Chicago, IL (March 27, 2007) – HUB International Personal Insurance, a division of HUB International Limited, today announced the launch of HUBPro™, a homeowners’ insurance product designed specifically for people living in areas that have a high risk of catastrophic events.
Through HUB International Personal Insurance, owners of primary and vacation homes, will now have direct access to coverage in places where it is hard, if not impossible, to obtain property insurance. These include areas along the nation’s coastline and other areas affected by high winds, brush fires, and floods or rising water. HUBPro coverage will also include homes under construction in these areas.
“The shrinking availability of insurance coverage in areas that tend to experience catastrophic losses from time to time has placed pressure on insurance agents to create solutions,” said James Kane, president of HUB International Personal Insurance. “This product is a direct effort to allow our clients who are building a home, living along the coast or residing in other desirable scenic areas the piece of mind to enjoy their homes, not worry about them.”
HUBPro is an exclusive product designed through a partnership between HUB International, one of the nation’s largest insurance brokers, specializing in personal lines of insurance for high-net-worth individuals, SBJ Ltd., an International Insurance and Reinsurance Broker, and the Hiscox Syndicate at Lloyd’s of London. HUB International Personal Insurance will be the exclusive broker of HUBPro.
HUBPro is targeted to homeowners that have property with a market value in excess of $500,000 and will insure each property up to its full value specified in the policy, or replacement cash value at the time of loss.
“HUB’s Personal Lines focus, size and distribution platform enables us a great opportunity to provide additional solutions to their clients’ needs,” said Simon Rice, managing director of SBJ Ltd., International Division.
“We believe this product offers homeowners, in some of the most exposed areas, a real option to meeting their protection needs and given HUB’s extensive reach, makes them an ideal partner,” said Paul Lawrence, head of property division, Hiscox Global Markets.
Kane said the unique relationship with Hiscox will enable HUB International Personal Insurance to quickly provide quotes. In addition, Kane said as the company rolls out this product across the country, it has a facility to quickly provide and place comprehensive homeowner coverage.
As is customary, HUB International Personal Insurance professionals will serve as the client’s primary contact for all HUBPro issues and assist their clients in resolving any settlement of claims.
The program will be administered by Program Brokerage Corporation, the surplus lines wholesale operation of HUB International based in New York, including rating and policy issuance as well as claims management.
HUB International Personal Insurance is a division of Chicago-based Hub International Limited, a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.Tags: Hiscox, Hub International, Lloyd's