FortressFire, BMS and Epic partner on fine art wildfire insurance program

By David Bull

June 25 - (The Insurer) - Wildfire analytics firm FortressFire has partnered with BMS Group and Epic to launch a fine art and collections wildfire insurance program aimed at providing coverage to property owners with collections valued at between $5 million and $250 million.

The launch comes after this year's devastating Los Angeles wildfires, which caused significant damage to high-value properties and their contents.

In a statement, the companies said the program offers tailored wildfire protection and standalone insurance coverage to bridge a “critical gap” in the market.

It is targeting high-net-worth clients exposed to wildfire threats in California and the Western U.S., including those who have been declined or underserved by traditional homeowners insurers because of their perceived exposure to the peril.

The program has been put together by BMS' facultative practice and is being distributed by U.S. retail broker Epic’s private client division.

It utilises FortressFire’s proprietary fire physics models and its platform, which generates wildfire vulnerability reports at the individual structure level, prescribes mitigation actions and monitors properties to maintain “as-underwritten” conditions throughout the policy terms, said the statement.

Nick Trowbridge, marine and fine art lead at BMS’ facultative practice, said: “In the wake of this year’s devastating LA wildfires, it’s clearer than ever that the insurance industry must evolve to meet a new era of climate-driven risk.

“This program delivers a smarter, more resilient solution – one that not only reflects today’s risk landscape but anticipates the demands of tomorrow’s clients.”

Epic’s president and private client leader Kevin Daley added: “The wildfire insurance crisis has left too many valuable assets uncovered or under-protected. This program opens the door to insuring assets and properties that were previously considered uninsurable.”