Property insurance
Coverage for hard-to-place property risks
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Munich Re Specialty delivers Commercial Property coverage for unique, hard-to-place risks in North America.
Our broad risk appetite and underwriting expertise allows us to offer a broad array of insurance solutions for everyday commercial risks as well as disaster-related impacts. We respond quickly, creatively, and flexibly to market cycles.
We offer:
- Business property insurance specifically tailored for individual risks
- Forms: ISO-based and manuscript
- Policies available: 100% ground up, primary, quota share, and excess
Primary Property insurance
Target classes
Coverage details
- $25m capacity per risk
- $10k minimum AOP deductible
- $25k minimum flood/earthquake deductible in each occurrence
- $25k minimum premium
- $500m maximum total account insured value
- Coverage enhancement and broadening forms available
- Monoline flood/earthquake and DIC coverage
- Coverage available for town protection classes 7-10
- Shared and layered capacity
- Deductible buyback coverage
Exclusions: fronting, reinsurance of captives or risk pools, facultative reinsurance
Excess Property insurance
Target classes
Coverage details
- $25m capacity per risk
- $10k minimum AOP deductible
- $25k minimum flood/earthquake deductible in each occurrence
- $25k minimum premium
- $500m maximum total account insured value
- Coverage enhancement and broadening forms available
- Monoline flood/earthquake and DIC coverage
- Coverage available for town protection classes 7-10
- Shared and layered capacity
- Deductible buyback coverage
- Exclusions: fronting, reinsurance of captives or risk pools, facultative reinsurance
Public Entity Property insurance
Target classes
Value-added services
Claims scenarios
Shipyard storm preparation
A shipyard located in an evacuation zone was required to move some of their sensitive equipment in preparation for an imminent storm. Because the company had comprehensive Property insurance tailored to its needs, they had complete insurance coverage for the relocation of the equipment.
Hurricane at the hotel
A hotel was destroyed by a hurricane. Since the hotel had Property insurance, they were covered for loss of business income, the cost to remove debris and rebuild, as well as the cost to replace damaged business equipment.
Electrical fire incident
The main electrical switchgear for a building experienced electrical arcing. The staff sprayed chemical fire extinguishers on it to prevent fire, but this did not stop the arcing. The switchgear and cabling were destroyed, requiring complete replacement. Since the building owner had Equipment Breakdown coverage, the $90,000 cost of replacement was covered.
Contacts
Our experts
E&S
PERS
Perspectives
About Munich Re Specialty
Munich Re Specialty – North America products and services are offered by and provided through insurance companies and producers/surplus lines brokers that are eligible or licensed in accordance with the laws and regulations of individual jurisdictions. Products and services are not available in every, and may vary by, jurisdiction. The information provided on this site is intended as general information only and does not constitute an offer to sell or a solicitation to purchase insurance or non-insurance products and services. Please be aware that the insurance policy and not any information provided on this site will form the contract between the parties thereto, and will govern in all cases. Munich Re Specialty – North America’s insurance products and services in the United States, Canada, and the United Kingdom are underwritten and provided by or through one or more of the insurers, producers/surplus lines brokers that are members of the Munich Re Group identified below. Each company is financially responsible only for insurance policies it has issued.
For more information on Munich Re Specialty, including licensing, regulatory-required, and other information on the operating companies, please click here.