Market Lane Insurance Agencies has widened its specialty commercial range, adding cover for several classes that brokers have historically found hard to place. These include commercial strata, vacant buildings, multi-storey hospitality venues and market stallholders.
The Sydney-based group was established in 2019 and holds a Lloyd’s coverholder licence. Its November product guide sets out eight underwriting brands, all written entirely at Lloyd’s with claims handled in-house. It now has offices in Sydney, Melbourne, Brisbane and Perth, as well as Auckland and Christchurch.
Through its The Barn agency, the guide includes a dedicated commercial strata policy with capacity of up to $30 million per risk. It covers predominantly commercial buildings and mixed-use properties with up to 50% residential occupancy. Residential-heavy schemes are outside appetite.
The Barn also offers a vacant property package for owners of fully vacant commercial buildings worth up to $3 million. It has liability limits of up to $20 million and $250,000 of legal expenses cover included as standard. The package excludes a long list of occupancies, including former pubs, nightclubs, hospitals, stadiums and buildings with solar panels.
A dedicated winery package covers multiple locations and includes cover for wine stock away from the premises. It also offers an optional endorsement for vines and trellising.
For larger risks, Square Mile Corporate Risks, launched earlier this year, offers up to $55 million of lead or follow capacity for property values of $5 million and above, with general liability limits of up to $50 million.
Meanwhile, the group’s hospitality agency, G.O.A.T. Insurance, now writes liability for multi-storey venues, including metropolitan and regional pubs, registered clubs and breweries. Fairlight Insurance has added a community care package for retirement villages, residential aged care, home care and NDIS providers. It offers general liability, and professional indemnity and malpractice limits, each up to $20 million.
At the small end of the market, the group’s Gateway quote-and-bind platform has added annual stallholders’ liability, with limits of up to $20 million and no minimum turnover. The platform already writes trades liability for businesses with turnover up to $2.5 million.
The expansion adds capacity in classes where brokers have often had few options. These include vacant commercial property, mixed-use commercial strata, licensed venues and aged care, all areas where some insurers have tightened appetite in recent years. Dedicated wordings and in-house claims handling give brokers a single point of contact for each class.
The timing also fits the market. Pacific commercial rates fell 12% in the third quarter, and specialist agencies are competing for business that is moving out of a harder market. Market Lane has also expanded its footprint this year, including its first Perth office.
Brokers should note that every product rests on Lloyd’s capacity. That brings strong security ratings, but it also means the group’s appetite depends on a single capital source.
For clients in classes that are hard to place, a new option with dedicated wordings is welcome. The longer test will be whether that appetite holds when the cycle turns.
