HUB International (HUB), a leading global insurance brokerage and financial services firm, announced the launch of the new HUB High Net Worth Excess Wildfire Program to address the critical need for enhanced wildfire coverage of high value homes. The program will be offered exclusively by HUB Private Client to address the insurance and risk management needs of affluent families and individuals.
The proprietary offering was created to help high-net-worth homeowners secure adequate levels of coverage in areas where wildfires have increased in frequency and severity. It is designed as excess coverage, in partnership and complementing existing insurance market capacity to deliver full coverage solutions that are not available through traditional wildfire or fire policies. Now offered exclusively in California, HUB Private Client plans to expand to other states in the future.
“Our overriding goal is to solve our clients’ most pressing problems through innovation,” said Katherine Frattarola, Executive Vice President, HUB Private Client. “In a climate of volatility, uncertainty and limited solutions, we are delivering a product that will make it possible for high-net-worth homeowners in the most vulnerable areas to protect their homes and families from the threat of wildfire.”
The program was developed by leveraging resources across the HUB franchise and partnering with Specialty Program Group (SPG), a leading specialty platform with diverse specialty insurance, underwriting management, digital solutions, wholesale and retail insurance brokerage services.
HUB High Net Worth Excess Wildfire Program is available for clients with completed homes with total insured values of less than $30 million used as a primary or secondary residence or as short-term rentals. Single-family dwellings held within an LLC or Trust are also eligible. Coverage is only related to wildfires or fire. SPG maintains a list of eligible primary carriers, where excess coverage will be provided on a follow-form basis, and where the primary carrier has provided coverage with a sublimit for the peril of wildfire or fire.
