The average American may understand the most basic insurance policies; homeowners, auto, general liability coverage for businesses, etc. However what many don’t realize is that sometimes coverage needs go beyond what a standard market is able to provide. Many of the MGA’s we partner with at K2 offer the coverages needed for these specialized clients through specialty insurance policies. So, what is specialty insurance?
In the simplest terms, specialty insurance is insurance that can be obtained for items or events that are considered unique or special circumstances. The items that would fall in these categories are rarely covered by standard insurance policies. This could be anything from powersports vehicles to educational liability, and even specialty homeowners insurance for houses with aging roofs.
A common misconception about specialty insurance is that it is unaffordable. However if consumers consider the amount of financial loss that could occur should they need to use their policy, it’s typically a great value versus the alternative. Consumers should always do their due diligence to find finically sounds specialty insurance carriers.
This includes reading the policies and understanding any provisions and/or exceptions. An effective agent will also take a close look at any other existing policies the consumer has, in order to ensure they aren’t getting redundant coverage, nor will they have any coverage gaps.
At K2 Insurance Services, LLC, we are dedicated to creating a leading underwriting and distribution franchise both in the standard and specialty program insurance markets. K2 was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM.