Safehold Special Risk gets Concert capacity for specialized equipment coverage program

By Chris Munro

June 3 - (The Insurer) - Innovation Growth Partners Specialty (IGP Specialty)’s Safehold Special Risk has inked a capacity deal with hybrid fronting carrier Concert Group’s admitted subsidiary to support a new specialized equipment coverage program.

Called the Safehold Specialized Equipment Coverage Program, the new offering has been developed to deliver risk management services and coverage to contractors who own or lease equipment in the agricultural, construction and forestry industries.

Targeted classes of business include row crop farming, hay farms, self-driving/autonomous vehicles, material handling equipment, general contractors, excavation and grading, utility contractors, concrete and paving, logging, forestry and tree fruit farming.

“Our team of insurance experts manage equipment risk exposures, allowing us to leverage our in-house underwriters who understand the nuances of equipment risk,” said John Paulk, president of programs for Safehold.

“Whether it’s a single tractor or a schedule of mobile equipment worth millions of dollars, this new program helps our clients access specialized coverage options at competitive prices,” Paulk noted.

The program, which is written on the AM Best A minus-rated paper of Concert Insurance Company, is available across the U.S. bar Alaska, California, Colorado, Connecticut, Hawaii, Massachusetts, Minnesota, Maine, New Jersey, New York, Oregon and Wisconsin.

It has a minimum premium of $750 in place, while the program can offer limits of up to $5 million total scheduled value. Higher limits may be available, subject to underwriting.

All classes of equipment can be underwritten on a standalone basis or in conjunction with another Safehold Special Risk program. The program administrator said blanket coverage is also available on larger schedules starting at $500,000.

“As we continue to build a diversified book of business, we look for opportunities to provide innovative solutions to niche sectors of the market,” said Joe Alberti, Concert’s chief underwriting officer.

“This program is nicely aligned with that objective,” Alberti added.

IGP Specialty and its associated divisions U.S. Risk and Safehold Special Risk manage a combined 30 programs and $900 million in program written premium.

That includes $300 million in specialized workers’ compensation coverage, which, combined with another $600 million in MGA and wholesale business, means the company oversees a collective $1.5 billion managed premium.