How seamless bicoastal service defused a celeb’s sticky insurance situation
What happens when one of your large, high-profile clients is non-renewed by the insurance carrier due to aggregate restrictions, and you’re stuck thousands of miles away, feeling powerless to help? One option is to call upon your partner at Burns & Wilcox to help you span that geographic gulf. That’s exactly what an agent in Los Angeles did, turning a potentially sticky situation into a win for he and his client.
When a well-known celebrity with a $6 million wind-exposed home on Miami Beach was non-renewed by his admitted carrier in Florida due to wind aggregate cutbacks, the celeb’s Los Angeles-based agent called Corban Smith, a personal insurance underwriter in the Los Angeles office of Burns & Wilcox.
With the risk in Florida, Corban felt confident his personal insurance teammate in Florida, Bobbie Winkleman, could assist him in securing the agent’s client the coverage they needed, including the elusive wind aggregate in Florida. It all unfolded seamlessly, Winkleman recalls. With Corban serving as the agent’s point of contact with Burns & Wilcox, lots of behind-the-scenes work by the hastily assembled team yielded wind and million-dollar personal articles floater policies for the high-end Florida home. Corban secured the applications and the other information required by Winkleman, who in turn spoke with her admitted and non-admitted carrier contacts to secure the best wind aggregate coverage for the insured.
The net result was a satisfied insured and an agent who avoided the headache of trying to secure coverage outside his local market.
Amid the ever-changing personal insurance market in Florida, the one constant, even without a major hurricane there in 2013, are limits placed on wind aggregate. But with key partners throughout the world, the range of resources to which Burns & Wilcox has access just might save the day, even in the case of hard-to-place coastal properties