Foresight launches new commercial property lines

Foresight launches new commercial property lines | Insurance Business

Foresight launches new commercial property lines

Foresight Risk & Insurance Services, a commercial insurtech platform, has announced the availability commercial property insurance lines, including inland marine, contractors’ equipment and builders’ risk, which will be offered as a complement to workers’ compensation. The launch positions Foresight as a disruptive commercial insurtech in the middle-market segment, focusing on hard-to-place industries including construction/trades, solar farms, agriculture, manufacturing and light industrial.

Coverage is available exclusively through appointed brokers in the eight states in which Foresight operates: Arkansas, Arizona, California, Louisiana, New Mexico, Nevada, Oklahoma and Texas.  The offering streamlines the commercial placing process, Foresight said.

“The option to add commercial property and inland marine lines on to workers’ compensation coverage was important to our valued broker partners and their clients, so it became important to us,” said David Fontain, founder and CEO of Foresight. “The new lines allow us to deliver ease of doing business to brokers, and opens the door to more hard-to-place businesses that want to save on their workers’ compensation premiums.”

Read more: COVID-19 forces workers’ compensation carriers to evolve

In addition to expanding its insurance offerings, the company is preparing to launch in several new states and add additional commercial lines to its platform later in the year.

Foresight is the only commercial insurtech MGU to focus solely on the middle market. Since its founding in 2020, Foresight has received $300 million in risk submissions from commercial brokers, and expects to exceed $50 million in total written premium by the end of this year. Foresight currently works with 165 appointed commercial agencies.