Verita launches new deductible buy-back policy
NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- Verita CSG, Inc. (Verita), a visionary Managing General Underwriting (MGU) company, today announced the introduction of an innovative new product providing insureds with the ability to purchase a Deductible Buy-Back policy. This new policy aims to protect insureds from unexpected expenses by providing coverage for wind, hail and named storm deductibles imposed by their All Risk Property Insurance program. This policy can also help mitigate the instances whereby a bank or lender requirement is imposed in order to seek a lower retention as a means to honor a financing agreement. Coverage is available for windstorm and hurricane exposures in coastal areas, in addition to inland/non-coastal areas that are susceptible to tornado and hail.
Shaun Gonzales, Head of Property, Verita, commented, “Our goal is to provide our broker partners and insureds with impactful solutions to their insurance needs. We are excited to introduce our new Deductible Buy-Back Policy, which utilizes a fully integrated technology platform.”
Additional features of Verita’s new Deductible Buy-Back policy include:
- Available in all fifty US States,
- Wide-ranging appetite including condominiums, multi-family housing, hotels, office space & retail units,
- The policy incorporates follow-form, which links and follows the overlying property policy,
- No minimum premium required
Edward Chiang, CEO, Verita, commented, “We are delighted to expand our product offering with the launch of our new Deductible Buy-Back policy. This product enhances our innovative, long-term insurance solutions to further distinguish Verita as a market leader within the industry classes we serve.”
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About Verita
Verita CSG, Inc. (d/b/a Verita CSG Insurance Services, Inc. in the States of California and New York) (“Verita”) is a general agent with its principal place of business in Portsmouth, New Hampshire (CA license #: 0660690). Verita underwrites insurance business on behalf of certain non-affiliated insurance companies subject to pre-approved underwriting guidelines. Verita is licensed as a property casualty insurance agency in all states in which products are offered. Availability and qualification for coverage, terms, rates and discounts may vary by jurisdiction. Policy obligations are the sole responsibility of the issuing insurance carrier. Coverage under any insurance policy is subject to the terms and conditions of that policy and is ultimately the decision of the buyer. Verita receives commission and/or additional compensation from its insurance company partners in connection with its sale of insurance to you. WTW is an investor in Verita.
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