Specialty Commercial Risks

Specialty Commercial Insurance for Complex Risks

Some businesses do not fit easily into a standard insurance program. Unique operations, unusual property conditions, prior losses, multiple locations, special contracts or higher limits may require a more specialized underwriting approach.

EDX Brokers helps commercial clients organize their risk information and explore available standard, specialty and wholesale insurance markets.

Examples of Specialty Commercial Risks

Depending on the business and underwriting appetite, specialty placements may include:

• Self-service and 24-hour laundromats;

• Multi-location commercial properties;

• LRO and rental property portfolios;

• Vacant or partially occupied buildings;

• Contractors and construction-related risks;

• Pollution and environmental liability;

• Cannabis-related businesses;

• Hospitality and restaurant operations;

• Liquor liability exposures;

• Commercial excess and umbrella liability;

• Professional and cyber risks;

• Builders risk and project-specific coverage;

• Difficult property locations;

• Businesses with unusual operations or claims history.

Why Specialty Placement May Be Needed

A business may require specialty placement when:

• Standard markets decline the risk;

• The business has multiple locations;

• The property has unusual construction or protection features;

• The client needs higher liability limits;

• The business has prior claims or coverage gaps;

• A landlord, lender or contract requires specific coverage;

• The operations do not fit a standard small-business program;

• The risk requires excess, surplus lines or wholesale market review.

Our Approach

We focus on understanding the actual risk before approaching the market. Our process may include:

1. Reviewing the business operations and ownership structure;

2. Identifying property, liability and income exposures;

3. Reviewing loss history and current policies;

4. Collecting applications, schedules, statements of values and supplemental forms;

5. Matching the risk with appropriate insurance markets;

6. Comparing coverage terms, exclusions, deductibles and limits;

7. Coordinating certificates, lender requirements and policy documents.

Complete and accurate information is important. Specialty underwriters may require applications, photographs, inspections, financial information, contracts, loss runs and details about protective safeguards.

For Laundromats and LROs

EDX Brokers has a particular focus on:

• Self-service coin-operated laundromats;

• 24-hour laundromats;

• Laundromat property and liability exposures;

• Landlords and rental property owners;

• Multi-location LRO portfolios;

• Equipment, water damage and business income exposures;

• Commercial umbrella and excess liability.

Request a Specialty Risk Review

If your business has been declined, non-renewed, difficult to place or requires unusual coverage, contact EDX Brokers to discuss the risk.