in an unprotected zone, to a $100 million fire-resistant, sprinkler-protected property in a protected zone. At the same time, the company’s solid relationship with its insurers allows them to offer exclusive coverage benefits a broker would not normally have access to. “For example, we offer a default limit of $500,000 on our Extra Expense extension coverage (for free of charge at default limit but we can offer higher limit if needed), whereas an insurer’s branch office directly might give a broker access to a $50,000 or $100,000 limit.” And if a broker is having difficulty getting 100% coverage for their risk, Wangyal says MedThree can often get involved through a non-lead subscription. “In a case like that, the incumbent carrier would issue the policies, but if they only had the capacity to cover say 60% – and the risk fit our appetite – we could pick up the remaining 40%.” At the end of the day, says Wangyal, insurance is merely a promise. The real question brokers should be asking is, when their client needs help, is their insurance partner taking care of that client? “MedThree has a dedicated claims response team, with a 24/7/365 service. We are well aware that many of our brokers maintain very close relationships with their clients. So we are always happy to have them contact us directly during office hours in the event of a claim, or to provide them with the claims adjuster’s contact information in advance, so they can feel better prepared.”
