JMBI is dedicated to our clients’ success. Our expertise, insights and focused action are fundamental to delivering real results for your business.
Read our client success stories to see how we help clients reach their goals and maximize financial and operational performance.
Making the Market: Private Client – Property and Casualty
A prospective client was covered by the Excess and Surplus market on their Florida home and wanted to reduce annual premiums. They wanted to switch to a standard market, but found it difficult due to stringent requirements and regulations for the Florida homeowners insurance market.
Since the Florida home did not meet the requirements for a standard market, we wanted to leverage our carrier relationships to determine the appropriate steps to cover the home.
We worked with a carrier, who pre-inspected the home and suggested installing hurricane-proof shutters. The shutters would qualify the home for the standard insurance market, as well as increase its overall market value. We also recommended issuing a domestic worker compensation policy for a full-time domestic employee.
Though the shutters had a high cost initially, they allowed the home to meet the requirements of the standard market. With reduced premiums and increased home value, the shutters will pay for themselves within three years. Overall, we saved the client almost $15,000 in premiums a year, and delivered broader overall coverage with a lower hurricane deductible.