Pathpoint launches coverage for vacant properties | Insurance Business America
Digital E&S distributor Pathpoint has announced the release of its new Vacants product, which helps agents provide property owners with coverage for vacant buildings or land. The product helps agents quote non-admitted Vacants coverage in less than five minutes.
The product is available as either monoline GL, property, or package coverage, and includes term lengths of three, six, nine or 12 months.
The product covers properties and land that are under renovation or that are less than 30% occupied. Buildings up to three stories and up to 25,000 square feet and those built as early as 1900 are eligible. Coastal and wind-exposed property will be considered, Pathpoint said.
Pathpoint said it developed the product in response to agents expressing a need to more efficiently obtain coverage for vacant properties. Agents said that obtaining the coverage could be slow and painful in the E&S market, the company said.
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“Vacant property is yet another product that independent agents need regular access to and often find themselves leaning on wholesalers to place,” said Alex Bargmann, co-founder and CEO of Pathpoint. “And for the most part, it’s more emails, more follow-ups, and more pain. We built our product specifically around the idea of fast and easy quotes. If it’s something our markets want to cover, any agency can quote it in a few minutes with us.”
Like all Pathpoint products, the Vacants product is delivered through E&S technology, with Pathpoint serving as the surplus lines agent and handling all servicing and compliance on the back end. The product is available in all 50 states, with a particular focus on Georgia, Ohio, Alabama, Minnesota, Texas, Pennsylvania, Massachusetts, Virginia, Florida and Maryland.