New York-based Freedom Specialty Insurance Company has launched a new First Choice excess policy for specialty liability insurance brokers.
The features of the specific policy include: it follows ‘Followed Policy’, to ensure terms match the ‘Followed Policy’; reduction or exhaustion of underlying limits coverage section includes wording for payment by underlying insurer, insured and DIC insurer.
The policy does not have discovery provision, it will use the terms of the ‘Followed Policy’. The feature also includes no termination or cancellation provision, terms as per ‘Followed Policy’.
No pending and prior litigation exclusion, policy will use the language of the ‘Followed Policy’ and the policy is in available up to $20m in capacity.
Freedom Specialty Insurance senior vice president Craig Landi said that the company listened to the brokers and is able to respond to their needs with a solution that allows them to place excess business quickly and easily.